About real estate in Nigeria
There a number of things you need to consider before thinking of investing in any real estate class. If you an overseas investor planning to invest in a particular country, you need to consider the profile of that country as it relates to real estate. This article tackles the real estate in Nigeria.
Nigeria is located in the Western Africa on the Gulf of Guinea. Bordered by Benin in the West, Chad and Cameroon in the East, and Niger in the North, the country has a total land area of 910,768 km2 . It is by far the most populated country in Africa and seventh in the World having a population of 191,616,941 people as at 2017 estimate. English is the official language while Naira is the national currency.
Nigeria became a formally independent federation in 1960. Between 1967 and 1970, the country plunged into a civil war. It has since alternated between democratically elected civilian governments and military dictatorships, until it achieved a stable democracy in 1999. However, it is the 2011 presidential elections that many observers considered the first to be reasonably free and fair.
The diverse languages, landscapes, resources, rich cultures and traditions come with them various types of houses. As such therefore, housing types range from bungalows, flats, town houses, semi-detached duplexes to detached duplexes. Furthermore, most developers arrange houses in developments that range from open developments to gated communities; mini-estates to well established serviced estates.
With a GDP of 486.80 billion US dollars, thus posing as a giant of Africa, Nigeria is an exciting emerging market. The country is urbanizing rapidly, with urbanization currently standing at 49.9%. Real estate development is a very lucrative undertaking as the demand for property continue to get high. Demand for real estate is far the highest in Africa. With a housing deficit of over 17 million housing units, a high number of Nigerians are living in substandard accommodations. This large rental market without enough well-built and affordable properties to fill the gap offers many viable investment opportunities. The capital Lagos, is the country’s most populated city, also standing as Africa’s largest metropolis.
Life in Nigeria
As you go round residential areas of Nigeria, you will meet a wide choice of schools catering to English and French speaking students. These include primary and high schools offering public, private and international institutions for all ages.
You will find a number of private and public hospitals, as well as the Lifeline Children’s Hospital which provides world-class paediatric healthcare services around the country. You will also find General Practitioners (GPs) and pharmacies in the large cities and smaller towns.
Local shopping centres, grocery outlets and lifestyle storess will meet your daily needs. Around larger cities of Nigeria, you will find a number of malls.
There are exists five international airports spanning the country. Nnamdi Azikiwe International Airport (Abuja) and Murtala Muhammed International Airport (Lagos) are the biggest. Besides, there are seven smaller domestic airports.
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Looking for real estate in Nigeria, then Search our real estate listings or property agents in the various parts of Nigeria.
We are still conducting a registration of new real estate agents in Nigeria. Go ahead and do your registration.