Feature/OPED
Nigerian Elections: A Democratic Deficit
By Omoshola Deji
First Osun, then Kano and now Kogi and Bayelsa States. The spate of violence during election brings doubt on Nigeria’s ability to get it right. Unlike other nations, Nigeria seems to have no magic formula; no means of solving a problem without creating another.
Democracy initially seemed an opportunity to annihilate tyranny, but has instead increased it. Rule of law, freedom of speech and other democratic ethics are consistently being violated by the ruling elites and “converted democrat”. Nigeria is fast becoming the worst country for democracy as franchise have become an object of attack. This piece appraises the flaws of Nigerian elections, particularly the Kogi and Bayelsa governorship poll, and the pundit’s verdict.
The people of Kogi and Bayelsa trooped out on November 16 to elect their choice for the state’s top job. The exercise which should ordinarily be civil and peaceful was marred by unprecedented violence and electoral fraud. Gun-wielding thugs, aided by the security agencies, disrupted the electoral process from which Nigeria’s democracy is supposed to grow.
Perhaps those in positions of authority misconstrued duty as favour. In a democracy, individuals are morally responsible to vote their conscience, and government is duty-bound to provide the enabling environment, ensuring the wish of the majority prevails. Once the environment is not enabling, the outcome of an important exercise such as election cannot be taken as the wish of the majority. Factoring this in, although Yahaya Bello of Kogi state and David Lyon of Bayelsa were return elected, they did not win the election. This by no means underestimate their ability to win in a credible contest.
Repression of opposition candidates, their supporters and polling agents made the elections a democratic deficit. In Kogi state, incumbent Governor Yahaya Bello of the All Progressives Congress (APC) commanded violence on his contenders. Stalwarts of the People’s Democratic Party (PDP) and Social Democratic Party (SDP) were routinely harassed, injured and killed. Thugs invaded their homes, vandalized them, and set some ablaze. Several cars and valuables were destroyed, forcing the targets to go into hiding. This destabilized PDP and SDP from making last minutes canvassing to woo undecided voters; giving APC an unfair advantage. The attack surprisingly continued even after APC ‘won’. Thugs set the home of a PDP women leader ablaze and callously watch her burn to ashes.
Suppression of voters is also one of the unholy strategies APC employed. The party carefully studied the voting pattern of both states, ignite violence in opposition strongholds, but protected hers. In Kogi, election proceeded smoothly in the Central district where Bello hails from, while the East and West were confronted with extreme violence. In Bayelsa, people were restrained from voting in Southern Ijaw where PDP is likely to garner majority vote. The party was also stifled in Nembe. The outturn of both elections suggests APC has devised different illicit strategies for winning elections. Repression and suppression are autocratic tenets, a breach of the fundamental principle of fairness that must be adhered to in a democracy.
Disenfranchisement made the elections a democratic deficit. Violence and intimidation denied eligible voters the opportunity to cast their ballot. Fear kept people indoor while majority of those who turned up scampered for safety as thugs attack opposition strongholds in Kogi. Many lost their votes via ballot-box snatching. In Bayelsa, the Youth Initiative for Advocacy, Growth & Advancement, popularly called YIAGA Africa reports that INEC announced falsified results and election did not hold in 24 percent of the state’s polling units. Disenfranchising such a significant percentage of the population utterly discredits the outcome of the election. How do we pacify the 24 percent whose preferred candidates lost because they were denied the opportunity to vote? Such inequity makes the election a democratic deficit.
Monetary inducement of voters and electoral officers made the elections a democratic deficit. Agents of the dominant parties, particularly the APC and PDP always offer cash for votes, and did so in Kogi and Bayelsa states. They shared between N500 to N3000, although APC outspend the PDP, being the ruling party at the federal level.
Two categories of persons should be criticized for vote-buying, but Nigerians mostly condemn one; they blame the buyers (politicians) and absolve the sellers (voters). Vote-buying has become so prevalent that majority of the electorate expect to be tipped for voting. But then, should we blame the poor voters for demanding a continuation of what the parties started? Nonetheless, Nigerians need to be enlightened that politicians are descendants of the devil; they have no free gift. Vote-buying is a business and politicians who invest in the trade must recoup their money and make extraordinary profits, hence the prevalence of under-performing governments.
