Worsening inflation has made property acquisition nearly impossible for average and middle-income earners in the country. But the emerging option of fractional ownership of properties is offering a leeway for many, VICTOR GBONEGUN reports.
The Guardian learnt that some of the benefits of the model are shared costs and expenses, flexibility in usage and management, income generation through rentals, and a high potential for diversification of investment portfolios. Former Chairman, Nigerian Institution of Estate Surveyors and Valuers, Lagos branch, ‘Dotun Bamigbola, emphasised that property fractionalisation is good for countries like Nigeria that are challenged by homeownership.
“Also, where there is a common management problem, a fractional owner cannot solely handle it in his/her way. The choice of solution has to be collective. Where a group of fractional owners wish to make a total disposal of the investment as a whole based on opportunities, if one fractional owner is not interested or has a price disagreement, the opportunity may be lost,” he explained.