The trend towards economic growth and confidence in the Western African region, particularly Nigeria, is good news for the region’s real estate market.
The Nigerian real estate sector seems to be recovering as the country’s economy emerges from recession, fueling a positive outlook for the residential and commercial property sector.
Contributing to this outlook are improved investment flows and foreign exchange liquidity, as well as increases in oil production.
Furthermore, the World Bank predicted an exit from recession this year and economic growth of 1% reviewed to 1.2% by mid-year.
Nigeria’s real estate market represents 6% of the GDP in a country with good real estate development prospects and a growing population surpassing 185 million.
“While there have been some short-term headwinds there are encouraging signs of market improvement,” commented Kfir Rusin, Managing Director of API Events and its major property event, West Africa Property Investment Summit (WAPI).
The conference, hosted this year in Lagos in September, focused on industry challenges and property development opportunities across Nigeria and the broader West African region post-recession.
The country could benefit from a better dialogue between the region’s private and public sectors as a bolster for growth in the local and regional property market, as well as the coordination of infrastructure development with local and global investments poured in the economy.
“This presents Nigeria and the West African region with an opportunity to reinvigorate the country’s commercial and residential real estate sectors, and once again position itself as the number one investment destination for local and global capital,” said Rusin.
Consumer confidence in the Western African market shows continuous growth not only for Nigeria but also Senegal and Ivory Coast, while Ghana strengthens its position as a promising investment destination.
The International Monetary Fund has estimated Ghana’s GDP growth at around 6% for the year.
Mobus Property Holdings Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.
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