Electoral fraud and INEC’s partisanship made the elections a democratic deficit. An electoral umpire must be impartial to all contending parties, but INEC fell short. In Bayelsa, election materials stolen by APC thugs surfaced during collation and INEC allegedly record the votes. The umpire announced bogus results in favor of APC in Sagbama, Ogbia, Nembe, and Southern Ijaw. It’s baffling how these troubled spots returned high votes; the Borno 2015 template was apparently revived. How could the result of Nembe – a troubled spot where people would naturally abstain from voting – reflect over 80 percent turnout, while the result of a peaceful area such as Yenagoa, the state capital reflects less than 40 percent turnout? Such result is a clear indication of electoral fraud.
Electoral fraud was rife, but INEC lacks the courage to wield the big stick, especially against APC. In Kogi state, armed thugs, aided by the security agencies, manipulated the poll in favour of APC. Ballot boxes were either carted away, destroyed, or changed with already thumb-printed ones. To Nigerians dismay, INEC counted the false votes rather than cancel the results of the affected polling units. To top it all off, bogus figures were awarded in favour of APC in crisis-ridden areas and spaces PDP has fair support. For instance, INEC claimed APC scored 112,764 votes, while PDP only garnered 139 votes in Okene local government of Kogi State. This cannot be true.
A party with structure and spread like the PDP can’t garner such a paltry vote at a time Kogites were determined to sack Bello’s failed government. The bizarre result is a reflection of the extreme rigging perpetrated in almost every area of the state. In a credible contest, even SDP’s Akpoti would garner more than 139 votes in Okene. It is perturbing PDP didn’t score such a paltry vote during the Lagos 2019 governorship election. Please bear in mind that although the revenue generated in Lagos state is incommensurable with its rate of development, Akinwunmi Ambode’s administration performed much better than that of Bello in Kogi. Yet the godfather denied him return ticket, but supported Bello.
Unprofessional and partisan conduct of the security agencies made the elections a democratic deficit. Over 60,000 police officers and crime fighting equipment were deployed for the Bayelsa and Kogi governorship elections. Yet violence prevailed. The military compromised the election in Bayelsa, while police jeopardized the exercise in Kogi. Policemen accosted gun-wielding thugs to polling units across Kogi West and East district to snatch or stuff ballot boxes, attack opposition figures, and distribute money to APC agents. The thugs moved freely with vehicles despite restriction of movement, manipulating and destabilizing the election.
APC agents operated under massive protection while that of PDP and other opposition parties were left in the cold. Recall that prior to the election, candidate of the Social Democratic Party (SDP), Natasha Akpoti’s campaign office was looted and destroyed by alleged APC thugs, but the perpetrators weren’t arrested. Take a breather to imagine how the security agencies, the state government and the presidency would have reacted if such happens to any APC secretariat.
At the venue of the Peace Accord signing meeting, Akpoti and her aides were molested, her campaign vehicles were destroyed by APC thugs, while the police looked on. The raging thugs disrupted the meeting, which had several dignitaries present, including Mohammed Adamu, the Inspector General of Police (IGP). Yet none has been prosecuted. Take another breather to imagine how the IGP would have reacted if the thugs had no state’s backing.
The military’s massacre of Shiite members who obstructed the Chief of Army Staff’s convey should give you a clear sense of how the IGP would have probably reacted, if the thugs were not operating under the authority of the powers that be. However, subjecting the personality of the IGP to ridicule in a bid to win elections is a bad precedence with devastating consequences. Politicians need to desist from sacrificing the image and efficiency of national institutions on the altar of politics.
IGP Adamu stated that the policemen that colluded with thugs to disrupt the Kogi and Bayelsa elections were fake policemen. Nigerians are wondering how fake policemen, if any, overpowered the over 60,000 trained policemen deployed for the elections. Does it imply that fake policemen have better strategy and weapon than the real police? Assuming, but not conceding that fake policemen committed the anomalies, was the police helicopter that dropped canisters and opened fire on voters in PDP strongholds piloted by fake policemen? The IGP should come up with a better excuse or apologize for failing Nigerians.
Police announced making eleven arrests, but none were paraded. Many wonders why the same police that’s always eager to parade criminal suspects is reluctant to parade the electoral offenders. Besides, was it just the eleven persons arrested that perpetrated the extreme violence reported across the 21 local governments in Kogi state? It is most disheartening that the same police that couldn’t provide adequate security in just two states reigned terror on non-violent IPOB members, Shiite devotees and Revolution Now protesters.
