Despite accelerating inflation that has reduced consumer purchasing, Babatunde Sopein, managing director of Bricks and Beyond, has projected strong growth for the real estate sector in 2024.
Sopein said that despite the country’s amplifying cost of living crisis and rise in the prices of key construction materials, demand for properties will continue to rise in the country.
“Overall, the positive outlook for the Nigerian real estate industry in 2024 is driven by demographic trends, infrastructure investments, technological advancements, policy reforms, and a growing appetite for innovative real estate solutions,” he said.
“These factors collectively contribute to sustained growth, resilience, and opportunities for stakeholders across the sector.”
According to him, the sector’s growth will be driven by several factors such as high population growth, urbanisation, and technology integration among others.
“Nigeria’s population is projected to continue growing steadily, driving increased demand for housing, commercial spaces, and infrastructure development. Rapid urbanisation further fuels this demand, creating opportunities for real estate investment and development in major cities,” he said in a statement made available to BusinessDay.
“An exemplary illustration of the advantageous timing for real estate investment is witnessed in the urbanisation surge of Epe and Ibeju-Lekki, spurred by significant infrastructure projects like the Dangote Refinery and the construction of a new International Airport,” he stated.
“These large-scale developments have catalysed economic growth and population influx, driving heightened demand for residential, commercial, and industrial properties in these areas,” he added.
He says that the country’s inflationary economy is a good time for Nigerians to invest in real estate, noting that the sector is usually considered a hedge against inflation because properties and rental income rise alongside.
According to him, assets like real estate have historically maintained their value during periods of high inflation, providing investors with a relatively stable investment option.
“Unlike other investment vehicles such as stocks or bonds, real estate offers a tangible asset that you can see, touch, and control.”
Speaking on Bricks and Beyond, he said the firm formerly known as MyC360 Real Estate Company has positioned itself as a facilitator in the home buying process, navigating the complexities of Lagos’s real estate market.
He noted that the company’s approach is rooted in providing a comprehensive and objective platform for potential homeowners, aiming to foster informed decision-making.
“In Lagos, where the real estate sector is marked by diversity in offerings, navigating through the myriad choices can be a daunting task for homebuyers.”
Sopein’s vision goes beyond merely facilitating transactions, it involves creating a platform that empowers homebuyers with knowledge, allowing them to make choices aligned with their preferences and financial considerations.
“It is important to note that Bricks and Beyond’s role transcends traditional real estate matchmaking.”
