In recent years, women in Nigeria have made significant strides in investing in real estate, with many purchasing land and properties. Author and property expert, Adaora Iheakeren, has written extensively on the subject, encouraging women to take control of their financial futures through property ownership. Her book, "Real Women Invest in Real Estate," has become a guide for women looking to navigate the complex world of property investment. The advice to buy land and ensure clean titles has proven successful, with many women progressing from buying to developing properties.
Despite this progress, Iheakeren wonders whether the advice given to women has stopped one rung too soon, with the next steps in property ownership and development remaining unclear. She notes that in her 20 years in the industry, women have taken up almost every professional seat, but the question of who owns the building is rarely asked. This oversight has significant implications, as women's experiences and perspectives are not being represented in the design and development of buildings.
Research from South Africa provides an encouraging example, with women now accounting for the majority of homes registered to single individuals. However, a closer look at the data reveals that women are concentrated in lower-value properties and pay less than men on average. Furthermore, data on women's ownership of commercial properties, such as offices, hotels, and shopping centers, is scarce. Iheakeren argues that it is essential to count and track women's ownership of commercial properties to better understand their role in the industry.
Iheakeren highlights the significance of commercial property ownership, citing the example of Mo Abudu, who built a human resources consultancy and developed the Protea Hotel at Oakwood Park. Abudu's businesses required physical spaces, and she moved from using property to developing it, creating a new stream of income and value. This approach has enabled Abudu to build a business empire, including EbonyLife Place on Victoria Island and the upcoming EbonyLife Place London.
Iheakeren outlines a clear path for women looking to progress in commercial property ownership. The first rung is property for security, such as buying land or a home. The second is property that earns, such as buying existing buildings and letting them to tenants. The third rung is a company that develops property, such as Dayspring Property Development Company, which has developed several notable projects in Nigeria.
For entrepreneurs and business owners, Iheakeren suggests starting closer to home by examining their business's physical spaces. If a business has multiple branches and is generating significant profits, it may be worth exploring the possibility of owning the property rather than renting it. This approach can provide a new stream of income and increase the value of the business.
Ultimately, Iheakeren argues that women's involvement in commercial property ownership has the potential to drive economic growth and create new opportunities. By exploring the next steps in property ownership and development, women can build wealth and create a lasting legacy. As the Lagos skyline continues to evolve, it is essential to consider the role of women in shaping the city's commercial landscape.
Key points
- Women in Nigeria and beyond are increasingly investing in real estate, but their involvement in commercial property ownership remains largely unexplored.
- Iheakeren argues that women's experiences and perspectives are not being represented in the design and development of buildings, with significant implications for the industry.
- Iheakeren outlines a clear path for women looking to progress in commercial property ownership, from property for security to property that earns and company development.
