Lagos, Abuja and Portharcourt, Nigeria’ commercial, administrative and petroleum industry capitals respectively, are the top real estate investment destinations, and account for as high as 65 percent of all activities in this asset class, a report by the National Bureau of Statistics has revealed.
The report indicates that Lagos has the greatest amount of real estate activities at 37 percent, followed by Abuja with 22 percent and Port Harcourt (Rivers State) with 6 percent, all covering 65 percent of real estate activities in the country.
The trio, often regarded as Nigeria’s traditional cities, have seen increased tempo of activity in real estate development and much of the investments that have gone into real estate in the country in the last decade were concentrated in these cities.
Nigeria has a burgeoning real estate sector, which by the GDP rebasing exercise in the country in April 2014, was discovered to be the fastest growing and sixth largest sector in the Nigerian economy, explaining the rising level of investment in the sector by both local and foreign investors.
According to the NBS report on Nigeria’s real estate in March this year, PricewaterhouseCoopers (PwC) revealed that the value of investment in the Nigerian real estate sector was expected to rise by 4 percent to USD13.65 billion by the turn of 2016, up from its current value of US$9.19 billion.
Originally published in Business Day