INEC and the security agencies failed in every respect. Their inefficiencies significantly make Nigerian elections a democratic deficit. In Kogi and Bayelsa, electoral fraud prevailed despite INEC’s promise of a free, fair and credible election. Violence prevailed despite the deployment of over 60,000 police officers and crime fighting equipment such as armoured tanks and surveillance helicopters.
Vote-buying prevailed despite the deployment of officers of the Independent Corrupt Practices and other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). Both agencies made no arrest, despite extensive video evidences showing the face of vote buyers and sellers. Clandestine moves to disrupt the electoral process went undetected, and were freely perpetrated, despite the deployment of officers from the Department of State Security (DSS).
Election in Nigeria is one of the most expensive in the world, but far from being the most credible. No less than nine persons met their death during the Kogi and Bayelsa polls. A police officer, a youth corps member, Senator Dino Melaye’s nephew, and Kogi PDP women leader were among those unfortunate. APC needs to caution its members has the opposition parties lack federal might, a major instrument needed to perpetrate violence and electoral fraud.
Elections can’t be credible without the political will to make it happen. Nigerian government must put measures in place to forestall the use of illegal approaches to win elections. Such measures could include reducing the premium on political offices, signing the amended electoral bill into law, revamping the security architecture, and establishing an independent electoral offences commission.
Appraising the Pundit’s Verdict
It is habitual for the writer, hereafter titled Pundit, to foretell the outcome of elections. Notable among his several accurate predictions is foretelling ex-President Jonathan’s defeat in 2015. The Pundit foretold President Buhari’s re-election in 2019, against the prediction of reputable global institutions such as Williams and Associates, and The Economist. He also accurately foretold the outcome of the 2019 governorship election in 23 out of 29 states.
Despite his serial accurate predictions, the pundit’s prognosis of the elections in focus was not a totally good outing. Foreseen, but unprecedented violence and electoral fraud mainly forbid some of his predictions from coming to pass. In a piece titled “Kogi and Bayelsa 2019 Governorship Election: Foretelling the Outcome”, the Pundit predicted Duoye Diri’s (PDP) win in Bayelsa, but he lost. PDP’s Dino Melaye also failed to win the Kogi West senatorial rerun on the first vote as predicted. The election ended inconclusive. However, APC’s Yahaya Bello ‘won’ the Kogi governorship election as predicted, although not by rerun.
In truth, the pundit never saw APC’s win in Bayelsa coming. His prediction was mainly flawed by ex-president Jonathan’s secret endorsement of APC candidate, David Lyon. Although there were words on the street, the pundit believed Jonathan won’t work against his lifelong party, the PDP. This made him assert that “politics is an interest driven game; hence it is not impossible, but most unlikely that Jonathan would support APC. This is premised on the manner the party has disparaged him since he lost power in 2015.”
The pundit was wrong on Jonathan. He assumed the ex-president won’t support APC despite the dispute between him and Governor Seriake Dickson, his estranged godson. Jonathan acted like his erstwhile godfather, ex-president Olusegun Obasanjo. Despite unilaterally bringing Jonathan to power under the PDP, Obasanjo facilitated his defeat in 2015 by backing the APC. The party (APC) praised Obasanjo to high heavens, but abandoned him shortly after forming government. Jonathan’s romance with APC may also not end well. He may also get the Obasanjo treatment.
Another factor the pundit failed to consider during prediction is the (ex)militants endorsement of Lyon. Bayelsa is the den of dreaded militants who have the power to influence the outcome of elections. But then again, PDP has been governing Bayelsa since 1999, hence it is not amiss to think, in structure and strength, “PDP is in Bayelsa, what APC is in Lagos”. Moreover, the judicial invalidation of APC’s candidacy before the election naturally made winning an unattainable height, but the party pulled off a surprise.
INEC declared the Kogi West senatorial poll inconclusive with Smart Adeyemi (APC) leading Dino Melaye (PDP) with over 20,000 votes. As earlier discussed, the Kogi senatorial and governorship poll is a daylight robbery and fiery of public sovereignty. The pundit strongly stands by his prediction analysis and assertion that Melaye (PDP) would defeat Adeyemi (APC) in a free, fair and credible contest.
The pundit foretold Bello’s emergence as governor-elect in Kogi state based on his disposition to violence and electoral fraud. In the prediction piece, the pundit explicitly stated that “In a free, fair and credible contest, PDP’s Musa Wada would defeat APC’s Yahaya Bello. But the election is not going to be free; not going to be fair; and not going to be credible. Thugs would disperse voters and smash ballot boxes in Wada’s stronghold. The security agencies won’t arrest disruptors, and would be grossly partisan.” The lines came to pass exactly as foretold.
