Nigeria Can Unlock 95% Untapped Real Estate Potential, Says Expert
Blessing Ibunge in Port Harcourt Nigeria can unlock up to 95 per cent of its largely untapped real estate potential and attract massive investment into the sector if the country
Nigeria could unlock up to 95% of its untapped real estate potential and attract significant investment, claims My-ACE China Mayor Blessing Ibunge. Speaking at a global real estate report, he emphasized the need to strengthen regulation, build investor trust, and digitize land administration. The report valued Nigeria's property market at $2.6 trillion, making it Africa's largest.
China argues that the country has only utilized about five% of its real estate assets, suggesting an unprecedented surge in the sector as global markets become saturated and investors seek new opportunities. Three factors, according to the expert, could drive growth: global market saturation, investor confidence in Nigerian developers, and stronger institutionalization of the real estate sector.
He highlighted Port Harcourt as a burgeoning real estate hotspot, growing at 30% compared to Lagos and Abuja's 15%. The disparity is attributed to differences in market saturation, developer activity, and available records. He urged investors to capitalize on emerging markets before saturation. For Nigeria to achieve this growth, China advocated tougher land administration regulations, digitization, and sanctions against land fraud.
The Alesa Land Development Committee and Eleme Local Government land panel serve as examples of efforts towards more organized land administration. The My-ACE Chairman also promoted the "6P principle" urging developers and planners to embrace transgenerational development, emphasizing that properly planned buildings should serve present and future generations.
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