The Nigerian luxury real estate market is benefiting from an influx of wealthy individuals looking to buy multiple homes and expand their portfolios.
As a result of the COVID-19 pandemic’s impact last year, the luxury residential market grew, as many in the working class saw the need for better homes with access to facilities that encourage Work From Home policies.
According to reports, sale prices in Port Harcourt, Abuja, and Lagos increased by 10% to 12% across their prime neighborhoods.
However, the depreciation of the naira against the dollar has made house purchases more affordable for those in the diaspora, resulting in an increase in demand and an upward effect on residential unit prices.
Meanwhile, despite the Federal Government’s mantra of “promoting ease of doing business,” the high cost of doing business, inefficient processes and procedures, and a litany of extortions at Nigeria’s seaports have rendered the nation’s gateway uncompetitive, resulting in huge revenue losses for all stakeholders.
Despite the fact that a number of administrations have implemented reforms over the years, the cost of doing business in the ports, particularly in Lagos, has remained high, with no signs of relief in sight.
