Firm projects real estate growth in 2021
A real estate surveying and valuation firm, Ubosi Eleh+ Company, has projected that the country’s real estate sector will grow this year.
According to its report titled ‘The Nigerian real estate report 2021’, the residential, construction, and industrial segments of the market are expected to drive the sector’s growth while yielding good returns for developers, investors and landlords.
It said, “The demand for residential real estate is expected to increase, as work from home becomes a more permanent influence in space demand.
“The increase in demand for warehousing amid a surge in e-commerce transactions in Nigeria is expected to fuel the growth of the industrial subsector.
“Construction of projects that were put on hold amid COVID-19 lockdown and the rebuilding of recently vandalised properties during the #EndSARS protests are expected to boost the expansion of the construction sector and thus, drive the growth of the overall real estate market in 2021.”
According to the report, the country’s housing deficit, which requires over N200bn, is also expected to breathe in some fresh air as the Nigeria Mortgage Refinance Company completed a N10bn, 7.20 per cent Series 3 Fixed Rate Bond projected to boost funding for affordable mortgages for investors.
“The real estate market limped through to the finish line of 2020 with bruises sustained from economic fallouts due to COVID-19, the property industry appears to hold potential for 2021,” it said.