Nigeria’s population of approximately 170 million people makes it one of the premier destinations for Africa’s retail malls. While retail and office property dominate much of the interest in Nigeria’s property sector, it is only a matter of time before interest in the country’s industrial property landscape begins to increase, despite the nation’s well-documented power and transport infrastructure constraints as well as the impact of a lower oil price.

View Latest Real Estate Deals In Africa

Nigeria has a young urbanized population with a median age of 19. The United Nations (UN) projects that the country’s population will reach 440 million by 2050, becoming the third most populous country in the world. With demand outstripping supply, Nigeria is Africa’s premier destinations for retail malls.

The Nigerian real estate sector is growing faster than average GDP at a rate of 8.7% and is now the sixth largest sector in the economy. This is driven by a growing middle-class driving demand for residential property development and, indirectly, retail, industrial and commercial real estate development. HNWIs invest 25% of their assets in real estate compared to 18% or less in equities and other instruments.

Premier Destinations For Africa’s Retail Malls

Nigeria’s commercial hub of Lagos, which has a population of approximately 21 million, has just 54 000m² of high-end retail space, while Abuja has a mere 33 388 m² for its almost 3 million people according Standard Bank estimates.

It is estimated that there is 1m² of retail space per 1 000 people in Nigeria, compared to South Africa’s 480m² retail space per 1 000 people. This translates into significant opportunities, given the current population of 170 million people. Numerous malls, such as The Palms Mall and Ikeja City Mall, have opened since 2011, but even the recent boom in retail space might not meet Nigeria’s rapidly growing demand. Plans are already in the pipeline to spend US$3.5 billion on 25 destination malls in Nigeria.

Investing In African Real Estate & Infrastructure

Afriscaper is an online marketplace for real estate investing and allows the pooling of funds from multiple people to foster direct investment in specific real estate deals.

On the Afriscaper platform, with as little as $1,000, investors can invest in lucrative real estate deals such as malls, commercial residential estate, office building, industrial estate, self-storage, event venue, retail or hospitality in emerging markets.

Immediate action steps you should take: 

  1. View Latest Real Estate Deals In Africa
  2. Sign up on the Afriscaper platform. It’s free and you’re not obligated to invest until you find a deal you are comfortable with.
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