Key regions: United States, China, Japan, Germany, United Kingdom
The Real Estate market in Nigeria is experiencing significant growth and development.
Customer preferences: Customers in Nigeria have shown a strong preference for real estate investments, as property ownership is seen as a symbol of wealth and stability. The demand for residential properties, particularly in urban areas, has been on the rise due to population growth and urbanization. Additionally, there is a growing interest in commercial properties, especially in major cities like Lagos and Abuja, as more businesses are being established in the country.
Trends in the market: One of the key trends in the Nigerian real estate market is the increasing popularity of gated communities and luxury estates. These developments offer security, modern amenities, and a higher standard of living, which appeals to the growing middle class and expatriate population. Another trend is the rise of mixed-use developments, which combine residential, commercial, and recreational spaces in one complex. These developments cater to the demand for convenience and accessibility.
Local special circumstances: Nigeria has a large youth population, with a significant number of young professionals entering the workforce. This demographic trend has contributed to the demand for affordable housing options, especially in urban areas. Additionally, the government has implemented policies and initiatives to promote affordable housing, such as the National Housing Fund and the Family Homes Fund. These efforts aim to address the housing deficit in the country and provide opportunities for low and middle-income individuals to own homes.
Underlying macroeconomic factors: The Nigerian economy has been experiencing steady growth in recent years, driven by sectors such as telecommunications, banking, and manufacturing. This economic growth has had a positive impact on the real estate market, as it has increased consumer purchasing power and investor confidence. Additionally, the government has implemented economic reforms to attract foreign direct investment, which has further stimulated the real estate sector. In conclusion, the Real Estate market in Nigeria is thriving due to customer preferences for property ownership, the emergence of gated communities and mixed-use developments, the demand for affordable housing, and the country's positive macroeconomic factors. These factors combined have created a favorable environment for real estate investments and development in Nigeria.
Data coverage:
Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
