Nigeria to emerge as international investor property hotspot
January 08, 2016 - Nigeria
Nigeria is set to emerge as a property hotspot for international investors in 2016, says leading global agency, Knight Frank.
Thanks to a robust economy and a range of investment options, Nigeria is gradually attracting international investment interest, according to Knight Frank’s newly-published Africa Hotspots Research Bulletin 2.
Nigeria’s growth, led by Lagos and Abuja, is driven by strong population trends, a diversifying economy and an evolving urban environment.
MENA Researcher Diaa Noufal, says, “The Lagos residential market is showing signs of increased activity, even at the top end of the luxury market, which is characterised by apartments in Ikoyi priced in excess of US$1 million.
“Concurrently, the mid-market is also performing positively, with well-priced and well-located estates selling quickly off-plan.
Nigeria’s agriculture, industrial, communication and financial services sectors play a prominent role in attracting Gulf investment interest. Nigeria has also been targeted by investors from other Gulf countries, especially Saudi Arabia over the last few years.
“A large segment of investors are looking to invest in the residential market with a strong population growth and a steady rise in income levels. The scarcity of land and the severe lack of luxury properties have been the impetus for developing major projects such as Eko Atlantic, which is expected to attract more international investment.”
Peter Welborn, Head of Africa at Knight Frank, believes the market has plenty of room for growth “Foreign investment in the Nigerian property sector is still modest considering the size of opportunities.
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Trends, property investment, Investment property, foreign investors