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A 2.1 percent delinquency rate on rents on properties owned by SFS Real Estate Investment Trust (REIT), underscores how luxury homes in the Nigerian real estate market are out-performing amid the pandemic.
Data from SFS REIT shows it owns high end residential properties in Lekki (Osapa, Chevron Drive) and Ikeja (G.R.A) of Lagos.
The properties which include apartment buildings in Victory Park Estate Lekki, Milverton Court Estate Lekki, and Bourdillon Court Estate among others, currently have a 100 percent occupancy rate, a sign of the resilience of the location and property type (High end), amid a coronavirus induced slump in the Lagos Real Estate market.
Rental yields on the properties range from 4.32 percent to 6.67 percent, according to data from SFS REIT seen by MoneyCentral.
The REIT owns a total of 5 properties, comprising 61 units that has a Net Asset Value (NAV) of N2.248 billion.
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers and hotels.