NIGERIA PROPERTIES OVERVIEW

NIGERIAN PROPERTY MARKET.

Overview

The Nigerian property market has evolved extensively with great opportunities for investors, particularly cities like Abuja, Port Harcourt and Lagos have witnessed A�great upturn A�of investors, plunging millions of dollars in the real estate sector, especially in the commercial sectors. The growing interest in the Nigerian Market is due to high demand raised by the increase in Urban population and change in shopping culture among the increasing population. These factors have resulted in the upspring of numerous shopping malls.

The Nigerian property market remains attractive with numerous opportunities in the following sectors of the market; Retail Real Estate, Office blocks and Serviced Apartments.

1)RETAIL REAL ESTATE(SHOPPING MALLS)

The change in the shopping culture of Nigerians have given rise to the increase of convenience shops and supermarkets, which over time have evolved into Malls and Shopping Centers. It is astonishing A�to note that in year 2000, there were no malls in Nigeria but in the last decade, the number has gone up to 30 malls across Nigeria and more malls are currently under construction.

This is not a magnificentA� number but it demonstratesA� the increasing demand for shopping outlets and spaces. Some notable malls across Nigeria are; The Palms Shopping Mall Lagos, Grand Towers Abuja, Polo Park Mall Enugu and Ikeja City Mall Lagos etc. Other new Malls under construction are; MARYLAND MALL, Asaba Mall,A�Owerri Mall, Calabar Mall etc.

2)OFFICE BLOCKS

The upturn in economic activitiesA� experienced recently has led to a spike in demand and supply for office buildings, particularly in Lagos where developers have focused on the construction of high rise LEED certified office blocks. Notable green certified buildings include; WINGS TOWERS VICTORIA ISLAND.

3)SERVICED FLATS

In recent times, there has been an encouraging increase in the construction of serviced flats and condominiums in Lagos especially in Victoria Island and Ikoyi.EKO ATLANTIC PEARLA�are just a few to mention.