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The Reality of Nigerian Real Estate Market
Despite the negative narrative on Nigerian real estate market, especially about the growing vacancy rates, negative growth, falling contribution to GDP etc, it remains a major and irresistible investment asset class.
The market is estimated at #4.7trilliin with a yearly demand of 1million housing units where only an estimated 100000 units are supplied, meaning that opportunities are limitless.
The market fundamentals are clear and compelling. Demographies and consumer purchasing power are strong but people- issue or population is stronger. Nigeria has a large number of people who are very aspirational. The median age here is estimated at 19years while the average age is 27. This means that the country has about 75m people between the age of 16 and 27, implying that the future is bright because all these people have to live, work, eat and play. They also have to go to school and hospital somewhere and real estate envelopes all these and provision has to be made for them.
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