The Real Estate Treasure in Nigeria
The Real Estate Industry in Nigeria has continuously broken all economic bounds even in the face of dwindling Oil prices and economic downturn. This industry has grown exponentially in the past few years witnessing a high rate of urbanization, rebuilding of rural areas, reclamation of water bodies, and erection of skyscrapers that beautify the skylines and seashores.
Currently, the city of Lagos is considered the Real Estate Hub in Nigeria, offering opportunities for both local and international investors and aiming to match-up with United Arab Emirates, Estonia, Ireland and the United Kingdom by 2020. In recent times, Lagos and Abuja (the Capital of Nigeria) has witnessed tremendous rise in construction and infrastructure developments.
According to Price WaterHouse Coopers (PWC):
Nigeria had annual estimated average urbanization rate of 3.75% per year for the period of 2010-2015 with a total of 47% of the country’s population currently living in the urban areas. The Nigerian real estate sector is growing faster than average GDP at a rate of 8.7% and is now the sixth largest sector in the economy. This sector anticipates $13.6bn investment value rise by 2016. (Source: PWC – Building the Future of Africa, p.40, March 2015).
The real estate sector is a gold-mine waiting to be explored. The rapid industrialization going on in the Free Zone Area along the Ibeju-Lekki axis is phenomenal. Large expanse of hectares are being developed by local and international companies, setting up start-of-the- art factories that will service the Nigerian market and beyond.
What are you waiting for? Act now!