HDAN Commends Wike as Infrastructure Development Transforms FCT Real Estate

Says massive investment in roads and public infrastructure is unlocking new opportunities for housing, investment and economic growth

By Housing TV Africa

The Housing Development Advocacy Network (HDAN), Africa’s leading and pioneering non-governmental advocacy organisation dedicated to housing development, has commended the Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, for what it described as the unprecedented pace of infrastructure development across the nation’s capital, noting that the projects are already reshaping the real estate landscape and opening up new frontiers for housing and investment.

HDAN has, for decades, championed policy reforms, affordable housing initiatives, housing finance, land reforms, real estate regulation and sustainable urban development across Africa. Through sustained advocacy, strategic partnerships and high-level stakeholder engagement, the organisation has made significant contributions to advancing housing development in Nigeria and across the continent, earning recognition as one of Africa’s foremost voices on housing policy and sector reforms.

In a statement issued by its Executive Director, Festus Adebayo, HDAN said that strategic investments in roads, bridges, interchanges and other critical infrastructure have become one of the strongest catalysts for real estate growth in the FCT, significantly increasing land values, attracting private sector investment and accelerating urban expansion.

According to Adebayo, one of the greatest lessons from successful cities around the world is that infrastructure drives real estate development.

“Where roads go, development follows. Where government provides quality infrastructure, investors naturally move in. Housing estates spring up, businesses expand, jobs are created and property values appreciate. This is exactly what we are witnessing today in many parts of the Federal Capital Territory.”

HDAN observed that communities that were once regarded as distant or unattractive to investors are rapidly emerging as prime residential and commercial destinations because of improved accessibility and government investment in infrastructure.

The Network noted that ongoing road construction and expansion projects are unlocking the economic potential of several districts and satellite communities, encouraging developers to embark on new housing projects while giving confidence to financial institutions, mortgage providers and other investors.

According to HDAN, infrastructure development remains one of the most effective government interventions for reducing the cost of housing delivery. Improved road access, drainage systems and other public facilities lower development costs, shorten project timelines and make it easier for developers to deliver quality housing to Nigerians.

The organisation further stated that beyond real estate, infrastructure investment stimulates economic activities across multiple sectors, including construction, manufacturing, transportation, hospitality, retail, financial services and professional consultancy, thereby creating thousands of direct and indirect employment opportunities.

HDAN urged the FCT Administration to sustain the current momentum by extending infrastructure to more satellite towns and emerging districts, stressing that balanced development across the territory would help reduce pressure on the city centre while making affordable housing more accessible to low- and middle-income earners.

The Network also encouraged stronger collaboration between government and the private sector to maximise the benefits of infrastructure investment through planned urban expansion, serviced land development and increased private participation in housing delivery.

Adebayo emphasised that Nigeria’s housing challenge cannot be solved through mortgage finance alone.

“Access to infrastructure is just as important as access to finance. A plot of land without roads, electricity, drainage and water has limited value. But once government provides infrastructure, that same land becomes attractive for housing, commerce and industry. Infrastructure is the foundation upon which sustainable cities are built.”

He added that the remarkable transformation taking place across the FCT demonstrates the importance of visionary infrastructure investment in driving economic growth, improving the quality of life of residents and strengthening investor confidence in Nigeria’s real estate sector.

HDAN reaffirmed its commitment to supporting policies and initiatives that promote sustainable urban development, affordable housing and responsible real estate growth, while calling on other state governments across Nigeria to emulate the FCT by making infrastructure development a central pillar of their housing and economic development strategies.

“The transformation we are witnessing in Abuja is a powerful reminder that strategic investment in infrastructure is one of the fastest ways to stimulate real estate development, create wealth, attract investment and improve the living standards of the people. We commend the Honourable Minister of the Federal Capital Territory, Barr. Nyesom Wike, for this bold approach and encourage the sustained execution of projects that will continue to unlock the enormous economic potential of the Federal Capital Territory.”

