Cbo Capital Real Estate And Construction Services Primer
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Summary
The Nigerian real estate and construction services industry has recorded appreciable growth since the recovery
of the property market from the financial crisis. Significant growth factors include : rapid urbanisation,
population growth, improved living standards, rising disposable income and improving access to mortgages..
Though the industry is still mostly informal, there is a gradual but steady increase in the level of structure and
professionalism .Nigeria’s GDP was rebased to $510bn in April 2014 making it the largest economy in Africa.
In Q2-2014, GDP grew in real terms by 6.54%. Lagos State accounts for 65% of the nation’s non-oil GDP.
Nigeria’s real estate industry is valued at N6.4trillion ($41.2billion) with an estimated growth rate of 10%
per annum. Lagos State accounts for 40% of the real estate market.Over 50% of Nigeria’s population lives
in urban cities and the rate of urbanization is growing at an average rate of 3.75% annually.
