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Nigeria is the most populous country in Africa and the eighth-most populous country in the world. It is also one of the fastest-growing economies in Africa, which has led to an increased demand for real estate in the country. Real estate is an attractive investment option for many investors as it offers a relatively stable return on investment, diversification of assets, and a hedge against inflation. In this blog post, we will take a look at the current property demand trends in Nigeria and what it means for investors and property developers.
The real estate market in Nigeria has been growing in recent years, with a significant increase in the demand for both commercial and residential properties. Lagos, the largest city in Nigeria, is the hub of the real estate market, accounting for 60% of the property demand in the country. This is followed by Abuja, the capital city of Nigeria, which accounts for 18% of the property demand. (Nigerian Property Center) The increase in property demand in these cities is due to their strategic location, strong economic activities, and improving infrastructure.
The Lekki and Ajah axis of Lagos has seen significant growth in property demand due to the infrastructural boom in the area. The development of new properties and estates in this area has made it a popular destination for rental properties, leading to a higher return on investment for property developers and investors. The Epe axis of Lagos is also emerging as new hotspot for real estate development due to the shift of infrastructural development towards these regions, such as the Deep Sea Port and Dangote Refinery.
For prospective buyers of real estate or investors looking to develop real estate or build properties to make rental income, Lagos and Abuja offer great investment opportunities. The increasing property demand in these cities, especially in the Lekki, Ajah & Epe axis of Lagos state, present a potential for a 200% to 500% return on investment in the next five years. As a smart investor or property developer, it is important to keep track of the property demand trends in Nigeria and make informed investment decisions based on the current market conditions.
In conclusion, the real estate market in Nigeria is rapidly growing and presents great investment opportunities for property developers and investors. With a significant increase in property demand in Lagos and Abuja, and the emergence of new hotspots such as the Lekki, Ajah, and Epe axis of Lagos, it is important to make informed investment decisions to maximize the return on investment.