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Recent comments by former Zenith Bank Chairman, Jim Ovia, suggesting that real estate delivers better returns than banking have sparked widespread debate among Nigerians, with investment experts weighing in on the merits of property ownership versus traditional savings.

The discussion gained momentum on social media after Ovia’s remarks, with supporters arguing that real estate offers superior long-term returns, while others maintained that banking investments provide greater security and liquidity.

Analysts, however, say rising inflation has significantly eroded the purchasing power of savings, prompting many Nigerians to seek alternative investment options capable of preserving and growing wealth.

Speaking on the issue, real estate and investment expert Joseph Momoh said the comparison between real estate and banking depends largely on investment objectives and economic conditions.

According to him, inflation remains one of the biggest threats to wealth preservation, making property investment increasingly attractive to investors.

“If you buy land in a strategic location and carry out proper due diligence, its value could appreciate significantly over five to ten years, often surpassing returns from traditional savings products,” he said.

Momoh explained that while savings accounts and fixed deposits generally provide modest annual returns, property investments can generate substantial gains through both appreciation and rental income.

He noted that investors who acquire residential properties and lease them out often recover their initial investment over time while continuing to earn income from the asset.

Also commenting, realtor Bawa Musa described real estate as one of the most effective wealth-building tools available to Nigerians.

He argued that money kept in savings accounts is typically deployed by financial institutions for lending and other investments, while property owners retain the full benefit of capital appreciation.

“When you invest in real estate, the increase in value belongs entirely to you. That is why many investors see property as a stronger pathway to long-term wealth creation,” he said.

Musa further noted that investing in property reduces the temptation to spend funds that might otherwise remain accessible in savings accounts.

Investment analyst Mohammed Mustapha also highlighted the multiple income streams available through real estate investments, including rental earnings, capital appreciation and protection against inflation.

He said property investments have historically served as a hedge against economic uncertainty, particularly during periods of inflation and external economic shocks.

“Unlike ordinary savings accounts, a well-selected property can appreciate in value, generate rental income and help preserve wealth during periods of economic instability,” Mustapha explained.

However, he cautioned against the assumption that every property automatically yields high returns.

According to him, the success of a real estate investment depends on critical factors such as location, infrastructure, security, demand and overall market conditions.

“Some properties appreciate rapidly, while others remain stagnant for years. Asset selection is key, and investors must conduct thorough research before committing funds,” he said.

The experts agreed that although real estate can outperform traditional banking investments over the long term, investors must carefully evaluate opportunities and understand the risks associated with property ownership before making investment decisions.

The post Experts Back Jim Ovia’s Claim as Real Estate Outpaces Traditional Savings appeared first on Housing TV Africa.

A recent report shows that the real estate market is not growing in a balanced way. There are too many luxury homes, such as villas, and not enough affordable housing for everyday workers. This makes it hard for many people especially the young and low-income earners—to buy a home.

Officials believe several factors are driving prices up. These include the high cost of land, rising prices of building materials, and steep loan interest rates. Speculators are also playing a big role by buying land just to resell it later at a much higher price. This behavior limits the number of homes being built and pushes prices even higher.

To solve this, the government has told agencies to take action. They must create plans to reduce construction costs and increase the supply of housing. There will also be stricter rules to stop people from using land auctions to inflate prices.

Planning must match real needs. Authorities should keep enough land for housing and not give it all away for shops or office buildings. The goal is to make homes more available and affordable.

The problem is already clear in the numbers. In the first quarter of the year, some areas saw land and housing prices rise by 20% to 40%. Experts blame this on rising material costs, loan rates, and limited housing supply due to legal delays.

To make the market more transparent, the government is building a digital platform. This platform will handle all parts of real estate deals—from tax payments to land registrations. It will work like a stock exchange and give people clear price data while also reducing fraud and tax evasion.

