Broll Staff Attend Conference on Urban Migration and Renewal in Nigeria by Mail and Guardian Africa

Urban Migration and Renewal in Nigeria:  Future Drivers of Economic Growth. How African cities will be the biggest drivers of the Rising Africa Story?

On Wednesday August 15^th, Broll Staff attended an event which was hosted by Mail and Guardian Africa at Four Points Hotel.

The recently launched pan-African news and information portal noted that Nigeria was chosen to lead the debate because Lagos is expected to be the 11th biggest city on the planet by 2015 with 16 million inhabitants.

'As we struggle to find the means to house and feed the people undertaking rural-urban migration, Africans will look to Nigeria as the first to face the mammoth task of ensuring that human settlement, infrastructure development and job creation are well managed in the growing city-society.' - Mail & Guardian Africa.

During the event Governor Fashola, who was the Speaker noted 3 key things that needed to be done:

• Invest in education - He explained that this was a key route to national development especially within the science and technology sectors. 
• Embrace Information Technology - Governor Fashola also called on Nigerians to utilise the internet and also social media to aid in bridging the development gap.
• Reduce Poverty - By means of reducing the large infrastructure deficit. 

Broll Q2 Office Report in Businessday Article

Broll's Q2 Office Report was recently quoted in a Businessday Article that noted Prime office space rents up 17% as investors raise demand. The article explained that an increased demand for prime office space from international investors comprising mostly insurance companies and property fund managers seeking entry into Nigeria’s commercial real estate market has increased rents in exclusive locations such as Ikoyi by about 17% in the past six months.

Broll has a different view on this. Although growing institutional interest in the Nigerian real estate market has grown recently, that was not the reason rents increased. Increased interest from institutional investors in real estate assets would typically increase the price of the asset, not rental rates.

To read our Q2 Office and Retail reports see the downloads tab on the Broll website.

 Read the Businessday article here.

Nigerian Real Estate Market Valued at N6.4tr ($41b)

Following rising demand for commercial space and housing for middle-income and young professionals in Nigeria, the nation’s real estate market has continued to grow with the sector now valued at N6.4 trillion ($41.2 billion). According to a report by Agusto & Co., the Lagos sub-segment of the market accounts for at least 40 per cent of the Nigerian market.

The report revealed that growth continues to be driven largely by new to market residential and commercial properties in Lagos, Abuja and Port Harcourt. The market is estimated to grow by an  average of 10 per cent in 2014 and 2015 respectively.

Read more on Thisday.