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Nairametrics  March Industry Outlook: Navigating Nigeria’s Real Estate Landscape in 2024



The global real estate sector, known for its capacity to create substantial wealth through fixed assets, maintains its allure in Nigeria.

The nation’s real estate market exhibits dynamism influenced by various factors, with a key focus on the surge in demand for affordable housing, particularly in urban centers.

This trend is propelled by population growth, necessitating more housing options for lower and middle-income earners.

Simultaneously, there’s a discernible demand for high-end residential and commercial properties, notably in metropolitan hubs like Lagos and Abuja.

This demand surge is fueled by the desire to hedge against inflation, even as challenges of reduced purchasing power and income persist.

Responding to the evolving landscape, ThePressNG is organizing an insightful industry outlook scheduled for Saturday, March 9, 2024, under the theme “How to Succeed in Nigeria’s Real Estate in 2024 – Challenges and Opportunities in a High-Cost Environment.”

Leading the discussion are distinguished panelists, including Kehinde Ogundimu, CEO of the Nigeria Mortgage Refinance Company; Jamila Faniyi, Managing Director of M & E Kaiser Limited; and Obinna Onunkwo, Deputy CEO of Purple Real Estate Company. The session will be moderated by Joanna Mustapha, a radio broadcaster.

Prospective participants can register to attend this enriching webinar [here]

In the most recent inflation report released by the National Bureau of Statistics (NBS), Nigeria’s inflation rate for January 2024 surged to 29.90%, a significant uptick from the 28.92% recorded in the preceding month.

Analysis of the NBS data reveals a substantial year-on-year increase in the urban inflation rate for January 2024, standing at 31.95%.

This marks a noteworthy 9.40% points rise from the 22.55% recorded in January 2023, indicating a stark acceleration in inflation within urban centers.

Delving into rural inflation dynamics, the NBS report highlights a rural inflation rate of 28.10% on a year-on-year basis for January 2024.

This figure represents a 6.97 percentage point ascent from the 21.13% noted in January 2023, signaling a significant inflationary uptrend in rural locales over the period.

As industry leaders converge to share insights and strategies at the ThePressNG Industry Outlook, participants can anticipate a robust discussion on navigating the challenges and capitalizing on the opportunities inherent in Nigeria’s real estate sector amidst a high-cost environment.