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The ARISE Africa Summit held in Lagos brought together stakeholders to explore innovative solutions and investment opportunities across the continent's real estate sector. The event highlighted Africa's growing property market and the role of technology and policy in shaping its future.
Africa's real estate market is now valued at approximately USD 17.6 trillion, representing about 2.7 percent of global real estate value, according to a new LEAF Africa study report. The report identifies Nigeria, Kenya, and Ghana as the continent's fastest-growing property markets.
The Secretary to the Government of the Federation, Senator George Akume, has warned that poor workmanship, substandard materials, corruption, shortcuts and the use of unqualified persons could undermine efforts to deliver safe and quality housing across Nigeria.
Plans are underway to develop an 800-unit workers' housing estate in Ebonyi State, with funding support from the Federal Mortgage Bank of Nigeria (FMBN) through a Public-Private Partnership arrangement.
The Federal Government has started building 250 housing units for civil servants in Dukpa, Gwagwalada, Abuja, under a partnership between the housing ministry and the Head of the Civil Service office.
Research presented at a GTI Group forum shows Lagos requires about N6 trillion a year to bridge its housing capital gap, with the state's housing deficit now put at 3.4 million units.
Escalating rent costs across Nigeria's major cities are pushing decent accommodation out of reach for workers and families, deepening a housing affordability crisis that analysts say now affects the wider economy.
The Group Managing Director of Haldane McCall Plc, Edward Akinlade, says lower-cost financing, better infrastructure and simpler land and tax policies are needed to unlock investment in Nigeria's real estate and hospitality sectors.
A 23 percent jump in cement prices this week to N16,000 per 50kg bag has stalled building work across Nigeria, prompting the FCCPC to investigate possible price manipulation by major manufacturers.