Officials also plan to make it easier and faster to approve housing projects. They want to cut down the time and cost of paperwork by 30%, so more projects can start sooner.

With these changes, the government hopes to control property prices, stop speculation, and make housing more affordable for everyone.

The post Govt Moves to Cool Hot Housing Market as Prices Spike appeared first on Housing TV Africa.

A recent report by Knight Frank revealed that 72 percent of residents are actively looking to buy property. Demand is especially strong among high-income Saudis earning over SR50,000 ($13,300) per month, with 93 percent eager to purchase a home.

The survey of over 1,000 individuals, including 835 Saudis and 100 expatriates, also highlighted a rising interest in homeownership among non-citizens. Around 77 percent of expatriates expressed a desire to own homes in the Kingdom.

This shift reflects Saudi Arabia’s evolving real estate landscape as the country works toward its Vision 2030 goal of increasing homeownership to 70 percent. By the end of 2023, the homeownership rate had already reached 63.7 percent, putting the Kingdom on track to achieve this target.

Despite these gains, affordability remains a major challenge. Many aspiring homeowners are now considering renting as an alternative. In 2024 alone, housing transactions totaled SR267.8 billion across 236,690 sales. This marks a 37 percent increase in transaction volume and a 27 percent rise in value compared to the previous year.

Several key factors are driving this surge in homeownership demand. Many buyers see real estate as a smart investment, while others are drawn to family-friendly communities and high-quality housing. The survey found that 48 percent of respondents were seeking a primary residence, while 31 percent were looking for homes for their children or extended family. These figures indicate that real estate is not just a financial asset but also a long-term stability plan for many families.

Saudi Arabia’s property market has experienced significant price hikes, especially in major cities. Since 2019, apartment prices in Riyadh have surged by 75 percent, while villa prices have increased by 40 percent. In Jeddah, real estate transactions jumped 53 percent in 2024 alone, with property values rising by 43 percent. Dammam has also seen impressive growth, with residential transactions up by 49 percent and apartment prices increasing by 6.2 percent.

While the government is working to increase housing supply, affordability issues persist, particularly for middle-income buyers. Although luxury and premium housing options are expanding, many buyers struggle to find homes within their budget. Most prospective homeowners plan to spend between SR750,000 and SR2.5 million. However, market trends show a mismatch, as the average price of a four-bedroom villa in Riyadh stands at SR2.8 million—beyond the reach of many middle-class buyers.

Financing plays a crucial role in homeownership. According to the report, 58 percent of Saudi buyers rely on family support for their purchases, while 40 percent use self-financed solutions. Mortgage-backed transactions are also increasing, thanks to government initiatives such as Sakani and Dhamanat, which provide easier access to home loans.

The housing preferences of buyers are evolving. More than half of the survey respondents prefer villas, with wealthier Saudis favoring larger properties. However, townhouses and apartments are growing in popularity, especially among younger buyers and middle-income families seeking affordable alternatives. Riyadh and Jeddah remain the top choices for homebuyers, with 54 percent of respondents favoring the capital city as their preferred location.

Although property ownership remains strong, the rental market is also expanding. Many younger Saudis and expatriates are opting for rental properties due to rising housing costs. This trend reflects the dynamic nature of Saudi Arabia’s real estate market, where both homeownership and rental demand continue to evolve.

With Saudi Arabia making significant investments in its real estate sector as part of Vision 2030, the market’s future will be shaped by affordability, price trends, and shifting consumer preferences. As the Kingdom nears its 70 percent homeownership goal, how well the sector adapts to these challenges will determine its long-term success.

The post Saudi Arabia’s Housing Boom: Demand Soars as Prices and Ownership Rates Climb appeared first on Housing TV Africa.

Despite formidable challenges such as volatile exchange rates, inflationary pressures, and the persistent issue of housing affordability, optimism remains strong about the sector’s future.

