Martin,
Way back in 1989 I sold 689 m2 on Boulevard de la Liberte, Douala (on behalf of my employer) for 186 million FCFA. That was more than 500,000 pounds before the devaluation of the FCFA! That gave me an insight into land banking and the impetus to get going.
Mukefor
Land Banker.
To: cameroon_politics@yahoogroups.com; camnetwork@yahoogroups.com; ambasbay@googlegroups.com
From: dbtmamfe@hotmail.com
Date: Fri, 7 Feb 2014 10:18:19 +0000
Subject: RE: [cameroon_politics] @ Mishefon: Sona Street Bamenda: 30 x30 m plot on tarred road going for 100 million cfa
Way back in 1989 I sold 689 m2 on Boulevard de la Liberte, Douala (on behalf of my employer) for 186 million FCFA. That was more than 500,000 pounds before the devaluation of the FCFA! That gave me an insight into land banking and the impetus to get going.
Mukefor
Land Banker.
To: cameroon_politics@yahoogroups.com; camnetwork@yahoogroups.com; ambasbay@googlegroups.com
From: dbtmamfe@hotmail.com
Date: Fri, 7 Feb 2014 10:18:19 +0000
Subject: RE: [cameroon_politics] @ Mishefon: Sona Street Bamenda: 30 x30 m plot on tarred road going for 100 million cfa
"Private land ownership permits the unrestricted exchange of land and property and the development of land and property markets in which the balance between supply and demand is achieved through the pricing mechanism. It is also intended to ensure the most efficient and flexible use of land and normally produces the easy transformation of rural land into urban use, subject to statutory controls and their enforcement." (URBAN LAND TENURE AND PROPERTY RIGHTS IN DEVELOPING COUNTRIES).
Caveat; Private land ownership - titled land.
Supply & Demand - astute sellers and solvent buyers
Inconsequential-Armchair critics of land/property prices(Mishe, Boh, Manu)
Mukefor
Land Banker.
To: cameroon_politics@yahoogroups.com; camnetwork@yahoogroups.comCaveat; Private land ownership - titled land.
Supply & Demand - astute sellers and solvent buyers
Inconsequential-Armchair critics of land/property prices(Mishe, Boh, Manu)
Mukefor
Land Banker.
CC: accdf@yahoogroups.com; shesausa@yahoogroups.com; mankonforum@yahoogroups.com
From: tumasangm@hotmail.com
Date: Thu, 6 Feb 2014 07:53:39 +0000
Subject: [cameroon_politics] @ Mishefon: Sona Street Bamenda: 30 x30 m plot on tarred road going for 100 million cfa
From: tumasangm@hotmail.com
Date: Thu, 6 Feb 2014 07:53:39 +0000
Subject: [cameroon_politics] @ Mishefon: Sona Street Bamenda: 30 x30 m plot on tarred road going for 100 million cfa
Hi,
while I agree with you that on the surface this figure appears high (100 million cfa for an approximate 30 x 30 m single plot on Sonac Street in Bamenda), further analysis shows that it the correct value for the land or property.
To know the value of land, you have to look at comparable evidence of similar recent sales per m2 or you do a Residual Valuation which involves the cost of construction of a building and the sale price of the building. From the sale price, you deduct all cost and the residual amount is the value of the land.
Let us stick with comparable evidence since this approach or method is easy to understand. What have been the recent sales on that road or similar roads and at what price.
Some years back, on Sonac, the plot where SOREPCO building material shop is located was sold for 130 million cfa and this property is not that much bigger than the subject property being sold hence in terms of price/m2, it supports the 100 million price for the 30 x30 m land.
The property where Mezamatic Pressing used to be located on SONAC Street, opposite Sonel Office was on the market about a year or so ago for 150 million cfa. It has a house on it which you might have to break to build a storey building if you buy it hence you are buying the land for 150 million in essence. The cost of this also supports the 100 million cfa for the 30 x30 m plot on the market.
