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Real estate: housing, offices and land
The third-largest activity after the 2025 rebasing of GDP, and one of the fastest-growing in nominal terms.
Real estate in numbers
Latest official figures. Shares and growth are in real terms (2019 prices) unless marked nominal.
Growth against the economy
What drives the sector
Urbanisation
Fast-growing cities create steady demand for housing and land.
Housing deficit
Supply lags demand, especially for affordable homes.
Building costs
Cement, steel and imported fittings have risen with inflation and the naira.
Mortgage finance
Few homes are bought with mortgages; most are paid for in cash or built in stages.
Regulators and main players
Federal Ministry of Housing and Urban Development
Housing policy and federal schemes.
Federal Mortgage Bank of Nigeria
Runs the National Housing Fund.
State land agencies
Land titles, approvals and planning permits.
Developers and REITs
Private developers and real estate investment trusts listed on the NGX.
What to watch
We do not publish forecasts. These are the signals we follow for this sector.
Mortgage rates
Follow the policy rate; lower rates would widen access.
Land reform
Faster titling and digitised land registries unlock lending against property.
Cement prices
A large share of building costs.
Rent and house prices
Little official data; we track published surveys and listings.
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