2021: Analysts Eyeball Opportunities in the Real Estate Market in Nigeria

Proshare

Monday, February 01, 2021 / 2:37PM / Correspondent WebTV /Header Image Credit: Instagram; northcourt_re


Proshare Nigeria Pvt. Ltd.


The growth of the Nigerian Real Estate sector in 2021 was the focus of experts and analysts at the North Court forum in Lagos. It was a hybrid event (physical and virtual) that followed the protocols of organizing an event in the advent of the COVID-19 pandemic.

 

Experts and analysts at the forum reflected on the previous year 2020 and the coronavirus that emerged as a singular risk that hit the global economy.

 

The pandemic disrupted the global supply chain and slowed down economic growth across the globe. It also adversely affected the Oil and Gas, Aviation, Hospitality, Tourism, Manufacturing, and Entertainment sectors.

 

Mr. Ayo Ibaru, Chief Operating Officer, North Court, in his presentation, highlighted the fact that three economic scenarios will shape the real estate sector in 2021; 

  • Economic recovery
  • No change (current economic scenario remains) and
  • Economic decline

 

Proshare Nigeria Pvt. Ltd.

 

The CEO of Dutum Construction Mr. Tope Runsewe listed the following as key trends to watch;

  • Growth in the demand for quality delivery,
  • The rise in the price of important materials (local suppliers, backward integration),
  • A rise in the demand for indigenous construction firms and
  • An improvement in the local expert pool due to the return of indigenous experts

 

The discussion featured a panel session that revealed what stakeholders and investors should expect in the sector, which are; the pace of conversions from residential to the office will accelerate, increase in demand for residential estate, gated communities will be in demand (especially for 3 and 4 beds), Grade A office vacancies are expected to increase, rentals above $350 per square meter may experience challenges securing tenants. 

 

According to the North Court Real Estate Outlook report for 2021, "Central business districts are no longer the undisputed destination for new developments. Some suburbs are now under strong consideration as developers are choosing, as they did in the 2018 recession, to take more research-driven decisions.  Both retail and office landlords are changing to remain attractive".

 

The report also added that Real estate investment managers were embracing technology more intently to accurately forecast performance metrics.


Proshare Nigeria Pvt. Ltd.


Related News

1.       Northcourt's 2021 Nigeria Real Estate Market Outlook

2.      A Rare Case of Good Socialism: Creating A Broad-based Mortgage System

3.      Reasons to Hedge Your Investments with the Grenada Citizenship by Investment

4.      How to Be Sure That You Have Moved into The Safest PG in Vizag in This Pandemic

5.      Implications of the Voluntariness of Residents' Associations on the Payment of Dues and Levies

6.      NMRC Issues N10bn Bond to Boost Industry Liquidity

7.      Thinkmint Nigeria to host Real Estate Discussions and Awards (REDA) from September 21, 2020

8.     LASG Reviews Land Use Charge to pre-2018 Rates

9.      The Pandemic and the Real Estate Sector

10.  COVID-19 and the Real Estate Market in Nigeria

11.   Real Estate: COVID-19 Induced Headwinds to Compound Sector's Woes

 

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP