CURRENT economic challenges, including high inflation rate, controversial compensation payments and incessant building demolitions have been adduced among factors why Nigeria’s real estate market won’t achieve the predicted value of $2.42 trillion by end of 2024. According to experts, who spoke to Nigerian Tribune, the current economic conditions in Nigeria have become a major concern, making it difficult for businesses to operate.
The experts, comprising the Immediate Past President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr Johnbull Amayaevbo; Lagos-based real estate consultant, Mr Femi Oyedele; and former Chairman NIESV, Lagos chapter, Samuel Ukpong, pointed out that the pace of completion of ongoing projects has not been encouraging due to harsh economy. They added that people are now more concerned about food than to complete their building projects. Besides, they emphasised that the incessant demolition of houses in Abuja and Lagos discouraged real estate investment in Nigeria.
“Nigeria is number six in the real estate investment index from number three which it used to be,” one of the experts said. To encourage investors at this particular period, they cautioned that demolition must stop and due process followed before demolition. Nigeria’s real estate market size was valued at $91.
1 million in 2023, and is predicted to reach $137.8 million by 2030, at a compound annual growth rate (CAGR) of 6.1 percent from 2024 to 2030.
In Nigeria, St.
