The Nigerian real estate industry is projected to increase significantly, reaching $3.41 trillion by 2029.
Based on a recent Statista Market Insights report on Nigerian real estate, the market is expected to reach a value of $2.42 trillion by 2024.
According to the report, residential real estate is expected to hold the largest share, with a projected volume of $2.08 trillion and 49.11 million units by that year.
The report also states that a compound annual growth rate (CAGR) of 7.10% is anticipated for the industry between 2024 and 2029.
“In Nigeria, the Real Estate market market is anticipated to achieve a value of US$2.42tn by 2024.
“Among the various segments within the market, Residential Real Estate holds the largest share, with a projected market volume of US$2.08tn by 2024.
“Over the period of 2024-2029, the market is expected to exhibit a compound annual growth rate (CAGR) of 7.10%, resulting in a market volume of US$3.41tn by 2029,” a portion of the Statista report read.
The report also mentioned how urbanization and population increase are driving up demand for residential real estate, especially in cities.
In addition, as more companies are set up, there is an increasing interest in commercial properties in key cities like Lagos and Abuja.
The Statista report also highlighted the increasing popularity of gated communities and luxury estates as a key trend in the Nigerian real estate market.
The growth of mixed-use development, which incorporate residential, commercial, and recreational areas into a single complex, is another noteworthy trend that successfully satisfies consumer demands for accessibility and convenience.
The real estate market refers to the transaction of properties, including both residential and commercial real estate. Residential properties encompass houses and apartments, while commercial properties refers to office buildings, retail spaces, warehouses, and industrial properties.
This market encompasses not just real estate transactions but also leases and the total worth of properties.
