Despite macroeconomic challenges, experts have predicted a better year for real estate. Last year was not a rosy one as increased financing costs, rising interest rates and inflation took shine off investment.
• Lagos, Abuja, Kano to witness increase in activities A lot of property developers were forced to downsize portfolios, invest in assets at potentially cheaper levels and reposition properties to meet shifting consumer demand.
The report further indicated that construction contributed 9.5 per cent to nominal GDP in the third quarter of 2022. This was higher than the 9.26 per cent it contributed a year earlier and higher than the 7.95 per cent contributed in the second quarter of 2022. They anticipate policy changes by the incoming government and seek support for the private sector to boost infrastructure and ensure affordable housing.
The Managing Partner/Chief Executive Officer, Knight Frank, Frank Okosun, stated that the capital market would be the next destination for real estate investors. “In view of volatility in the equities market, real estate investors would be more inclined to invest in the capital market rather than keeping their funds unutilised.
“We expect further expansion of e-commerce activities , which has the potential to reduce demand for retail spaces and conversely provide an opportunity to increase the supply of warehouse spaces.” “Believing that we are going to have a new government that will be responsive to the needs of the people. I have gone through the manifestoes of some of the parties and if they are going to work by them, they have good plans for the real estate sector.
For the President, Nigerian Institute of Building , Prof. Yohana Izam, the estate sector would witness some expansion, arising from the factors of population expansion and need to progress estate developments initiated in the second half of 2022. He said: “Definitely, we will not expect anything less than the previous year and there must be improvement in the sector. We have been encouraging the government and developers to support the real estate sector. It is our members that are fully involved in the construction industry and one of the parameters for development is active construction activity.”
President, Nigerian Institute of Architects , Enyi Ben-Eboh, said certain policies of the out-going government are likely to affect the climate within the real estate sector, especially proposed removal of fuel subsidy in June.
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