Nigeria’s Housing Deficit Problem

Lagos propertyNigeria is still faced with a housing deficit of about 17 million units, this is despite an 8.7 per cent growth in the real estate space.

Dipo Davies, chief executive, Real House Communications told CNBC Africa that the sector has been investing in low cost, medium and high cost housing projects, this meant all potential buyers were catered for.

Growth in the housing sector has also been attributed to a boom in investment driven by a young population and rural to urban migration.

“Real estate, especially in the luxury space has received a lot of attention largely because, for many, the returns where robust but demand of getting huge returns on luxury real estate has dropped,” said Davies.

With a growth rate of 8.7 per cent, players in the sector are optimistic that the real estate space will remain robust.

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