Based on the above 2 no comparables and others, the price of 100 million cfa for the land can easily be justified.
Some many years back, directly opposite the post office where a senile man called Malachi was staying, a plot was offered to me for 25 million cfa and I said it was expensive and did not buy. Today that land is about 150 million cfa. If I had bought, I would be laughing to the bank today. 15 years ago, 30 x 30 m properties on Sonac Street Bamenda were being offered to me for 15 million which I was stupid enough not to buy. Today, they go for 100 million to 150 million cfa.
Conclusion
If it is about making money, you do not make money only in America. You can make money by buying these lands. The rate of inflation on land in Bamenda is unbelievable. You can double your money on land in 3 to 5 years in some areas which is difficult to achieve in America. The anomaly is that land prices are going up far faster than rents hence something will have to give in somewhere but in the interim, one can make a killing with these Bamenda properties.
Regards
Tumasang
Sent from my iPhone
while I agree with you that on the surface this figure appears high (100 million cfa for an approximate 30 x 30 m single plot on Sonac Street in Bamenda), further analysis shows that it the correct value for the land or property.
To know the value of land, you have to look at comparable evidence of similar recent sales per m2 or you do a Residual Valuation which involves the cost of construction of a building and the sale price of the building. From the sale price, you deduct all cost and the residual amount is the value of the land.
Let us stick with comparable evidence since this approach or method is easy to understand. What have been the recent sales on that road or similar roads and at what price.
Some years back, on Sonac, the plot where SOREPCO building material shop is located was sold for 130 million cfa and this property is not that much bigger than the subject property being sold hence in terms of price/m2, it supports the 100 million price for the 30 x30 m land.
The property where Mezamatic Pressing used to be located on SONAC Street, opposite Sonel Office was on the market about a year or so ago for 150 million cfa. It has a house on it which you might have to break to build a storey building if you buy it hence you are buying the land for 150 million in essence. The cost of this also supports the 100 million cfa for the 30 x30 m plot on the market.
Based on the above 2 no comparables and others, the price of 100 million cfa for the land can easily be justified.
Some many years back, directly opposite the post office where a senile man called Malachi was staying, a plot was offered to me for 25 million cfa and I said it was expensive and did not buy. Today that land is about 150 million cfa. If I had bought, I would be laughing to the bank today. 15 years ago, 30 x 30 m properties on Sonac Street Bamenda were being offered to me for 15 million which I was stupid enough not to buy. Today, they go for 100 million to 150 million cfa.
Conclusion
If it is about making money, you do not make money only in America. You can make money by buying these lands. The rate of inflation on land in Bamenda is unbelievable. You can double your money on land in 3 to 5 years in some areas which is difficult to achieve in America. The anomaly is that land prices are going up far faster than rents hence something will have to give in somewhere but in the interim, one can make a killing with these Bamenda properties.
Regards
Tumasang
Thank you massa Boh for this. I thought I was the one who was crazy, seeing that advertisement for 100 million francs CFA Sonac street Land Deal. It still brings back the perennial problem of Real Estate investment back at home when our chances of "Finally" going back "on retirement" are next to ZERO. Others may disagree, but I still think it is an unwise investment to pump that kind of money for a piece of "LAND" and throw in another perhaps 150 million or more to put up a viable structure. Others have told me, you are saying that because you are a "broke-arse" njim-tete. I gree. Make my arse broke. Even if I knack kanda sitick FEY some mugu, I will NOT buy a piece of land in Bamenda for one hundred million CFA. And to imagine that such a transaction is expected to be CASH. That is pure madness. Forget even your West Virginia which is a "rural state". Right here in Maryland, you can buy prime Real Estate is such small cities as Cambridge, Salisbury, Easton, Pocomoke, Frederick, Elkridge, Columbia, Baltimore, Waldorf, Glen Burnie, Bowie, Annapolis etc if you dispose of a down payment of less than $20,000.00.
