Some sectors such as real estate are practically unaffected by the crisis. This is why it is said that real estate is a sector of a thousand and one opportunities. But like any other economic activity, the real estate market has particularities that should be noted.
Definition of real estate
Etymologically the word real estate comes from the Latin “im-mobilis” which is the negation of the Latin adjective “mobilis”, that is to say “which can be moved or moved”. Consequently, the word real estate will mean a property or an object that cannot be moved. When we talk about real estate, we refer either to bare land, that is to say without construction; either to a building or an immovable.
According to Wikipedia, in its common sense, a multi-storey building that can be designed to provide residential, administrative, public or private education, care, commercial, financial or hotel functions.
In legal language, the word real estate designates any combination of property and rights. However, this language also classifies these assets into movable and immovable property. Thus, a tree in a transportable pot is a “mobile/movable” object, while a tree in the ground is “fixed/immovable”. Just as an independent brick becomes “building” as soon as it is incorporated into a construction.
The dynamism and attractiveness of real estate in Benin
In Benin, the real estate sector is very dynamic and attracts several waves of young graduates each year. As proof, the proliferation of real estate agencies in the country. This state of affairs is motivated by the desire of each Beninese to have their own house. Real estate is a growing sector in the country of Béhanzin. If in the distant past, potential buyers of real estate did so through relatives and relatives, today, the craze to acquire these properties in a legal and legal way has taken over. Hence each year, especially in the economic capital, there is an all-out creation of companies specializing in the sector.
A large number of inhabitants and the majority of people coming to Benin want to buy or rent a property. This makes the real estate sector very successful and gives it the merit of being tenth on the list of 11 sectors of the future in Africa.
In Benin, the real estate sector is essentially characterized by the management of sale or purchase operations of residential buildings and bare land, not to mention rental operations.
Transactional real estate professions
Under other skies, anyone wishing to practice in the field of real estate is supposed to specialize in the subject after the BAC. In France, for example, the list of professions in real estate is long and varied. We retain: Real estate agent, real estate asset manager, co-ownership manager, real estate administrator, negotiator, real estate expert, legal expert, portfolio manager, asset manager, property manager, promoter, land prospector…
But in Benin, real estate professionals are mostly trained on the job. All you have to do is know how to handle the language of Molière and the adventure begins. There is no school specializing in the training of young aspirants to trades in the sector. The professions in the sector range from the classic door-to-door salesperson to registered real estate agents.
Does zero risk exist in real estate in Benin?
For many people, real estate is a lower risk investment area since population growth will always encourage people to buy or rent real estate. However, let’s not get to work very quickly, cases of disputes are very recurrent.
The scam in the field of real estate is very devastating in the sense that the same property can be sold to several buyers at the same time. This state of affairs makes potential buyers or investors reluctant to invest in real estate in Benin. However, there are ways to prevent it.
Moreover, if the real estate sector attracts candidates, it should still be noted that the leaders of these companies have difficulty recruiting. The reasons given are the constant evolution of the real estate sector, especially in terms of legislation. Not to mention that sometimes real estate agencies live only on commission fees.
Useful recommendations for any real estate transaction
– It is essential before any acquisition of real estate to carry out a thorough and judicious investigation of the latter (research of real rights).
– Entrust the purchase or sale transaction to a real estate professional and under the supervision of a notary for an acquisition with complete confidence.
The real estate market in Benin, as everywhere in Africa, has great potential. Any investor who would like to throw funds into it, should inform themselves sufficiently.
