Housing Development and Provision in Nigeria.

Arguably one of the best investment vehicle in the world is real estate development owning to a number of factors which includes the fact that shelter {housing} is one of the basic need of man, fixed supply of land and the ever – increasing value of properties with time.

Nigeria with her current population estimated at over one hundred and sixty-five million people {165,000,000} growing at a rate of 3.5% per annum has a short fall in the supply of housing units that has been estimated to be between 16 – 17 million.

With an economic growth rate of 5.7% per annum in the past five (5) years, Nigeria has witnessed a growth in the number of middle class families with the associated need to have a home of there own, thereby further deepening the real estate market in Nigeria.

It is on record that over 60% of the entire population of the country lives on rented accommodation. This indicates another latent market in the real estate industry in Nigeria.

It is obvious that the government both at the federal and state level in the country cannot meet the housing needs of the country and at such would desire partnership with willing and interested investors in the areas.

The model of partnership could be that the government would provide the fixed asset {land} while the private investors would come in with their funds and expertise.

Partnership would also be required between private businesses in the development of real estate opportunities in Nigeria.

Real estate development opportunities in Nigeria exist in the following areas

Housing Development

Hostel Accommodation in tertiary institution across the nation

Parking Space Development

Market Construction

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About Author

Anaekwe Everistus Nnamdu is an enterprenuer and a market researcher. He owns and operate the following businesses www.foramfera.com --- A market Research Firm, www.365campaigner.com --- A dynamic mobile and e-mail marketing solution and www.365propertyportal.com --- Real Estate Development Firm.

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