Mishe Fon
On Wednesday, February 5, 2014 12:05 PM, Herbert Boh <herbertboh@yahoo.com> wrote:
Dear Mukefor,
You are no doubt right about commercial real estate. I take it you understand the craziness of farmland prices.
On high prices jacked up by speculators rather than by value, we have to remember that this is the same disease that crashed the U.S. housing market in 2008, throwing the entire economy into a comma from which it has not yet emerged.
It is not a disease of Cameroon alone, of course. I found lots of million dollar homes (in U.S. dollars) on sale in the outskirts of Accra, Ghana, more than five years ago. It would be a great thing if banks were to start honoring these speculative values. It would change the economic fortunes of Africans.
However high prices rise, buyers beware the law of gravity. What goes up must come down.
Boh Herbert
Sent from my iPhone
Mr Herbert Boh,
Location, Location, Location.
Commercial Avenue (Bamenda), Bonapriso (Douala), Bastos (Yaounde), Molyko (Buea), GRA (Buea) would always command higher prices that boondocks areas of the USA.
Zoning laws in the USA make it extremely difficult to convert farmland into profitable commercial land. Cameroon is a capitalist Wild West where lack of infrastructure (water, electricity, roads) does not deter speculative buying.
Cameroon cities are growing geometrically in the absence of zoning and town planning. Mbankomo and Yaounde should merge in the next years .
Les absents ont toujours tort.
Mukefor
Land Banker.
camnetwork@yahoogroups.comTo: cameroon_politics@yahoogroups.com
From: herbertboh@yahoo.com
Date: Wed, 5 Feb 2014 09:10:58 -0500
Subject: Re: [cameroon_politics] Sona Street Bamenda: 30 x30 m plot on tarred road going for 100 million cfa
These prices are outright crazy!You can still buy a full hectare of developed land (i.e. land served by a tarred road with utilities like electricity, water, telephone, cable TV, Internet, fire fighting water mains already built-in, etc.) at $50,000 (under 25 million francs CFA) in a West Virginia, the U.S. state where I live.As for farmland on sale in the USA, a Cameroonian with the money is better off buying in the USA than in his native Cameroon. Visit link below to view farmlands on sale in West Virginia and their very competitive prices compared to Cameroon's outrageous prices. The farmland is so much cheaper and more attractive in the USA when you consider that American farmers are guaranteed success and insured against uncertainty by the subsidies flowing from the U.S. Farm Bill.Check out the properties on the web links below:http://www.landandfarm.com/m/search/West-Virginia-Farm-for-sale/Boh Herbert
Sent from my iPhoneIn addition to Real estate, there isa 7 Modern flats with 4 bedrooms and 4 bath rooms at Emmanain yaounde by the road side. Full occupancy with a monthly income of a 1 Million frs cfa.Owner is cashed stripped and selling price is 200 Million frs cfa negotiable. All transactions to be done thro a public Notary in yde.
Another is a farmland of 70,000 sq metres in Bangkomo along the Yde-dla highway. Currently its a pineapple plantation with its title. Price is 3,000 frs per sq metre. you can reach me at 77 23 33 38 M-Sats.
On Wednesday, February 5, 2014 11:59 AM, Martin Tumasang <tumasangm@hotmail.com> wrote:
Some of these prices are just crazy but people buyLand for sale in commercial area - FCFA 100,000,000
BamendaPublished: 11 July 13 - 16:07 | Posting ref : CM-A22587 |78235322Ad Details: Land for sale in commercial area - Bamenda, Cameroon, CM
- Advertiser: Business
- Price: FCFA 100,000,000
- Phone: 78235322
We have a land for sale at a commercial area Bamenda,Opposite FOKOU Bamenda with a 918sq.m and a scale of 1:500 just at the road side of city chemist round about and SONAC street Bamenda. For more details plse call us on 90640031/78235322 Looking forward to meet credible buyers/companies. Thanks
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