Real Estate & Property in Nigeria for Sale and Rent – Findings on Nigeria Real Estate Sector

Real Estate & Property in Nigeria for Sale and Rent – Findings on Nigeria Real Estate Sector

February 2, 2018, 3:17 pm Blog Naija Real Estate Seen: 267
Real Estate & Property in Nigeria for Sale and Rent – Findings on Nigeria Real Estate Sector
Based on studies and research made by RealAgent on “Real Estate & Property in Nigeria for sale and rent, Nigeria real estate sector”. RealAgent is the No.1 Nigerian real estate and property website with property in Nigeria for sale, rent and lease. We offer Nigerian property seekers news, advice and an easy way to find details of property in Nigeria including homes, houses, lands, shops, office spaces and other commercial properties to buy or rent. Thousands of property listings available.

Our research showed that the real estate and property industry in Nigeria has witnessed positive growth in recent years. According to a report released by the National Bureau of Statistics NSE, the real estate and property for sale and rent sector in Nigeria grew by 5.9 per cent and contributed 8.37 per cent to the gross domestic products GDP in the 4th quarter of 2014 alone.

According to the report titled “Real Estate: Building the Future of Africa”, the Nigerian real estate and property for sale and rent sector is growing at a rate of 8.7 per cent and is now the sixth largest sector in the economy. The report also said that high net worth individuals invest 25 per cent of their assets in real estate compared to 18 per cent or less in equities and other instruments.

Our research has also shown that IT experts all over Nigeria and beyond like www.basepointe.com.ng has embraced the fast growth of real estate and property sector in Nigeria to develop websites that will showcase properties for sale, rent, lease, let and hostels for students.
The studies also identified the growth in the Nigerian middle class population and retail activity as the major drivers of demand for warehousing units as well as infrastructure-enabled industrial clusters and free zones.

In the commercial real estate and property sector in Nigeria, the report said that the market was being driven by an influx of institutional, foreign and private businesses into the country, as well as the growth of local established businesses and multi-national oil companies across the cities of Lagos, Abuja and Port Harcourt.

Rental rates in Lagos were said to be one of the highest in the world with achievable rents of more than $1,020/m2 about N186,000/m2 annually.

Consequently, there is a prevalence of “buy now” advises by big players in the real estate and property for sale and rent business of the Lagos end of Nigeria market, and many of these deep pocket stakeholders are taking positions already for the ‘rocket launch’ of activities in the market.

Although it was widely reported that real estate and property in Nigeria for sale and rent pricing in key locations of Lagos slowed down by up to 22 per cent in some places, not surprising though due to four successive quarters of slowdown from Q4.2014 – Q3.2015 as a result of uncertainties simultaneously fueled by the last general election. Be that as it may, Nigeria is Africa’s largest economy with Lagos and Abuja as its major cities.

There are mix reviews from developers in Lagos and Abuja on the effects of recent construction, general economic slowdown and the change mantra of the sitting government. Among the choice areas, especially for international leveraging is Banana Island in Ikoyi, and Eko Atlantic City in Victoria Island that now angles for a boom. Capital has been poured extensively into both locations.

Conclusively the real estate and property sector in Nigeria is virgin and fast growing, advice from RealAgent is that investors all over the world should come in and invest in the sector.
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About the Author: Isaac Grant
Isaac Grant
Writter and Developer
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