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Optimistic Outlook for the Nigerian Property Market

The real estate sector in Nigeria is about to undergo a massive development in 2018 on the back of a growing population.

Optimistic Outlook for the Nigerian Property Market

The real estate sector in Nigeria is about to undergo a massive development in 2018 on the back of a growing population, despite general funding and investments concerns in the industry at large.

There are still plenty of opportunities in the country’s real estate market, with the sector emerging as the sixth largest in the country, and on a growing curve.

If the sector accounted for only 8,4% of the GDP in 2014, the following year the figure jumped by no less than 18,7%.

Industry experts estimate a shortfall of 17-million housing deficits in Nigeria alone and a funding requirement of 363 billion dollars to bridge this widening gap.

The substantial housing deficit also means an overall shift from luxury developments to middle-income housing and affordable housing schemes through private-public partnership arrangements.

Changes in demographics and rapid urbanisation continue to create opportunities for property investors with the potential to bridge the housing gap in Nigeria.

There is also growing interest and focus on investment grade assets within the retail and office space with increased government interventions and support for the housing sector, such as the World Bank-led housing initiatives.

The above property industry views were expressed at the real estate conference West African Property Investment Summit (WAPI) held in December in Lagos at the Eko Hotel and Suites Expo Centre.

Among the industry leaders present at the property summit were Mr Bolaji, CEO Broll Property Group, and Paul Owuanibe, CEO, Landmark Group.

Source: Vanguard

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