Real Estate & property prices in Nigeria
Nigeria’s real estate trajectory has risen and fallen with international oil markets. Local consultancy Estate Intel cited data from the National Bureau of Statistics (NBS).
The housing market will continue to stabilize this year, with house prices and residential rents expected to either remain stable or rise modestly this year, according to local property experts.
The oil and gas sector has remained below its former earning capacities, limiting growth in long-term luxury leasing. As a result, landlords and property owners were more flexible with leasing terms to retain existing tenants.
The World Bank estimated that Nigeria’s housing deficit stood at 17m units as of 2013. Given the country’s current urbanization trends – with Nigeria set to be the world’s third-most-populous country in the world by 2050 and the population of Lagos forecast to double over the same period, according to UN growth projections.
Mortgage penetration is rising rapidly in Nigeria, but there is plenty of room for growth. commercial mortgage lending rates to average between 20% and 24%.
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