The real estate market in Nigeria is growing steadily as of the beginning of the second quarter of 2023. There’s currently a focus on affordable and luxury options – this highlights a trend where real estate is made available for EVERYONE!

The growth of the Nigerian economy is expected to continue in 2023, which will lead to increased demand for real estate. Nigeria’s economy is expected to grow at a rate of 3% which will help reduce unemployment and raise wages. This will lead to higher demand for real estate because people want a safe place to live and invest in property as an investment vehicle.

Nigerian real estate trends and value
Value of Lagos real estate
The rental market is also growing rapidly in Nigeria as more and more people are unable to afford to buy a home. This is creating opportunities for investors who are looking to purchase rental properties. The rental market is particularly strong in urban areas such as Lagos and Abuja.

Technology is playing an increasingly important role in the real estate industry. This is being driven by the growing use of online platforms for buying and selling homes. Online platforms make it easier for people to find and compare properties, and they also provide a safe and secure way to complete transactions.

There’s also an increase in the use of technology to improve the home buying and selling process. For example, there is a growing trend in using drones in virtual tours for marketing. An example can be seen below:

The luxury market is also growing rapidly in Nigeria, in areas like Ibeju-Lekki and Victoria Island, where we have the Eko Atlantic. More and more wealthy Nigerians are looking to buy luxury homes, whether it is through off-plan offers, finished homes or in a buy-to-build scheme . This creates opportunities for developers who can build and sell luxury homes. The luxury market is particularly strong in Lagos, Abuja, and Port Harcourt.

The green building market is also growing rapidly in Nigeria as more and more people are becoming aware of the environmental benefits of green buildings. Green buildings are designed to be more energy-efficient and environmentally friendly than traditional buildings. This makes them more attractive to buyers and investors, and it also helps to reduce the environmental impact of the real estate industry.

Overall, the real estate market in Nigeria is expected to grow steadily throughout this decade. It should also be boosted by the coming in of Ashiwaju Bola Ahmed Tinubu as president, who is expected to bring more transformative changes to the southwestern and federal capital territory of the country, which are the hubs of Nigerian real estate.

The growth of the economy, the government’s focus on affordable housing, the rising demand for rental properties, the increasing use of technology, and the growth of the luxury market are all expected to contribute to this growth.
Source: https://hybridlandtech.com/2023/05/28/current-state-of-real-estate-in-nigeria-and-future-trends-to-watch/