Northern property owners are having the best time, right now.
Property owners rejoice after Boko Haram retreat
The Boko Haram retreat from Maiduguri, Borno state, has resulted in an increase in sales and property building.
According to
Previously, the stronghold of fighters and a frequent target for its suicide bombers, Maiduguri, in particular, is experiencing a positive change in real estate.
Some property owners have admitted to making as much a 500% profit.
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“I made 300 to 500 percent profit on some of the houses I bought but others didn’t yield as much … This area in particular is hot, prices will improve or remain steady,” said Modu Mala.
Mala said he was one of the few, who bought dozens of land and property from residents, desperate to leave the Boko Haram’s violence, when it was at it's peak.
Now, these estimated 1.5 million returnees have to buy back their houses at higher rates.
One of such returnees, Abdullah Kyari, said, "at first, we thought the whole city will fall to the fighters, that’s why I sold my house and left.
I now want my house back but the current owner is refusing to sell it even at twice the price I sold it to him.”
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This real estate fortune can be attributed to the Nigerian military, who have reportedly began a wide-ranging military operation against the terrorist group.
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