Experts project 10% growth in real sector

The Nigerian real estate sector is fast becoming the beautiful bride of international investors from all around the world.

Projections making the rounds among realtors say the Nigerian real estate sector will experience a 10% growth annually, over the next 10 years.

This projection was made at a business forum tagged: “The Infrastructure Banker’s Perspective – International Funding for Real Estate” by The Infrastructure Bank (TIB) Managing Director, Adekunle Oyinloye.

He also added that the residential sub-sector of the real estate industry had massive potential that has been left fallow.

He said “Nigeria real estate market was valued at approximately N1.4 trillion in 2011 and has risen to N6.5 trillion in 2015.’’

He also revealed that 80% of Nigerians live in rented apartments, a bit more than their counterparts in Ghana and South-Africa’s 20% and 25% respectively.

Mr. Oyinloye also commended Lekki Gardens for providing housing for middle-income earners.