Construction, Real Estate, Others Major Contributors To Grow In 2022

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The Construction and Real Estate Group of the Nigerian-British Chamber of Commerce (NBCC) has dissected the prospects of the construction and real estate sectors.

At the event, entitled: ‘Nigerian Economic Outlook 2022: Intersection with the real estate sector- Top real estate trends to watch’, the President and Chairman of Council of the NBCC, Mrs Bisi Adeyemi, said the sector has been identified as a major contributor to the country’s economic growth this year.

“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 watch in the sectors, the Chairman of the NBCC Construction and Real Estate Group, Hakeem Ogunniran, said real estate thrives on the back of strong macroeconomic fundamentals and the 25 percent homeownership rate in Nigeria reflects the challenging environment. Nevertheless, there are certain trends in the sector that will bear watching in the year.

“There will be regulatory and compliance intensity, with heightened title uncertainty in high profile locations. However, technology can be expected to take center 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.

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