Nigeria Can Unlock 95% Untapped Real Estate Potential, Says Expert

Blessing Ibunge in Port Harcourt

Nigeria can unlock up to 95 per cent of its largely untapped real estate potential and attract massive investment into the sector if the country strengthens regulation, builds investor trust and digitises land administration, the Mayor of Housing, My-ACE China, has said.

China, Chairman of the Mayor of Housing Group, spoke against the backdrop of a recent global real estate report which valued Nigeria’s property market at about $2.6 trillion, making it Africa’s largest, while the continent’s total real estate value was put at $17.6 trillion.

He described the figures as a wake-up call for Nigeria, arguing that the country has exploited only about five per cent of its real estate assets.

According to him, Nigeria’s property sector could experience an unprecedented surge as global markets become saturated and investors increasingly seek new opportunities.

“As a matter of fact, I see a future where, out of the 95 per cent potential remaining untapped, a 65 per cent potential surge will happen almost overnight,” he said.

China identified three major factors that could drive the growth: increasing global market saturation, growing confidence in credible Nigerian developers and stronger institutionalisation of the real estate sector.

He also projected a significant increase in foreign and diaspora investment if Nigeria improves regulation and security.

On regional growth, China singled out Port Harcourt as an emerging real estate hotspot, claiming that the city is growing at about 30 per cent, compared with 15 per cent for Lagos and Abuja.

He attributed the disparity partly to differences in market saturation, developer activity and available records.

“Lagos and Abuja have more activity, visibility and records than Port Harcourt,” he said, noting that the latter remains relatively untapped.

China urged investors to take advantage of emerging markets before they become saturated, describing Port Harcourt as “green” and at an early stage of its development trajectory.

He called on the Rivers State Government to digitise, digitalise and regularise land administration, while urging investors and communities to work with local governments on comprehensive development master plans.

He also advocated tougher sanctions against multiple sales of the same parcel of land and other forms of land fraud, saying investor confidence would rise if land grabbing was effectively tackled.

China cited the Alesa Land Development Committee and the Eleme Local Government land panel as examples of efforts towards more organised land administration.

On the Alesa Highlands Sustainable Green Smart City, which his company is developing in Port Harcourt, he said the project was designed as a model of sustainable, technology-driven urban development.

He said the project incorporates green infrastructure, sustainable power, automation and community participation, including a 10 per cent equity Corporate Social Responsibility allocation to the host community.

China also advocated what he described as the “6P principle: proper prior planning prevents poor performance” urging Nigerian developers and government planners to embrace transgenerational development.

“Africa needs to start thinking transgenerational,” he said, stressing that properly planned buildings should serve present and future generations.

He urged government planners to study the global real estate report carefully and identify measures that would accelerate investment inflows and position Nigeria as a stronger player in the global property market.