Property market correction over as prices hit bottom

CHUKA UROKO Business Day

An end to the lull in the property market which analysts have described as market price correction is imminent as prices hit the bottom at the high end market, the worst hit by the impact of the lingering economic meltdown.

The correction which has been substantial has seen property prices drop by between 30-35 percent in such high brow areas as Banana Island and Parkview, both in Ikoyi; Lekki Phase One, Victoria Island and even some upscale neighbourhoods where property and rental values had seen outrageous appreciation.
The combined impact of the capital market crash and the near-crash in world oil prices dragged prices down in the market that had recorded between 100-200 percent appreciation in six to 12 months before the last quarter of last year.

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