Market Definition
The Nigeria Real Estate Market size was valued at USD 91.1 million in 2023, and is predicted to reach USD 137.8 million by 2030, at a CAGR of 6.1% from 2024 to 2030.
The real estate industry constitutes a multifaceted market involving the acquisition, development, and management of residential and commercial properties. This expansive sector includes residential real estate, catering to individuals and families, as well as commercial and industrial real estate, focused on business operations and manufacturing. Real estate development involves the creation and enhancement of properties, while real estate investment encompasses acquiring properties for financial gain.
Additionally, a range of professional services, such as those provided by real estate agents and property managers, contributes to the industry’s dynamics. Influenced by economic trends, demographic shifts, and regulatory factors, the real estate market is a complex landscape where various stakeholders engage in activities that shape urban environments, support economic growth, and provide investment opportunities.
Growing Integration of Online Property Platform Drives the Market Growth in the Region
Rising online property platform for digital marketplace or website designed to streamline and enhance the real estate transaction process. These platforms serve as comprehensive hubs for property seekers and sellers, offering a wide array of property listings with detailed information, including location, size, amenities, and pricing. Users can efficiently search for properties using advanced filters, explore virtual tours, and view high-quality images.
These platforms often provide valuable market insights and trends, empowering users with information about the real estate landscape. Additionally, users can create accounts to save favorite listings, receive property alerts, and track their search history.
Rapidly Increasing Population Across the Region Drives the Market Expansion
The growing population across the region is driving the demand for housing and infrastructure, thereby boosting the real estate market. As the population continues to rise, the demand for infrastructure, such as housing, offices, and commercial spaces, has been surging.
This presents a significant opportunity for real estate developers and investors. Recognizing these demographic trends enables stakeholders in the real estate industry to make informed decisions about where to invest, the types of properties to develop, and how to tailor offerings to meet the specific needs of the local population.
Government Policies and Economic Factors Hinder the Market Growth Over the Region
Government policies and regulations, including tax structures and zoning rules, alongside economic uncertainties such as recessions, are the primary factors constraining the growth of the real estate market. These influential elements determine the property values, development opportunities, and investor confidence, thereby making it crucial for real estate professionals to adapt and strategize in accordance with these dynamics, which can significantly impact the market’s trajectory.
Integration of Smart City and Sustainable Development Projects Across the Region Create Ample Market Opportunities
The growing number of smart cities and sustainable development projects over the region is expected to provide ample opportunities in the real estate market in the coming years. These projects focus on creating eco-friendly, tech-savvy urban environments that enhance the quality of life.
As cities face issues of energy efficiency and infrastructure, the real estate sector benefits from constructing environmentally friendly, technologically advanced properties. This trend not only addresses pressing global challenges but also offers a promising future for real estate investors and developers to prosper in a world increasingly focused on sustainability and technology.
Competitive Landscape
The market players operating in Nigeria real estate market include Prologis, Inc., Brookfield Asset Management Inc., ATC IP LLC, Simon Property Group, L.P., Coldwell Banker, Tata Housing Development Company, Keller Williams Realty, Inc., CBRE Group, Inc., Sotheby’s International Realty Affiliates LLC, and Colliers.
Nigeria Real Estate Market Key Segments
By Property Type
- Residential Buildings & Dwellings
- Commercial Complexes
- Industrial Infrastructure
- Government Infrastructure
By Business
- Sales
- Rental
- Lease
KEY PLAYERS
- Prologis, Inc.
- Brookfield Asset Management Inc.
- ATC IP LLC
- Simon Property Group L.P.
- Coldwell Banker
- Tata Housing Development Company
- Keller Williams Realty, Inc.
- CBRE Group, Inc.
- Sotheby’s International Realty Affiliates LLC
- Colliers
REPORT SCOPE AND SEGMENTATION:
| Parameters | Details |
| Market Size in 2023 | USD 91.1 Million |
| Revenue Forecast in 2030 | USD 137.8 Million |
| Growth Rate | CAGR of 6.1% from 2024 to 2030 |
| Analysis Period | 2023–2030 |
| Base Year Considered | 2023 |
| Forecast Period | 2024–2030 |
| Market Size Estimation | Million (USD) |
| Growth Factors |
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| Companies Profiled | 10 |
| Market Share | Available for 10 companies |
| Customization Scope | Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. |
SOURCE: NMSC
