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2016 Real Estate Industry Report – Lagos

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  • The report examines the size, importance and structure of the Nigerian Real Estate Industry.
  • The report focuses on how the Lagos real estate market is segmented as well provides an outlook on each segment.
  • The report examines the characteristics as well as the demand and supply analysis of the Lagos real estate market.
  • The report also covers competitive analysis in terms of basis, landscape, recent developments and key players in each segment
  • An assessment of the Industry’s economics and regulation is included in the report.
  • The report outlines the strengths, weaknesses, opportunities and threats as well as provides an outlook for the Industry.

Key Findings

  • Lagos State had a total housing deficit of 2.9 million units as at end of 2015 and it is projected that 224,000 housing units will be required annually to bridge this gap.
  • Housing supply in the luxury residential sub-segment outstrips potential demand in the segment mainly due to the economic downturn in the country, as effective demand has shifted in favour of the mid-market and economy properties.
  • Overall, demand to rent apartments and houses in Lagos is greater than supply of these properties by 42% and this justifies the reason why rental rates in some select locations continue to rise regardless of the prevailing economic conditions. In contrast, potential supply of available land, houses and apartments for sale outstrips the demand to buy these properties and this explains the rationale behind the drop in property prices in select locations.
  • Development of wholly retail facilities may however be subdued in the long-term given the rising trend of mixed-use developments, which integrates retail, hospitality, leisure and sometimes residential facilities in one location.
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