Multinational firm predicts growth in real sector

PricewaterhouseCoopers, a multinational professional services network, released a report on the Nigerian real sector, titled: Real Estate: Building the future of Africa.

According to the report, Nigeria’s real estate sector, is expected to grow by 49% by the year 2020 with a projected revenue of about $13.65 billion.

While highlighting the shortfall in housing, the report also stated that the need in the real sector is an opportunity for investors.

Adding that “Nigeria offers huge potential, where a substantial population and a fast growing economy and middle class are creating significant demand for retail options. Most of the demand is seen in metropolitan areas where retail space is currently undersupplied.”

The PricewaterhouseCoopers report also brought to the fore, challenges militating against the real sector in West Africa, citing access to financing, insecurity and high cost of building materials as major factors.