Akin Opatola, CEO of Akin Opatola Consulting and Fellow of NIESV, forecasts a promising future for Nigeria’s real estate sector by 2025. With strong GDP growth reflecting economic stability, extensive infrastructure projects underway will further strengthen the market. Opatola urges investors and Nigerians to seize opportunities in both luxury and mid-range housing sectors, emphasizing the importance of collaboration for addressing housing affordability while advancing the industry.
Mr. Akin Opatola, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and CEO of Akin Opatola Consulting, predicts a positive future for Nigeria’s real estate sector by 2025. His insights highlight significant development projects and emphasize the importance of capitalizing on opportunities in the industry to enhance wealth accumulation.
Opatola’s optimism stems from recent Gross Domestic Product (GDP) statistics indicating a growth rate slightly above 4%. Notable international financial organizations like the IMF and World Bank have expressed confidence in Nigeria’s economic reforms, which contribute positively to the real estate market, reflecting broader economic trends.
He observes extensive infrastructural investments in Nigeria’s federal budget, with a focus on capital projects that will invigorate the economy. Opatola emphasizes the correlation between real estate performance and economic stability, confirming his optimistic outlook for the sector due to recent trends and activities in residential, industrial, commercial, and retail markets.
During a visit to the Eco-Atlantic site, Opatola discovered 25 simultaneous ongoing projects, highlighting significant developments, including those from MTN and First Bank. He noted that various major construction undertakings are in progress, such as the largest embassy in the world and a major data center, which marks growing investor interest.
He also points out that key infrastructural projects like the Lagos-Calabar road will encourage real estate activities. Given the project’s international funding, speculators are investing in land in this region, anticipating a rise in property values as development progresses.
Opatola discusses the Lagos State Government’s advancements in rail networks, including the Blue and Red Rail lines, and the plans for a second international airport along the Ibeju-Leki axis. These developments attract interest from diaspora communities and underscore the growing demand for premium residential properties in sought-after locations like Ikoyi, Victoria Island, and Lekki.
Addressing the luxury real estate market, Opatola notes that many units priced above $1 million are gaining traction due to their allure among affluent buyers such as C-level executives and expatriates. This demand drives real estate developers to build premium residences to cater to a lucrative segment of the market.
He admits that while the luxury segment is thriving, attention is also needed for the middle and lower-income brackets. Opatola’s firm focuses on middle-income housing, identifying a shift in market dynamics as young, financially capable individuals seek viable investment in this demographic.
The Nigerian real estate sector’s unique characteristics are underscored by its youthful population, with a significant portion falling within home-owning age ranges. Opatola suggests many developers are targeting this segment as they appreciate the return on investment presented by mid-range housing developments.
He encourages collaboration between talented local developers and government entities to enhance affordability and accessibility through competition and infrastructure support. By leveraging partnerships, they can tackle current financial challenges while expanding housing options for various income segments.
In expressing his recent accolade as a Fellow of NIESV, Opatola conveys a sense of achievement and responsibility. He aims to mentor younger professionals, actively participating in initiatives to share knowledge and experience while contributing to the growth of the industry.
In summary, Akin Opatola’s insights reveal a buoyant outlook for Nigeria’s real estate sector driven by economic growth and significant infrastructural efforts. His emphasis on collaboration between developers and governmental bodies aims to enhance affordability, addressing the housing needs of various income demographics. As Opatola steps into a mentorship role, he highlights the importance of knowledge transfer for the advancement of the industry. Overall, the Nigerian real estate market holds substantial promise, especially for those who strategically position themselves to take advantage of emerging opportunities.
Original Source: www.zawya.com