Real estate has consistently served as a vital pillar of Nigeria’s economy, contributing significantly to the nation’s Gross Domestic Product (GDP). However, the sector is grappling with Nigeria’s surging inflation rate, recently reported by the National Bureau of Statistics at over 34 percent.

This spike in inflation has placed immense pressure on developers, making it increasingly difficult for the average Nigerian to afford a home. Additionally, fluctuating exchange rates have exacerbated the cost of construction materials, over 90 percent of which are imported.

Speaking at the Saudi Arabia Real Estate Forum held in Riyadh, Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, highlighted the immense growth potential within Nigeria’s real estate market. He noted that the sector contributed approximately 5.2 percent to Nigeria’s GDP in 2024 and is expected to surpass ₦2 trillion by the end of 2025. Dangiwa drew attention to Nigeria’s massive housing deficit, estimated at 28 million units, a figure driven by rapid urbanization and population growth. Despite this daunting challenge, he emphasized the vast investment opportunities that exist, particularly within the residential real estate segment.

Dangiwa underscored the importance of strategic partnerships to tackle Nigeria’s housing crisis. The government is focusing on large-scale housing developments through public-private partnerships, innovative financing solutions, and collaboration with state governments to unlock land for affordable housing projects. These efforts aim to bridge the gap between housing demand and supply while boosting the sector’s contribution to the economy.

Addressing the issue of affordability, Dangiwa highlighted government initiatives designed to ease the financial burden on prospective homeowners. One key measure includes the recapitalization of the Federal Mortgage Bank of Nigeria with ₦500 billion, aimed at providing more accessible, single-digit interest mortgage products. Additionally, the government is exploring new funding models, such as Real Estate Investment Funds, which target mortgage interest rates around 12 percent significantly lower than the current market rates of 28-30 percent. These funds are designed to offer financial security to both developers and homebuyers.

To further improve homeownership accessibility, rent-to-own schemes are being introduced, offering flexible payment structures that cater to a wider demographic. Dangiwa also mentioned ongoing collaborations with the Nigeria Governors’ Forum to streamline land acquisition and approval processes, reducing bureaucratic bottlenecks and creating a more conducive environment for real estate development.

Through these comprehensive strategies, Nigeria’s real estate sector is poised to become a major driver of economic growth. Beyond providing much-needed housing, the sector is set to stimulate investments, generate employment opportunities, and contribute to sustainable development across the country.

The post FG Sets Bold ₦2 Trillion Real Estate Target for 2025, Paving Way for Economic Growth appeared first on Housing TV Africa.

While the continent faces hurdles such as housing deficits and regulatory complexities, it also boasts significant opportunities for investors and developers.

The sector, fueled, by rapid urbanization, a burgeoning population, and growing foreign investment, the continent is witnessing a surge in construction and development. From bustling metropolises like Lagos and Johannesburg to emerging markets in East Africa, the demand for housing, commercial spaces, and infrastructure is steadily increasing. However, this growth is not without its hurdles. Issues such as inadequate infrastructure, regulatory complexities, and housing shortages persist, requiring innovative solutions and collaborative efforts to unlock the full potential of this vital sector

Key Growth Drivers:

• Urbanization and Population Growth: Rapid urbanization across Africa is fueling demand for housing, commercial spaces, and infrastructure. The burgeoning population, particularly in younger demographics, is driving increased demand for housing and related services.

• Economic Expansion: Continued economic growth in many African countries, though facing global headwinds, is creating a more robust middle class with increased disposable income. This translates to higher demand for quality housing and commercial spaces.
• Foreign Direct Investment (FDI): Growing interest from international investors is injecting capital into the African real estate market. Factors like favourable exchange rates in some countries and the allure of emerging markets are attracting foreign capital.
• Technological Advancements: The integration of technology is revolutionizing the sector. PropTech solutions are streamlining property management, improving market efficiency, and enhancing customer experiences.

