This month, we launched our sophomore real estate pipeline publication focusing on Accra. While Accra and Lagos are uniquely different as real estate markets, a few similarities stood out. One of these included Accra’s dried-up retail pipeline as well as a large hospitality pipeline that remains on hold.

Interestingly, the retail market in the Northern Nigerian city of Kaduna is set to gain some surprising prominence through the incoming delivery of Kaduna Galaxy Mall. This mall, pictured below, was originally conceptualised as a JV with the State Government and UPDC, it has now been completed through a partnership with Amsalco Industries Limited. The timing for this c. 8,700sqm mall, which is being built by the China Civil Engineering Construction Corporation is certainly interesting and we are keen to see what trading levels are at launch. Shoprite will be one of the anchors for the mall.

Helping Clients Track Projects

This month we are seeking some feedback on the Weekly Project Alerts that automatically notify our users via email when we add Ongoing Projects to our database. If you signed up and have been getting these free weekly notifications, we would love to hear from you in terms of your experience by responding to this email! This will form part of the user research we are conducting as we relaunch the ei Pro subscription this quarter.

Other News

Last month, one of Nigeria’s oldest real estate consultancies Jide Taiwo & Co. (JTC) opened a new office in London with the primary objective of giving their Nigerian HNI clients access to global real estate markets. While larger institutional investors with a mandate to invest in African real estate are responding to the current market realities by avoiding development risk, acquiring completed and de-risked assets, or bundling their assets together to exit through an income fund structure, they have to, mostly, remain on the continent. HNIs on the other hand have some more flexibility. 

These HNIs are increasingly choosing to invest overseas to fight against devaluation in fast-growing real estate markets in London, Houston, Austin, Miami, Dubai, and even Accra in some cases. The JTC International team has told us that they are finding attractive yields in various cities across the United Kingdom. Seso Global has said 8% -12% for some of the properties in Accra for sale. 

What stood out to you during the month of April? Reply to this message and let me and the rest of my team know. We’re thankful for those of you we consistently hear from if my team or I can be of any assistance, do not hesitate to reach out to us at research@estateintel.com.