THE Nigerian-British Chamber of Commerce’s (NBCC) Construction and Real Estate Group has examined the construction and real estate sectors’ prospects.
Mrs Bisi Adeyemi, President and Chairman of Council of the Nigerian-British Chamber of Commerce (NBCC), said the sector has been identified as a major contributor to the country’s economic growth at this year’s event titled “Nigerian Economic Outlook 2022: Intersection with the real estate sector- Top real estate trends to watch.”
“The major objective of this event is to examine the opportunities, challenges and indeed the threats in the real estate sector in 2022. The real estate sector showed positive Gross Domestic Product (GDP) growth in 2021 and has been identified as one of the sectors to look out for this year. We have assembled distinguished subject matter experts that will ensure we all leave here better informed,” she said.
On the 15 major trends to monitor in the sectors, the Chairman of the NBCC Construction and Real Estate Group, Hakeem Ogunniran, said real estate thrives on strong macroeconomic fundamentals, and Nigeria’s 25% homeownership rate shows the difficult climate. Nonetheless, there are a few trends in the industry to keep an eye on this year.
“There will be regulatory and compliance intensity, with heightened title uncertainty in high profile locations.
“However, technology can be expected to take centre stage in the sector this year, with extremely strong growth prospects for growth in comfort homes, led by demand from first time home buyers, millennials, young families and empty nesters,” he added.
