Spotlight On Lagos Housing Development – 2016 Outlook.

Spotlight On Lagos Housing Development – 2016 Outlook.

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Summary

The supply of new housing units in Lagos has seen a sustained yearly increase in the past five years due to fierce and intense competition amongst developers as demand for housing units continues to grow particularly from the middle-income households’ class seeking adequate homes to buy and buoyed by the fact that they have also become wearisome of paying exorbitant annual rates in the highly expensive Lagos rental market.The location of a development is also a very important component developers’ take into consideration when selecting where to site a project and this is influenced by two significant factors which are mobility (employment) and availability of land. Our data shows that the vast majority of new housing units being delivered are concentrated in Lagos Island. This has been the trend in the last few years.There is also a spotlight on Eko Atlantic City in this report.

Source: Residential Auctioneers Company (RAC).

Published: 2016

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