Market Highlights:

• Ghana: A stable political environment and steady economic growth make Ghana a prime investment destination. Accra and Kumasi are witnessing significant development, with a focus on modern, mixed-use developments.
• South Africa: While facing economic challenges, South Africa offers a relatively mature real estate market with opportunities in both residential and commercial sectors. The rise of AI and PropTech is enhancing market efficiency and attracting tech-savvy investors.
• Kenya: Nairobi remains a key hub for real estate investment, though challenges related to overvaluation and regulatory issues persist.
• Nigeria: Despite challenges like bureaucratic hurdles, Nigeria presents a large and dynamic market with high potential returns, particularly in the commercial and industrial sectors.

Key Trends:
• Sustainability: A growing emphasis on sustainability is driving the development of green buildings and eco-friendly communities. This includes the incorporation of renewable energy sources, water conservation measures, and sustainable construction materials.
• Technology Integration: The adoption of PropTech solutions is accelerating, encompassing areas such as property management software, online platforms for property search and transactions, and the use of AI for predictive analytics and risk assessment.
• Co-living and Shared Spaces: The rise of co-living spaces and flexible workspaces is catering to the evolving needs of younger generations and the growing gig economy.
• Regeneration of Urban Areas: Many African cities are undergoing urban renewal projects, revitalizing older neighbourhoods and creating vibrant mixed-use developments.
Challenges:
• Housing Shortages: Severe housing deficits persist across many African countries, particularly in rapidly growing urban centres. This necessitates a concerted effort to develop affordable housing solutions.
• Infrastructure Gaps: Inadequate infrastructure, such as limited access to reliable electricity and transportation, poses a significant challenge to real estate development.
• Regulatory Hurdles: Sometimes, inconsistent regulations can hinder investment and slow development projects.
• Corruption and Lack of Transparency: Corruption and lack of transparency in some markets can deter investors and create an uneven playing field.

The Road Ahead:

The African real estate sector is poised for significant growth in the coming years, driven by urbanization, economic expansion, and technological advancements. However, addressing housing shortages, infrastructure gaps, and regulatory hurdles will be crucial for sustainable and inclusive growth.

The post Forecasting Africa’s Real Estate Market for 2025 appeared first on Housing TV Africa.

A retrospective analysis of the 2024 real estate market shows declining purchasing power due to high inflation, which peaked at 34.6% in November last year. Combined with volatile exchange rates and high-interest rates, these factors have caused a dip in property sales and low demand. However, the rental market continues to thrive, fueled by necessity rather than affordability.

Analysts explain that inflation has significantly eroded consumer purchasing power, leaving many unable to afford property prices. Renting has become the only viable option for a large portion of the population. In 2024, the rental market recorded a 50% rise in demand in some locations, particularly outside city centers.

Unemployment remains a key factor driving demand for rental housing. Although unemployment rates declined slightly in 2024, they are projected to rise again in 2025, pushing more individuals towards rented accommodation. Even for those with stable jobs, the difficulty in accessing mortgages further dampens property sales, leaving renting as the primary option.

In Lagos, the rental market is particularly active, driven by rapid urbanization and a growing population estimated at 20 million. The city attracts thousands of new residents daily, drawn by job opportunities and economic prospects. About 80% of Lagos residents are renters, according to a recent report confirmed by the state’s Commissioner for Housing, Moruf Akinderu-Fatai.

Akinderu-Fatai highlighted the strain on the city’s housing situation, with over 6,000 new residents arriving daily. He acknowledged that while the rental demand poses challenges for the state government, it also presents investment opportunities for private developers to collaborate with the government on housing projects.

Abuja, Nigeria’s Federal Capital Territory, is also projected to see a surge in rental transactions in 2025, despite federal initiatives to make housing more affordable. The city’s growing population and rising demand for housing continue to pressure both the rental and sales markets.

Unlike Lagos, Abuja experienced a construction boom in 2023 and 2024, resulting in an increase in housing supply. Government-backed projects and private developments added new estates and apartment complexes to the market, creating more choices for tenants and heightened competition among landlords. Despite the oversupply, residents note that rents and property prices remain high, even in suburban areas.

