Nigeria’s real estate market expected to reach $3.41 trillion by 2029 – Report 

The Nigerian real estate market is poised for substantial growth, with projections indicating it will reach $3.41 trillion by 2029.  

This data is from a recently released Market Insights report for Real Estate in Nigeria by Statista, which anticipates the market will achieve a value of $2.42 trillion by 2024, with the residential real estate segment holding the largest share at a projected market volume of $2.08 trillion and 49.11 million units for 2024.  

The report also notes that from 2024 to 2029, the market is expected to exhibit a compound annual growth rate (CAGR) of 7.10%.  

“In Nigeria, the Real Estate market market is anticipated to achieve a value of US$2.42tn by 2024. 

“Among the various segments within the market, Residential Real Estate holds the largest share, with a projected market volume of US$2.08tn by 2024. 

“Over the period of 2024-2029, the market is expected to exhibit a compound annual growth rate (CAGR) of 7.10%, resulting in a market volume of US$3.41tn by 2029,” a portion of the Statista report read.  

The report also noted that the demand for residential properties, particularly in urban areas, is rising due to population growth and urbanization.  

Additionally, interest in commercial properties is growing in major cities like Lagos and Abuja as more businesses are established. 

More insight  

The Statista report also highlighted the increasing popularity of gated communities and luxury estates as a key trend in the Nigerian real estate market.  

These developments offer enhanced security, modern amenities, and a higher standard of living, making them particularly appealing to the growing middle class and expatriate population. The allure of such properties is driven by the desire for a more comfortable and secure lifestyle, reflecting broader socioeconomic changes in the country. 

Another significant trend is the rise of mixed-use developments, which combine residential, commercial, and recreational spaces in one complex, effectively meeting the demand for convenience and accessibility.  

These developments cater to the evolving preferences of residents who seek a more integrated living experience, where work, leisure, and home are seamlessly connected.  

What to know 

• The real estate market refers to the transaction of properties, including both residential and commercial real estate. Residential properties encompass houses and apartments, while commercial properties include office buildings, retail spaces, warehouses, and industrial properties. This market is not limited to property sales; it also includes leases and the overall value of real estate. 

• Structurally, the real estate market is divided into two main segments: residential and commercial real estate. The residential real estate market covers all transactions and leases related to houses and apartments. This segment is further divided into apartment leases and house leases, reflecting the different types of residential accommodations available. 

• On the other hand, commercial real estate involves properties used for business purposes. This includes office buildings, retail spaces, warehouses, and industrial properties. Each of these property types serves a distinct purpose in the business ecosystem, catering to various commercial needs. 
• Understanding the definition and structure of the real estate market is crucial for grasping the dynamics of property transactions and the economic factors driving them.