Paul Adefarasin of the House on the Rock is one pastor who has been vocal about wealth creation using real estate as a vehicle. He constantly tells his congregants about real estate as one of the surest ways to make money, especially in Nigeria. And he uses his story and the story of his family to sensitize people on the need to invest in properties.
On the value of real Estate investment, Paul Adefarasin said:
“One of the best places to buy land in the whole world, in fact, the best place to buy land in the whole world, in terms of value is right here in Lagos, Nigeria. The most expensive land in the world is right here in Ikoyi and Banana Island.
That’s not conjecture, that’s fact, economic fact. Lagos is growing by 6000 people daily, that is nearly 2 million people every year. It means land is becoming scarce, that is, if you buy land today, tomorrow, your land will be worth very much money.
You may not be able to afford Banana Island or Ikoyi right now, but please go and buy land somewhere quickly because God transfers wealth by giving you land.
A period of time after you’ve bought the land, He increases the value of the land, because you being on that land adds value to it, as a result, more people want to come.
Anytime there is a major wealth transfer in the Bible, He gives the people He’s transferring wealth to, land. You have nothing in terrestrial terms unless you have land.
My father bought land for something like £2000, nearly 50 years ago on Victoria Island. It was Federal Government or Lagos state government allocation on Akin Adesola. From the revenue he generated from building the house for free, because G-Cappa built it for him for free and collected the rent for 5-10 years and that was the payment for the house. That house or the two houses he built there, paid my education and my brother’s education in the finest schools in the world.
After it paid for my education and generated revenue, my family decided they were going to liquidate the property and they liquidated it and the value that came to me in my equity was phenomenal, from £2000, 50 years ago. It provided for me nearly the value of a million dollars.
You don’t know but that land you buy today for peanuts will be millions tomorrow for your children to inherit.
With a city that is exploding so massively as far as population is concerned, today, we are buying land and there is hardly any land to buy.
Tomorrow, we’ll be buying floors like they do in New York. What land costs today, floors will cost tomorrow and there will be 100 floors, 50 floors, and 20 floors and if you own the land underneath those floors, you are multiplying wealth for your children.
They will be kissing your photograph whilst you’ve been in the grave for 5 generations saying: “Oh, we bless God for great, great, great, great grandpa” while your bones are rotten in Ikoyi cemetery and your spirit is dancing on the streets of Gold. When you get land, it means God is securing your future, because real estate doesn’t just secure today, it secures tomorrow.
My father bought land for nothing and it was not of much value then, but 50 years later, it’s worth billions. What you buy for millions today will be worth billions half a century from now, may be even less with the kind of population explosion that we have. Victoria Island: nobody wanted to buy land there, it was marsh, re-claimed land, but 50 years later, that property with buildings on it is worth a billion.
We bought for 25 million, 10 years ago; House On the Rock bought just under 10 acres of property on the Lekki Peninsula for our worship site… today, without the brick and mortar on it, that land by the valuers is valued at N3 billion. In other words, we’ve created an asset base with 10 years differential of N3 billion with just N25 million. When you put the building on it and it is finished and furnished, they told me the value will be at least 10 billion naira today. What about 50 years from now?
Go and buy land and go and buy it quickly because without land, you are not really a power base.”
Paul Adeolu Adefarasin is a Christian Minister, Bible Teacher, and Televangelist. He is the Prelate and Metropolitan Senior Pastor of the House on the Rock churches headquartered in Lagos (Nigeria), with branches in several cities across Nigeria, including Port Harcourt, Abuja as well as in Johannesburg, South Africa and London, UK. He is also the Convener/Host of The Experience (gospel concert).
Adefarasin attended St Saviour’s School in Ikoyi, and Igbobi College in Yaba. His secondary school education was at Haileybury College in England. He went on to study at the University of Miami, graduating with a Bachelor of Architecture. He practiced in Florida before returning to Nigeria.
He studied at the International Bible Institute of London where he received a Diploma in Christian Ministry.
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