Despite economic challenges, industry experts remain optimistic about the real estate sector’s growth in 2025. Wale Akinola, CEO of Earthbound Real Estate, described the year as pivotal for the industry, with opportunities for investors, developers, and first-time homeowners.

“With government-backed initiatives, urbanization, technological advancements, and growing interest from local and diaspora investors, the sector is primed to deliver unprecedented returns,” Akinola noted.

As Nigeria works to bridge its housing deficit, estimated at over 20 million units, the real estate sector in 2025 is expected to lay the foundation for long-term growth and wealth creation.

The post Rental Properties to Dominate Nigeria’s Real Estate Market in 2025 appeared first on Housing TV Africa.

Industry stakeholders assert that the state’s growing economic potential and strategic advantages make it an attractive prospect, especially for investors with a long-term vision.

Maxwell Taye, Managing Director of Kairos Realty Development Limited, recently highlighted that Kwara is emerging as a key real estate investment hub in Nigeria. Located in the country’s north-central region, Kwara boasts a unique blend of agricultural strength, rich mineral resources, and a strategic location that makes it highly appealing to both domestic and international investors.

Taye emphasized that Kwara’s robust agricultural base, coupled with its growing population and urbanization, enhances its attractiveness to real estate developers seeking high returns and sustainable growth.

He further noted that, with its promising market conditions and government support, Kwara is positioned to become a major player in Nigeria’s real estate sector. The state’s diverse economic activities, including agriculture and mining, provide a solid foundation for real estate investment. Kwara’s strong agricultural sector, particularly its production of various crops and livestock, draws agribusiness investments, in turn fueling demand for residential and commercial properties.

According to Taye, the real estate market in Kwara is on an upward trajectory. The average price of houses for sale in Ilorin, the state capital, currently stands at around N660 million, with prices ranging from N350 million to N2 billion. This price range reflects the high demand for properties as the state’s population continues to grow and urbanize. With a population of over three million, Kwara’s expanding urban areas are driving the development of new residential neighborhoods, commercial centers, and infrastructure projects.

Taye pointed out that Kwara’s strategic central location enhances its appeal for real estate development. Its proximity to major commercial hubs like Lagos, Ibadan, and Abuja makes it easily accessible to investors, further boosting its investment potential. Kairos Realty, since its entry into the Kwara market, has experienced strong sales, which reflects the growing demand for real estate in the state.

The state’s rich mineral resources, including limestone, marble, and granite, also present ample opportunities for industrial development, creating an additional driver for the demand for real estate infrastructure. As the government continues to implement policies that encourage investment, such as tax incentives for developers and efficient approval processes, Kwara remains a highly favorable destination for real estate investment.

Taye concluded by highlighting that the combination of favorable market trends, strategic location, supportive government policies, and infrastructure development ensures that investors in Kwara’s real estate sector can expect high returns on investment. He assured that Kairos Realty remains committed to contributing to the market by offering affordable property investment opportunities with flexible payment plans for investors looking to capitalize on the state’s promising real estate potential.

The post Why Kwara’s Real Estate Market Is a Prime Investment Destination appeared first on Housing TV Africa.

This surge has created significant challenges for property developers and homeowners alike, prompting a worrying trend of abandoned properties across the country.

For property developers, the skyrocketing prices of cement pose a formidable challenge.

They are now faced with the difficult decision of either absorbing the additional costs, risking reduced profits, or passing them on to consumers through higher property prices.

In regions already grappling with affordability issues, such cost escalations exacerbate the challenges of accessing homeownership, potentially dampening demand.

Homeowners are also feeling the pinch of escalating maintenance and renovation costs as a result of the surge in cement prices. Many are now confronted with the dilemma of whether to invest in costly repairs or abandon their properties altogether.

The surge in cement prices, which has seen prices double within a short period, has been initiated by producers.

