On housing for students
Youths make up the largest demographic in Nigeria as well as in Africa. There is a huge opportunity to make investments in safer student housing that empowers the next generation by providing surroundings that are stimulating for study and wellbeing.
As the number of students in private and public universities grow, so will the clamour for purpose-built student housing. The Emerging Africa Infrastructure Fund’s collaboration with Acorn Holdings in Kenya, as well as Growthpoint’s recently launched unlisted student accommodation Real Estate Investment Trust in South Africa, drew a lot of attention from the market.
In regards to affordable housing, the Covid-19 pandemic impacted how we live and work by highlighting the importance of mixed-use properties and all-inclusive living. This influenced the way we create, grow, and manage spaces. We observed an expanding potential in low-income housing that makes home ownership more accessible to larger societal segments.
To enable as many Nigerians as possible to own real estate, new systems must be developed. Short-let flats and rent-now-pay-later (RNPL) financing options for people with lower incomes are examples of innovative models that are hitting the market. Some of these developments take advantage of the development of technology and platform-based property management. They have the ability to catalyze investment in cutting-edge technologies that enable smarter cities, pushing the real estate market to new heights.
On opportunity-rich cities outside of Lagos
In Nigeria and around the world, Abuja is one of the cities with the fastest population growth. As Abuja’s population grows, so does the need for homes, which increases the value of real estate for investors and developers. Furthermore, fewer than half of Abuja’s districts have undergone development. Numerous undeveloped parcels of land present a potential to develop a variety of real estate types, including residential, commercial, mixed-use, modern shopping centers, and industrial buildings. There is great promise.
Thanks to the recently finished Lagos-Ibadan standard gauge railway and government incentives aggressively trying to entice investors to Oyo State, Ibadan also provides tremendous opportunities for real estate development. Due to the sharp rise in land prices in Lagos State, investors may turn elsewhere to place their money. As the government aggressively focuses on developing support infrastructure, access roads, and addressing some of the state’s top economic concerns, Oyo State has significant potential. For non-PPP projects, the Oyo Ministry of Trade, Investment, and Cooperatives recently announced that they are prepared to provide reductions on land expenses of up to 80%.
Benin City, the capital of Edo State, also presents excellent growth opportunities. The region’s exceptional history and cultural treasures continue to spur growth in tourism. This will spur economic development and increase interest in the area for development.