Nigerians never assumed Bello could bizarrely unleash violence on those he aspired to govern. The poor performing governor ingeniously took violence from the realm of creating inconclusive elections to straight win. His conduct ratifies the pundit’s argument that “he’s not deserving of governorship or any other position.” Bello’s insatiable thirst for power made him throw caution to the wind. He eventually got the power, but earned negative fame. The 44-year-old ruined his presidential prospect and wrote his name in the wrong page of history. Blessed is the one who defines Nigerian election as a process where thugs decide, police support, INEC declares, and the court affirm.
Omoshola Deji is a political and public affairs analyst. He wrote in via [email protected]
By Tony Ogunlowo
‘Titanic’ can mean something that is very big, gigantic or enormous and it was also the name of a ship that sank on its maiden voyage.
When the Titanic sank in 1912 it sank due to a number of avoidable factors: a ship deemed unsinkable that wasn’t fitted with watertight compartments, a ‘unprofessional’ seasoned captain who was apparently bullied into going at full speed through known ice-berg strewn waters, lack of common binoculars for the deck watch and the unavailability of enough life boats for all the passengers.
This all put together, as they say, was a recipe for disaster. Red flags were ignored.
Translating this to President Tinubu’s modern-day Nigeria, the avoidable factors that can sink the country are way too obvious.
Nigerians have long enjoyed the benefits of fuel subsidy. Costly as it is to maintain it’s enabled the economy to keep running by keeping the cost of things low. It’s removal, as can be seen, has created a domino effect, as the experts predicted, resulting in the prices of even the basic commodities skyrocketing as everyone passes on the additional costs.
With inflation currently at 32.7% and still rising, things are only going to keep on getting more and more expensive. As a result, the new minimum wage of N70,000 will have less purchasing power than the previous 2021 minimum wage of N30,000. If fuel subsidy removal was meant to boost the economy it has done the opposite and will stagnate any efforts to kickstart it.
The governments inability to control corruption or severely punish corrupt officials which is robbing the country’s coffers of billions and billions of Naira every year is a stumbling block for development.
If a corrupt government official who built 750 houses with stolen funds or an ex-governor accused of misappropriating N80 billion are allowed to walk around freely, supposedly on bail, without fear of eventual conviction it questions the message the government is sending out to future looters: if the culprits were in Russia or China the outcome will be totally different.
Even though an austerity economic policy may seem harsh like it was designed to rob Peter to pay Paul, it should be short, sharp hardship with green pastures in the foreseeable future – not ever! A good start will be to cut down on the number of foreign loans being obtained every year as their repayment can take a huge chunk out of the country’s annual income.
The new tax laws are long overdue and it should include that VAT earned in a state stays in that state: so, if your state doesn’t generate any VAT (- such as from the sale of alcohol products) you don’t get to share in what other states have collected.
Insecurity in the country is not something that started yesterday. Previous governments have blood on their hands for not nipping these insurrections in the bud before they grew to become monstrosities. You don’t pat yourself on the back, like the Nigerian Army likes to do believing you have the threat ‘under control’ – you eliminate the threat completely using what ever means necessary.
Unless the order (given by ‘Somebody’) is not to destroy them completely and to quote the late Sani Abacha,”…any insurgency that lasts more than 24 hours, a government official has a hand in it..”, no wonder Boko Haram continues to flourish and bandits like Turji Bello continue to taut the government. When the armed robber Lawrence Anini did something similar in 1986 he was fished out within months, tried and executed.
As I’ve written before the Nigerian Police Force is long past its sell by date and considering the ever growing population of Nigeria with its associated acts of anti-social behaviour its time to seriously consider devolving the NPF into state-run outfits. The growing popularity of state-run security outfits, such as Amotekun, proves this is feasible and effective.
Considering the fact the country is going through severe economic hardship the President, himself, should curb frivolous spending where possible: no more new Presidential yachts or planes ( – that includes the new one for the VP), a cap on ridiculous-no-real-job SA and SSA appointments and most important of all a cap on ALL politicians salaries and perks (which is to say if politicians are patriotic enough they’ll agree to a pay cut, forgo some of their benefits and pay for their own jaunts abroad).