Retail prices have soared from N7,000 to N9,500 and even as high as N13,000 nationwide. Consequently, some property developers have halted construction projects, while individuals constructing their residences are renegotiating terms with contractors.

READ ALSO: Top 5 Cement Manufacturers in Nigeria: Leading Brands and Market Prices

This surge in cement prices is expected to have far-reaching effects, leading to a rise in abandoned properties and hindering efforts to bridge the housing deficit gap. Stakeholders in the real estate sector have expressed concerns over the implications of the price hike, warning that it could further exacerbate the housing crisis in Nigeria.

Government officials have also weighed in on the matter, with the Minister of Housing and Urban Development, Ahmed Dangiwa, calling for a meeting with cement manufacturers to address the issue. Dangiwa expressed dismay at the continuous increase in cement prices, emphasizing the need for affordable building materials to enhance access to housing in Nigeria.

Despite negotiations between cement manufacturers and the government, developers in the built environment have rejected the proposed retail prices, arguing that they are unsustainable for the average Nigerian.

They advocate for a return to basic building materials and the exploration of alternative construction methods to mitigate the impact of the cement price surge on the housing sector.

As the real estate market grapples with the fallout from the surge in cement prices, stakeholders are calling for urgent interventions to stabilize prices and ensure affordability in the housing sector.

The post Surge in Cement Prices Sparks Property Abandonment in Real Estate Market appeared first on Housing TV Africa.

Recent data released by the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos branch, highlights a substantial upswing in land prices, activity, and interest within the Lagos property market.

Over the past five years, Ogudu led in upper-profile growth at 275%, closely followed by Banana Island at 225%, Ikoyi at 203%, and Victoria Island at 200%. Conversely, lower-profile locations, including Yaba, Ogba, Sangotedo, Ikeja, and Festac Town, showed growth ranging from 55% to 100%.

Dynamic Growth Trends

Using 2018 as the base year, the price growth index indicates diverse increases in property prices across various Lagos locations from 2019 to 2023.

Top Performers

Victoria Island, Ikoyi, and Banana Island consistently displayed substantial growth, with Ogudu and Abraham Adesanya experiencing remarkable increases, reaching up to 275.00% and 254.17%, respectively, by 2023.
READ ALSO: Royal Palm Villa to Revolutionize Real Estate in Akwa Ibom with Tech-Driven, Green Compliant Homes

Year-on-Year Fluctuations: The year-on-year growth pattern reveals fluctuating rates over the five-year period, with notable increases in 2020 (27.87%) and 2023 (50.00%), while some years experienced negative growth, such as 2019 (-5.94%) and 2022 (13.07%).

Land Price Appreciation Index Report
Released last week, the ‘Lagos Land Price Appreciation Index: Market Growth and Price Points’ report delves into the performance of land prices from 2018 to 2023. Focusing on 19 priority locations for residential, commercial, and industrial purposes, the report provides essential tools for measuring investment performance and aiding stakeholders in making informed decisions on land use and urban planning.

Factors Driving the Boom

Infrastructure Development: Ongoing projects such as road expansion, bridge construction, and the Lagos Light Rail System expansion contribute significantly to the real estate boom.

READ ALSO: Top Real Estate Companies In Abuja To Look Out For In 2024
Technology Integration: Adoption of technology, including online platforms for property listings and digital transactions, enhances the customer experience.

Challenges and Opportunities
Despite challenges posed by the COVID-19 pandemic in 2020, Lagos’s real estate sector rebounded, emphasizing sustainability, affordability, and competing use patterns. However, the scarcity of development land parcels and competition for prime land continue to exert pressure on prices in prime areas of Lagos State.

Chairman of NIESV Lagos branch, Gbenga Ismail, notes that land is responding to inflation, and demand is rising, characterizing Lagos as experiencing a real estate boom. The report predicts a continuation of this trend in the foreseeable future.

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