06/10/2017
*Paul Adefarasin on the Value of Real Estate Investment*
One of the best places to buy land in the whole world, in fact the best place to buy land in the whole world, in terms of value is right here in Lagos Nigeria. The most expensive land in the world is right here in Ikoyi and Banana Island... That’s not conjecture, that’s fact, economic fact. Lagos is growing by 6000 people daily, that is nearly 2 million people every year. It means Land is becoming scarce, that is, if you buy land today, tomorrow your land will be worth very much money. You may not be able to afford Banana Island or Ikoyi right now, but please go to Ejigbo, Ireakari, Egbeda, Sanusi, Shangisha. Go and buy land somewhere quickly because God transfers wealth by giving you land. After a period of time after you’ve bought the land, He increases the value of the land, because you being on that land adds value to it, as a result, more people want to come. Anytime there is a major wealth transfer in the Bible, He gives the people He’s transferring wealth to, land. You have nothing in terrestrial terms unless you have land.
My father bought land for something like £2000, nearly 50 years ago on Victoria Island. It was federal government or Lagos state government allocation on Akin Adesola. From the revenue he generated from building the house for free, because G-Cappa built it for him for free and collected the rent for 5-10 years and that was the payment for the house. That house or the two houses he built there paid my education and my brother’s education in the finest schools in the world… After it paid for my education and generated revenue, my family decided they were going to liquidate the property and they liquidated it and the value that came to me in my equity was phenomenal, from £2000, 50 years ago. It provided for me nearly the value of a million dollars.
You don’t know what land you buy today for peanuts that will be millions tomorrow for your children to inherit. With the city that is exploding so massively as far as population is concerned, today we are buying land and there is hardly any land to buy. Tomorrow we’ll be buying floors like they do in New York. What land costs today, floors will cost tomorrow and there will be 100 floors, 50 floors, and 20 floors and if you own the land underneath those floors, you are multiplying wealth for your children. They will be kissing your photograph whilst you’ve been in the grave for 5 generations saying: “Oh we bless God for great, great, great, great grandpa” while your bones are rotten in Ikoyi cemetery and your spirit is dancing on streets of Gold…
When you get land, it means God is securing your future, because real estate doesn’t just secure today, it secures tomorrow. My father bought land for nothing and it was not of much value then, but 50years later it’s worth billions. What you buy for millions today will be worth billions half a century from now, may be even less with the kind of population explosion that we have. Victoria Island: nobody wanted to buy land there, it was marsh, re-claimed land, but 50years later that property with buildings on it is worth a billion.
We bought for ₦25 million, 10 years ago; House On the Rock bought just under 10 acres of property on the Lekki Peninsula for our worship site... today, without the brick and mortar on it, that land by the valuers is valued at ₦3 billion. In other words, we’ve created an asset base with 10 years differential of ₦3 billion with just ₦25 million. When you put the building on it and is finished and furnished, they told me the value will be at least 10 billion naira today. What about 50 years from now?
… Go and buy land and go and buy it quickly because without Land you are not really a power base
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