Real Estate Trends In Nigeria 2024: What Investors Need To Know
What are the real estate trends in Nigeria today? What are the most popular ways people go about selling property in Nigeria in modern times?
Following 2.3 percent growth in recent years as a result of a variety of causes, built environment professionals are optimistic that the real estate sector of the economy would do well.
“There will be regulatory and compliance intensity, with heightened title ambiguity in high-profile places,” it has been speculated. However, with extraordinarily strong potential growth for comfort houses, led by demand from first-time home purchasers, millennials, young families, and elderly nesters, technology is projected to take center stage in the industry this year.”
Continue reading to learn about the real estate trends in Nigeria to expect this year.
Real Estate Trends In Nigeria Today
What are the real estate trends in Nigeria today? How do people commonly market their property? How do real estate entrepreneurs publicize their businesses?
Increase In Rental Yields
Due to an increase in demand for luxurious flats, particularly from high-income earners, the price of rent in Nigeria has been steadily rising in recent years, resulting in high rental yields.
Real estate investors might take this into account and invest in houses that can be rented.
Home Staging
The term “house staging” refers to the process of preparing a home for sale. It entails remodeling, furniture moving, cleaning, and other aesthetic methods in order to present the property in the best possible light. The idea is to make the house as desirable to as many potential buyers as possible.
Buying a home is an emotional decision; people buy homes for a variety of reasons. However, an appealing property will almost always command a high price, which is where home staging comes in.
Statistics show that staged homes sell for more than the asking price. As a result, staging a home to look its best enhances the likelihood of selling for more than the asking price.
Use Of Technology
Despite its significant impact on economic growth, the real estate industry has traditionally been slow to adopt technological advancements. However, in recent years, the market has more readily embraced technology to speed up transactions and improve efficiency.
With so many people, enterprises, and companies embracing technology these days, it’s likely that real estate will follow suit. This trend, we believe, will accelerate in the coming years.
Buyers Are Evolving
It is undeniable that Nigerians’ feelings about their homeland have shifted. Due to the epidemic and the competitive property market in 2020, some customers bought properties without ever seeing them.
The epidemic has spurred digitization across many industries, including the real estate industry. Many home buyers will have a virtual tour/inspection tour of their homes and purchase them without ever setting foot inside. As a result, as a real estate investor, you must develop your virtual skills.
Millennials Make Up The Majority Of Home Buyers
The real estate sector has been anticipating the arrival of millennials for several years. Millennials make up the largest group of first-time homeowners expected to enter the market. Many economists anticipate that, millennials will have surpassed baby boomers as the largest group of property buyers.
Increased Demand In Low-Priced Homes
The demand and supply theory applies to the real estate market as well; this theory claims that the lower the price of a product, the higher the demand, which is correct because lower prices generate demand. Low-cost flats are frequently in higher demand than luxury apartments.
An investor can also take advantage of this trend by investing in low-cost residences in order to attract more purchasers.
Use Of Video Marketing
Video marketing is undeniably an effective real estate marketing tactic, and it’s here to stay. Buyers anticipate seeing a video of the home they wish to purchase.
Video marketing is a tried-and-true marketing method for highlighting a property’s distinctive attributes. Marketers use visual content to raise awareness and communicate messages in a visually appealing way.
See Also: Hidden Risks Property Investors Must Know Of
Final Thoughts
The real estate trends in Nigeria today have been outlined in this piece. As a real estate investor, you should evaluate these trends and incorporate them into your goals to avoid falling behind in the real estate market this year.
Improving your technical skills can also benefit you greatly, given the majority of the trends mentioned above are technology-related. Learning how to make stunning property clips and using social media as a publication strategy will help you build your business.
