An Estate Surveyor and Valuer ESV. Ageh Ayokunle has disclosed that Opportunities,
challenges of booming Real Estate market in Nigeria.
Ayokunle stated this yesterday in Abuja .
He said that Nigeria’s real estate sector has experienced remarkable growth over the past decade, driven by urbanization.
“ A rising middle class, and increased foreign investment”.
He said cities like Lagos, Abuja, and Port Harcourt are witnessing a surge in demand for residential, commercial, and industrial properties.
“Despite economic fluctuations, real estate remains one of the most attractive investment avenues in the country”.
He emphasized that a key factor fueling this boom is the expansion of Nigeria’s urban population.
“With over half of the country’s population now living in cities, the need for affordable housing and modern office spaces has skyrocketed.”
He noted that government initiatives such as the National Housing Programme is aim to bridge the housing deficit, yet challenges persist.
“High construction costs, limited access to mortgage financing, and bureaucratic bottlenecks continue to constrain large-scale development”.
He disclosed that foreign investors are also showing interest, especially in commercial real estate.
“The influx of multinational companies seeking office spaces in major urban centers has led to the emergence of smart buildings and business parks”.
He insisted however that investors must navigate issues such as regulatory inconsistencies and land acquisition disputes, which can impact project timelines and profitability.
He said moreover that technology is reshaping the real estate landscape in Nigeria.
“ Property technology (proptech) startups are introducing innovative solutions for property management, online transactions, and virtual property tours. These developments are making it easier for both local and international investors to engage with the market”.
He added that despite the challenges, experts believe that Nigeria’s real estate sector holds immense potential.
“Strategic partnerships between developers, banks, and government agencies could create more sustainable urban communities and unlock new investment opportunities”.
He stressed that investors willing to navigate the complexities, real estate in Nigeria continues to offer substantial returns and a chance to contribute to the country’s evolving urban fabric.
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