NIGERIAN REAL ESTATE OUTLOOK FOR 2023
ANTON & PEARL
We provide professional real estate solutions that make your dream home a reality.
THE NIGERIAN REAL ESTATE OUTLOOK FOR 2023
REAL ESTATE MARKET REPORT
Please note: This monthly publication aims to educate and inform its audience about real estate investment opportunities and how to tap into them. This is not an investment guide. Make sure you consult your investment adviser or asset manager before making a move.
Following the post-covid era, the Nigerian real estate industry looked really promising. In fact, for those who were well-positioned, it seemed like the money-making days would never end. The lucrativeness of the industry aroused the curiosity of many well-meaning Nigerians to the opportunity around them and also caused the influx of many individuals who wanted to partake in what seemed like a wealth transfer era, including would-be multi-millionaires, and opportunists, as one would have it. By and large, this was a good thing to happen to the Nigerian market. More people were exposed to creative ways of participating in the sector, and many partnerships – that would end up becoming thriving real estate companies – were formed.
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However, many things have also contributed to the ups and downs of the property market in recent times, some of which are looking like extreme cases already, especially in the last year. While the naira continues to receive major blows in the open FX market, resulting in a continuous increase in the prices of imported materials, the CBN has also been busy effecting a series of policies regarding the flow of money in B2C and C2C transactions. Generally, the impact of the foreign exchange market, inflation, poor economic situation and the political atmosphere on the Nigerian real estate market have all contributed to a reduction in the number of investments that have gone into real estate in recent times.
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As many people have their funds tied down in real estate and more people find it difficult to invest, others either postpone their goals of purchasing a new home or settle for a more affordable version. The poor economic situation has even triggered a “Japa” syndrome in Nigerian youths, which has seen many talents leave the country in search of greener pastures. This also has an effect on the market.
All hope is not lost.
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OUTLOOK
The economic situation in any country cannot stop its individuals and businesses from going after one of the basic needs of life (according to Abraham Maslow’s theory), let alone, the most populous black nation in the world with many great opportunities. Nigeria is still one of the most viable places in Africa to invest in real estate. However, to make the best of one’s investment, one needs to invest along the lines of demand. Simply buying land in a location because you “think” it will increase in value shouldn’t be the motive behind your investment, instead, ask yourself questions like, “what is the present property demand in this area like?” “What will the demand be in 5 years?” “Can I get a property to buy here at a price that’s below the market value?” These questions would help you make informed decisions about where and when to make your next investment. ?According to experts, by 2023 Nigeria's property sector will be a major contributor to economic growth and development. With the increasing population of young professionals who are seeking quality rental options, as well as an expanding middle-class looking for affordable housing solutions, this demand shows no signs of slowing down anytime soon. ?In addition, with government initiatives like house ownership schemes or other policies aimed at boosting infrastructure projects and creating more jobs in the construction industry, it has created an ideal atmosphere for investors interested in real estate opportunities regardless of region or size. As such, those already invested in Nigerian real estate can expect returns on their investments while new investors should look forward to exciting potential profit prospects over the next five vears.
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Articles from this publication would cover many topics of interest to real estate investors, developers, building material suppliers and every other stakeholder within the industry. Such topics include, but are not limited to:
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Why don’t you reach out today? After all, its absolutely FREE!
?Bukunmi Baker 2023