Pastor Matthew Ashimolowo, Global President of the Kingsway International Christian Center, has issued a warning to those who are delaying their real estate investments in Lagos, citing that they will look back and regret it in the next 10 years.

The cleric stated that real estate offers a better return on investment than equities while urging people to avoid investing in stocks.

Pastor Ashimolowo highlighted the notable increase in costs that has transpired since land in Lagos could be purchased for as little as N500 or N1000.

He said: “Anyone who doesn’t invest in Lagos now will regret it in 10 years. I missed the opportunity to act on Lagos real estate early.

“When I arrived in Lagos as a young pastor, a plot of land in Opebi was N500, and in Allen Avenue, it was N1000. These areas, including Ikeja and Opebi, were undeveloped bushlands. In Isolo, land was also N500 per plot.”

“The same plot in Opebi that I passed on for N500 in 1979/80, I ended up buying in 2004 for N10 million.

“I built four flats and a small house on it, lived there for a few years, and then sold the entire property for around N120 to N150 million in 2018, with my total investment being N55 million.”

Many took to the comments section to concur with him, highlighting that investing in real estate was a big deal in Nigeria and a way to reap in abundance.

Read some reactions here

Tai_gal: "Real estate remain the best investment"

HopeD31859: "If Nigeria bank never do you strong thing before, you will not understand"

REAL ESTATE MONDAY

why you should do real estate and forget about buying shares in Nigeria banks - Matthew Ashimolowo

pic.twitter.com/PsYmT18B5q

— Paul of Truth (@iam_paulash) August 19, 2024