By Rotimi Agbana
The real estate sector in Nigeria is about to take a huge leap in 2018. This new revelation stems from the real estate conference West African Property Investment Summit (WAPI) recently held in Lagos at Eko hotel and Suits Expo Centre.
Stakeholders at the summit made it clear that the future is bright in Nigeria as there are still a lot to be tapped in the real estate sector. Despite the problems of funding and investment in the sector, the ever growing Nigerian population makes the real estate business thrive.
It was noted that the sector has emerged the sixth largest in the country, accounting for 8.4 percent of the total Gross Domestic Product in 2014; and in the second quarter of 2015, the sector grew by 18.78 percent.
Today, there is a growing interest and focus on investment grade assets within the retail and office space with increased government interventions and support for the housing sector such as the World Bank-led housing initiatives.
Present at the gathering was Mr. Bolaji, CEO Broll Property Group, Paul Owuanibe, CEO, Landmark Group and other Captains of real estate industries in Nigeria.
It was also noted that there is a paradigm shift from luxury development to middle income housing and affordable housing schemes through private-public partnership arrangements; and the potential to bridge the housing gap in Nigeria.
Speaking at the summit, Mr. Kfir Rusin, MD, API Events said it is estimated that with a shortfall of 17-million housing deficits in Nigeria alone and a funding requirement of 363billion dollars, there should be a change in demographics and increasing urbanization which will create opportunities for investors in the long run.