The Head of Department, Securities and Investment Services (SEC), Mr Abdulkadir Abbas has revealed that investment in real estate in Nigeria would rise from $9.16 billion in 2015 to $13.65 billion in 2016 according to Price Waterhouse Coopers (PwC) report of 2015.
Abbas made this known in Abuja at a 2-day intensive workshop for Real Estate Developers, organised by Real Estate Developers Association of Nigeria (REDAN) in collaboration with Centre for Housing Studies University of Lagos, Housing Programme on AIT Abuja and Housing Time on Raypower with the theme, “Real Estate Value Chain Enhancement for Increased Economic Growth Inclusiveness and Employment Generation “.
He also noted that real estate was one of the fastest growing sectors contributing 7.5% to GDP.
However, he highlighted the growing middle class demand for residential property which has resulted in propelling retail, industrial and commercial real estate development.
“Housing is not only a basic necessity that affects the welfare of the citizenry but also a critical sector of an economy, so a viable and sustainable housing finance plan is essential,” he said.