Slowdown in new developments in anticipation of election outcome

Proshare

Friday, April 10, 2015 10:12 AM / FDC


Real Estate in Nigeria

       Slowdown in new developments as investors adopt a wait and see position in anticipation of election outcome

        Demand for existing properties is higher for secured estates

        Post-election violence was a major risk to the sector

        Vacancy factor increased in Ikoyi partly due to election fever

        A rebound in Q2 and Q3

        Shift from excess supply towards a balanced market


Vacancy Factor

      Residential vacancy factor in Victoria Island declined to 24% in March

      Commercial vacancy factor also down to 10%

      Residential vacancy factor in Ikoyi is up to 12% but commercial vacancy factor is unchanged at 4%

      Vacancy factor on Admiralty way, Lekki is up to 39%

      Commercial vacancy factor is unchanged at 47%

      Petrol station fire and bank robbery causing investor concern

  Lekki residential and commercial property to be very attractive in Q3- Q4

 

Fluctuations in Vacancy Factor



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