The real estate sector in Nigeria is forecast to grow to $2.26 trillion in 2024, of which residential estate will contribute $1.93 trillion or 85.4 percent.
Â
Industry analysts expecting real estate expansion noted the hurdles posed by a falling currency, insufficient infrastructure, many taxes, and expensive building costs.Â
Dr. Biodun Adedipe, Founder and Chief Consultant of B. Adedipe & Associates Limited, discussed these challenges at the Real Estate Outlook 2024 event, which was co-organized by the Nigerian-British Chamber of Commerce (NBCC) and the International Real Estate Federation (FIABCI).
Krent is a real estate platform in Nigeria. Whether you're looking to buy, rent, or short let a house, apartment, land, or commercial space, check out our listings. You can also request specific properties.
Dr. Adedipe predicted a compound annual growth rate (CAGR) of 7.52%, propelling the sector to $3.02 trillion between 2024 and 2028. He emphasised housing construction as an economic accelerator and a critical source of employment, citing Nigeria’s astonishing 22 million-unit housing gap, which is primarily concentrated in urban areas that house 51.7% of the population. The country’s population is predicted to be 223.8 million, with a 2.44 percent annual growth rate.
Addressing corporate strategies for 2024, Dr. Adedipe emphasised the importance of continuous process evaluation, automation, and optimal use of digital technologies. He envisioned agile operations management as a combination of collaborative teaming, adaptive learning, and iterative improvement.
In his introductory remarks, NBCC President Mr. Ray Atelly emphasised the importance of the Real Estate Outlook as an annual platform for sector stakeholders to share insights and experiences in advocacy, entrepreneurship, and professional development, all driven by passion, boldness, and innovation.
During a panel discussion, industry leaders such as Paul Onwuanibe, Group CEO of Land Mark Africa Group; Yemi Idowu, Founder/CEO of Aircom Nigeria Ltd; and Hakeem Ogunniran, Chairman of the Construction and Real Estate Group at NBCC, lamented the sector’s misregulation. They recommended government policy initiatives to stimulate private sector investment, emphasising the abundance of opportunities available for exploitation with the correct assistance.
The discussion reflected a unified appeal for collaboration between the public and commercial sectors to fully realise Nigeria’s real estate market.
In the wake of insights shared at the Real Estate Outlook 2024, it’s evident that Nigeria’s real estate sector stands at a critical juncture, poised for substantial growth despite formidable challenges.
Platforms like Krent offer more than just a marketplace; it symbolizes the evolution of real estate transactions into streamlined, efficient processes that empower buyers and sellers alike.Â
Â
Click here to visit our website!