Nigeria Can Unlock 95% Untapped Real Estate Potential, Says Expert
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The Chairman of the Mayor of Housing Group says Nigeria can unlock up to 95% of its largely untapped real estate potential and attract massive investment by strengthening regulation, building investor trust and digitising land administration.
Nigeria can unlock up to 95 per cent of its largely untapped real estate potential and attract massive investment into the sector if the country strengthens regulation, builds investor trust and digitises land administration, the Chairman of the Mayor of Housing Group, My-ACE China, has said.
China spoke against the backdrop of a recent global real estate report which valued Nigeria's property market at about $2.6 trillion, making it Africa's largest, while the continent's total real estate value was put at $17.6 trillion. He described the figures as a wake-up call for Nigeria, arguing that the country has exploited only about five per cent of its real estate assets.
He projected that Nigeria's property sector could experience an unprecedented surge as global markets become saturated and investors increasingly seek new opportunities. China identified three major factors that could drive the growth: increasing global market saturation, growing confidence in credible Nigerian developers and stronger institutionalisation of the real estate sector.
He also projected a significant increase in foreign and diaspora investment if Nigeria improves regulation and security. On regional growth, China singled out Port Harcourt as an emerging real estate hotspot, claiming that the city is growing at about 30 per cent, compared with 15 per cent for Lagos and Abuja, partly because of differences in market saturation, developer activity and available records.