I love my country Nigeria and specifically the business of real estate. With the real estate market worth hundreds of trillions of Naira and growing; I feel very excited writing about it.
Indeed the Nigerian real estate market potentials can never be over emphasized. And for me I will always key in to make my contribution in the investment properties.
Nigeria is a developing nation. Things are taking shape. Such as pursuit of a stable economy. There is no much dependence on oil now. The share of real estate market is also carried along as we all look forward to attaining of national goals of stable economy. In retrospect, the Nigerian real estate market potentials has signaled to those who has the third eye to perceive the foundations for a successful real estate market in the future. If some certain factor appreciate.
I will discuss real estate market potentials in two views
From the last census (2006) where the board of census gave an estimated number of over 160million people. Google estimated (at the time of writing this article) the population to be over 171million people. Putting it together; population is a common trace. As it indicates the expansion of the cities into mega metropolis and the demand for new site continue to increase.
I will use the Abuja real estate market as a typical example. Some of the common indicators of population growth is shown in heavy traffic along the express ways and major roads. Especially the one that leads to different settlements within Abuja. The traffic was free 10 years back and easier 10 years prior.
Now what happened? Why is it becoming difficult to get through the traffic? The answer is that something is drawing people to this area. It could be a quest for better life, to explore new opportunities, jobs/employment, schooling (there are four higher institution in the area), airport, factories and industries, market (highly attractive force) and many other small factors.
Like the Abuja metro a lot of people sort for employment into civil service; to trade in the market, and the persona living experience in the area. While those who work or do business tend to flow into the neighbouring town within the fct and extend into the neighbouring states such as (Niger and Nassarawa) because of the affordability of houses, rent and developments.
According to the demo-graph, the population will continue to grow. As it continues to climb it will pay off for smart real estate investors who could foresee the Nigerian real estate potentials and really know where to put their money and time. The instances of the direction that the population is flowing to are areas with economic diversity, major events, affordability, university and institution, business/market and employment etc.
Employment plays a very important part in Nigerian real estate market potentials Where there is employment there are customers. It is one of the powerful driving force of residency. With all other factors been equal, real estate investments will go into greater demand. As factories and industries are built it becomes beneficial to encourage the growth. It has to be stable. Since there is a saying that says “where the jobs are, that is where the population flows to”.
I also believe strongly that local market places is another attracting force we have on population that encourages the Nigerian real estate market potentials along side with employment.
My question is what do you think drives the population in your area? Thanks for reading.