Implementing the Steve Oronsaye Report which recommends merging and closing of ministries etc that has been passed over by every President since President Goodluck commissioned it in 2011 will cut government operating costs even further. This should not just be at Presidential level but extended to all the states: this will not just streamline the bloated and largely inefficient civil service but will also weed out ghost workers and white elephant project.
The ‘japa’ movement which the government is trying to discourage should be allowed to continue. It’s morally wrong for a government that can’t provide suitable employment for its citizens to try and prevent them from seeking opportunities abroad : ‘japa’ is not just limited to Nigerians, it’s a worldwide phenomenon.
People, British, American, Filipinos, are migrating worldwide to where ever there are opportunities for them to prosper. That’s the way the world works now: nobody is going to stay in a ‘sh*t-hole’ country if there are no opportunities for them to grow. Scr3w patriotism! It’s every man for himself! So, if a country can’t provide adequate employment opportunities people will pack their bags and ‘japa’! And if you restrict them from leaving the country what are they going to do? Get up to mischief – 419, cultism, kidnapping!
These same people send money back to their home countries all the time: Nigerians in diaspora in 2023 alone sent home more than $19.5 Billion Dollars. This is a huge injection of foreign currency for a country that desperately needs it.
So, just like the Titanic the warning signs are there and the inevitable that will happen should they be ignored. The question is which way is President Tinubu going to go. This is what I call the ‘Titanic Wahala’, ignore the obvious and the proverbial will hit the fan, sooner or later.
Feature/OPED
From Rental Shifts to AI Innovations: The Evolving Landscape of South Africa’s Property Sector
By Waldo Marcus
The past year has been challenging for property investors, with a sluggish economy slowing residential rental escalations in most regions in 2024.
Rental escalations are likely to be applied cautiously in 2025 to avoid vacancies, particularly given the potential for a decline in demand for rental properties as tenants, motivated by lower interest rates, migrate to property owners.
Lower rental returns will see investors looking at alternative ways to generate improved income from their investments. Short-term holiday rentals have impacted rental prices in tourist destinations, with higher rental income achieved in peak holiday times, pricing out consumers looking for long-term rental property. This trend, especially in the Western Cape, has some lobbyists calling for stricter regulations to protect consumers from inflated rental prices and a lack of affordable rental supply. SA Tourism has requested better transparency from platform providers. The risk for bond providers is that investors are financing these properties based on current tourism trends and rental income, which relies heavily on the success of platforms like Airbnb.
Consumption changes are driving commercial property growth
The commercial property sector grew in 2024 and this positive trajectory is expected to continue in 2025 as interest rates are lowered. Property developers are focusing on convenient neighbourhood retail and merging with online retailer needs. In urban areas, convenience and easy access are prioritised, while larger developments are succeeding in rural, underserved areas.
Industrial properties, particularly logistics and warehousing in the Western Cape, KwaZulu-Natal and Gauteng, continue to outperform other commercial sectors. Secure and well-serviced industrial parks are in demand and expected to grow. However, traditional industrial areas around Johannesburg and the Pretoria CBD face a value collapse due to security risks and inadequate infrastructure maintenance to service the nodes.
ESG is likely to become a high-value agenda item for commercial property investors in 2025 to ensure compliance and reduce operating costs. The latest SAPOA Operating Cost Report reveals that 29% of operating expenses go to electricity costs and 23% to property taxes.
The risk of leakages
Water shortages are the next big challenge, posing a significant risk to property owners. Government and municipalities must act before it becomes another catastrophic reality like Eskom. Addressing water shortages is a dual challenge requiring both the building of and better maintenance of water infrastructure, including sewage treatment plants, and longer-term, the creation of additional reservoirs to keep up with population growth and mitigate climate change risks.
Leakages extend beyond water. Revenue leakages include missed recoveries, escalations, lease changes, and renewal options, to name a few. Increased regulatory requirements have resulted in more time being spent on compliance, and this is not expected to ease. Regulatory and compliance changes and demands on property-related companies remove valuable focus and resources from internal due diligence and processes to prevent revenue and recovery leakages. We predict more organisations will invest in technology resources to identify revenue leakages and focus on tools to drive operating costs down.
The Revolution of AI in the Property Sector
Technology – particularly AI – has become indispensable to the property sector, from AI-powered marketing and presentation tools to automated management systems. While these advancements streamline operations and enhance decision-making, they also introduce new challenges, particularly in data security and risk management.
