By Bennett Oghifo
Nigeria’s online real estate sector PropertyPro.ng (formerly ToLet.com.ng) hasÂ released a reportÂ of the Nigerian real estate sector for the first quarter of the year 2018.
The report focused on the trends of the Nigerian real estate market in the year 2017 and the first quarter of 2018. The study analysed how impactful the economic recession was in the real estate market. It also looked at trends and going prices for properties within the residential and commercial umbrellas of the real estate market.
According to the CEO, Fikayo Ogundipe, “A lot is happening in the real estate sector, especially in Nigeria, and we feel it is something worth talking about. With this report, everyone interested in the real estate sector in Nigeria will be able to understand the current trends of the Nigerian real estate sector.”
The report has been influenced by the rate at which properties are searched for online by Nigerians and this explains the interest of house hunters in 2017 and the first quarter of the year 2018. “We monitored the most searched types of properties by Nigerians along with the price range that fell with the interest of online real estate end users,” said Ayeni, the Chief Technical Officer.
As noted by the Chief Operating Officer and co-founder, Oladapo Eludire, “Real estate investment always require lots of funding and when dealing in such high-risk investment, gut-feeling isnâ€™t enough in making the best decisions. Such decision needs to be backed up by data. PropertyPro.ng being the most used online real estate platform with the largest listing database across the country has given us insight into the Nigerian real estate market on a micro and macro level.”
Sulaiman Balogun, Chief Business Officer and co-founder, stated that the statistical verbal of the report makes it evident that the real estate sector is experiencing a significant growth to retain its position as the 5th biggest contributor to the GDP of Africa’s largest economy.
This report by PropertyPro.ng has detailed study of the real estate economy in the economic overview column while the property trend explains the current trend of the Nigerian real estate market in terms of residential and commercial properties, and the current trend in the prices of properties (for sale and for rent) in various locations across the country. Contained in this report is the Land Use Act thoroughly explained. This real estate report by PropertyPro.ng also featured studies of emerging real estate market in Nigeria as a whole, highlighting activity and performance.
For more information about the real estate quarterly report by PropertyPro.ng, Kindly visitÂ https://www.propertypro.ng/report.
PropertyPro.ng (formerly ToLet.com.ng) is one of Nigeria’s prominent online real estate company with parlaying success of providing solutions to bridge the gap between real estate professionals, investors and house hunters. PropertyPro.ng is a member of the ToLet Property Group (along with other members; Prestige magazine, PropertyPro Magazine and Moveme.com.ng) founded by the brainchild of four visionary young men; Fikayo Ogundipe, Oladapo Eludire, Sulaiman Balogun and Oluwaseyi Ayeni. With the acquisition of Jumia House (Lamudi), PropertyPro.ng has pivoted to become a property classified platform with over 10,000 agents and over 60,000 listings.
Experts have projected the Nigerian real estate sector will grow at the average of 10% in the next few years. The real estate sector has been valued by National Bureau of Statistics to worth at an average N8.06 trillion which is over 8% of Nigeria’s GDP. With the recession that hit the country a few years ago, the real estate market in Nigeria still remains vibrant.