How much is the real estate industry worth in Nigeria?
According to the National Bureau of Statistics, Nigeria’s real estate sector accounted for 6.39 percent of the country’s GDP in 2020 (around $7.3 billion).
How big is the real estate market in Nigeria?
$56 billion
The size/value of real estate opportunity in the country is estimated at $56 billion. This is, however, understandable in a country of 200 million population where housing demand-supply gap is well over 20 million units while annual housing output is between 50,000 and 100,000 units.
What is the future of real estate in Nigeria?
In line with these developments, the Nigerian real estate sector has enjoyed maximum 3.85 percent growth in the second quarter of 2021. The figures indicate its highest growth in 6 years. This according to analysis is due to full re-opening of the economy and increased investment interest.
Is real estate profitable in Nigeria?
The Real Estate sector is currently booming in Nigeria and people are making millions in it, irrespective of the economic downturn, it can be seen as a real money-spinner.
What is the real estate market forecast for 2020?
It indicated that home prices increased by 11.3 percent in the United States in 2020 as a result of robust housing demand and record low mortgage rates. According to their recent housing market forecast, house value growth in 2022 will be less than half of what we’ve witnessed so far this year.
Did you know facts about real estate in Nigeria?
Real estate investment in Lagos appreciates more than 100 percent. 27 is the median age of first-time home buyers in Lagos. Even if you do anything else for starters, buy some land. Lekki property market will generate over 70 percent of Lagos wealth by 2025.
What is the appreciation rate of real estate in Nigeria?
Boosted by high returns in 2016-2019, 12-month T-bills averaged 11.9% over the same 5-year period. Using the above noted price spread of Lagos property over the same period, property appreciation averaged 25%-69%, depending on sub-market.
Can foreigners own property in Nigeria?
In a landmark decision on 17 April 2017, the Supreme Court of Nigeria held that foreigners cannot legally and validly own land in Nigeria. This decision is of significant interest for the international investing community.
Is real estate a good business in Nigeria?
Real Estate Business is the most lucrative business niche in Nigeria aside oil and gas. The rapid population growth rate in Nigeria made the real estate sector remain very lucrative as daily people are looking for houses to rent or build a home of their own.