As we move into 2025, property companies must carefully consider the appropriate balance between AI and human expertise. By striking this balance and implementing robust data protection measures, organisations can harness the power of AI while preserving their brand authenticity and competitive edge.
The Necessity of diversity in Decision-Making
Property investment is a complex and often high-stakes endeavour. As a fixed asset with emotional and financial implications, property valuations and transactions can be challenging. Recent shifts in market perception have further complicated the landscape, with divergent opinions on property’s potential as a wealth generator or alternately, a financial drain.
To navigate this complex market, accurate and reliable data is essential. Mitigating bias and leveraging diverse perspectives allows investors to make more informed decisions. Access to neutral, data-driven insights from respected sources can help uncover hidden opportunities and avoid costly mistakes.
As the property market evolves, tools and information available to investors must also adapt. Companies of all sizes are increasingly recognizing the importance of accurate, accessible, and representative data. They are investing in reliable external data sources to gain a competitive edge and make more strategic decisions.
The lingering effects of high interest rates
Persistently high interest rates raised the cost of credit and placed additional pressure on already strained consumers and businesses. They also dissuaded residential property acquisitions, leading to fewer home loan applications and a decline in the transfer of both bonded and unbonded properties in 2024. Lightstone data reveals that first-time buyer volumes slumped by 20% in 2023.
While welcome, the first two interest rate cuts will take time to filter through to residential property acquisitions. Encouragingly, demand from first-time home buyers appears to be recovering slowly with ooba Home Loans noting a rise in applications to 49.6% in September 2024, the highest reading since November 2022. We expect residential property sales to accelerate in 2025 as interest rate relief starts to filter through, albeit at a slower pace in dysfunctional municipalities.
Individual investors are increasingly choosing to maintain smaller portfolios and using tax-efficient structures such as companies and trusts. TPN anticipates that this trend will persist into 2025. Demand for buy-to-let properties has risen since late 2021, particularly in the Western Cape, followed by the Eastern Cape and Tshwane. Although this trend is expected to continue, it may slow down around mid-2025 as demand shifts from rental properties to ownership.
Municipal performance linked to property value creation
Service delivery quality, infrastructure and the maintenance of that infrastructure impact the value of property types. Well-run municipalities will continue to attract investment. Since 2020, semigration has highlighted the successes and failures of provinces and cities, resulting in decreased revenue collections for some of South Africa’s largest municipalities.
Safety and security continue to influence where South Africans choose to live and work, impacting both the residential and commercial property landscape. Mixed-use developments, secure estates, sectional title properties, and commercial parks offering efficient ways to provide enhanced security, service delivery, productive infrastructure, and maintenance spending will continue to be in demand.
An important consideration that will become increasingly significant in 2025 is the quality and accessibility of the lifestyle available in certain areas. Well-maintained and safe parks, public spaces, beaches, dams, lakes, and other recreational facilities will make these areas more appealing to tenants, businesses, and investors.
The outlook for property KPIs
Residential vacancies are expected to increase in the latter half of 2025 due to lower interest rates and improved consumer confidence. Office and retail vacancies are likely to remain stable in the first half of 2025 but will decrease should business confidence improve and if GDP targets are met. Industrial property vacancies will remain low as demand remains strong, especially in the Western Cape and infrastructure development nodes in Gauteng and KwaZulu-Natal.
Rental escalations for commercial and residential properties will improve in the first half of 2025. Investors will be keen to enhance their returns after a period of sluggish economic performance with slightly healthier consumers offering the opportunity to grow rental income strategically.
The good standing of both commercial and residential tenants is expected to continue to improve as landlords use stricter vetting and collection strategies.
Rental property gross yields will, on average, stay the same as property values are expected to increase in line with rental income. The challenge for investors will be to keep operating costs down to maintain or improve net yields.
A favourable outlook for residential housing market
The outlook for the residential housing market is more favourable for 2025 than it has been for the past few years with the property market offering good value overall. The interest rate will likely be cut by a further 50bps by the third quarter of 2025, offering further relief for household finances and renewed activity at both the lower and upper ends of the market. More investments could see an increase in rental property supply and even a potential decline in rental demand as more consumers shift from renting to buying. We expect continued demand for well-managed rental properties.
Waldo Marcus is a Director at TPN from MRI Software
Ever wondered where to find trendy fashion, cutting-edge tech, or stylish home decor at unbeatable prices? Look no further than Temu.
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