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.

Q2 Office and Retail Quarterly Reports Now Available!

We are now in Q3 and Broll Nigeria has released its Office and Retail Quarterly reports for Q2. Each report includes an Economic Overview, Real Estate Overview, Major Shifts and Transactions section as well as an Outlook, where we discuss all relevant matters that occurred during the quarter.

In the office sector, we saw that investments into the sector are not limited to international interests. The Nigerian Sovereign Investment Authority (NSIA) recently released their flagship annual report with a strong focus on real estate investments. Furthermore, looking forward to the next quarter and beyond development completions will begin to rise sharply. In Q3/Q4 a few properties including Rose of Sharon Tower, Civic Center Tower, NIPOST Towers, Kanti Tower and Landmark Tower (90% leased) in Victoria Island will be nearing completion or coming on the market.

In the retail sector, Q2 saw a lot of activity recorded in Lagos, with Ikeja City Mall seeing the most transactions as 3 new retailers signed leases for space in the mall. The retail development pipeline is also very strong across the country and there is currently over 200,000m² of space under construction, mainly concentrated in the Southern regions of the country. In one of the new malls under development we are expecting luxury global brands like Versace, Armani Jeans, Swarovski and more.

Have a look at the report for more information! To get a copy please see the Downloads tab on the Broll website. 

The research team is committed to fostering transparency in local real estate markets. We hope you enjoy the reports. For more information contact Nnenna Alintah on research@broll.com.ng.

BROLL IS 10! #10YearsOfBroll

It has now been 10 years since Broll was established in Nigeria!

For over 10 years we have been maximising property potential for our clients and we don't intend to stop! In the process, we have earned a formidable reputation for delivering quality, effectiveness and value.

We hope to continue to serve the property market for many more decades to come. Looking forward to the next 10 years.

#10YearsOfBroll

Towers at the World Trade Center in Abuja Nearing Completion

World Trade Center, Abuja

The 1st phase of World Trade Center mixed use development in the busy CBD of Abuja is nearing completion. The development which currently holds 1 office tower and another residential tower is expected to be complete by year end 2014 or the 1st quarter of 2015. The Tower One Residences will feature elegant and spacious 1 to 6 bedroom layouts in single floor and duplex floor plans, as well as underground secured parking, concierge services and VIP access to Capital Mall. 

Likewise the office tower includes modern and flexible A grade commercial space spread out over a floor plate of 1200sqm with a host of other amenities, including tightly controlled access and erudite business services. The development is set to raise the standard for office space quality and high end residential apartments in the capital city of Nigeria. 

In coming years, as Nigeria's economic prospects continue to lure international investors in, demand for office space in this region which is typically driven by governmental organisations and political forces should rise. The other phases of the development will include more office space, residences an upmarket hotel as well as a modern mall. 

If you are interested in an apartment/office  space or would like to find out more about the World Trade Center please contact our Head of Commercial Broking - Olufemi Oyinsan - ooyinsan@broll.com.ng.

Residential Tower on Eko Atlantic Already Sold Out

Eko Pearl, Eko Atlantic

The Eko Pearl Towers development is an up market residential project in the heart of the $6b land reclamation Eko Atlantic scheme. 
During an event focused around this new development, which held at Eko Hotel on the 7th of June, it was revealed that the first tower which is already under construction is completely sold out! Fortunately, purchases and commitments to purchase were being accepted for the second. Demonstrating for many that this project is not a white elephant.
It will consist of 5 towers, each with its own identity and colour highlighting the slight difference in their design and outer structure. 
The towers sit in a self contained area on the island with secure parking and a garden terrace which is almost 23,000sqm. The development will also include a swimming pool, 2 tennis courts, squash court, children's playground, landscaped paths, sitting areas and an open air bar. Furthermore, each tower will come with its own private health club, meeting room and lounge.  Apartments and penthouses sizes range from 144sqm to 248sqm. There has also been alot of activity on a commercial front on the Island, with many banks making commitments to develop impressive high rises and possibly relocate their corporate headquarters to the region. 

If you are interested in buying an apartment or would like to find out more about Eko Atlantic please contact our Head of Commercial Broking - Olufemi Oyinsan - ooyinsan@broll.com.ng.

Broll's Staff Panel Discussion on 'New Directions and Strategies in Real Estate Investing - Trends and Market Outlook'.

Panelists at Africonomie Forum

On Tuesday members of Broll attended the Africonomie Nigeria Institutional Investment Forum.  During the forum, Yinka Omotosho and Femi Oyinsan of Broll were panelists on a discussion on 'New Directions and Strategies in Real Estate Investing - Trends and Market Outlook.

The session was geared towards examining the macroeconomic analysis of the Nigeria real estate market, with emphasis on the importance of current economic trends on real estate investments. The panelists discussed real estate investment and development trends, real estate finance and capital markets, property sectors, strategies for managing risk and optimizing return, public-private partnership initiatives and other real estate issues in Nigeria.

Other Panelists for the discussion Broll participated in included

Tosin Ajose - Senior Associate at Detail Commercial Solicitors

The two day event was part of a series of bespoke forums designed to connect Africa Pensions and Sovereign Funds with Institutional Investors in Europe, Middle East, Asia and US. 

During the discussion Olufemi of Broll discussed the scarce availability of A Grade assets, following strong interests from international investors. Yinka Omotosho noted that the retail market in Nigeria was growing exponentially on the back on rising disposable incomes and greater urbanisation. He explained that over 200,000sqm of space is in the retail development pipeline across Nigeria.

The two day event was part a series of bespoke forums designed to connect Africa Pensions and Sovereign Funds with Institutional Investors in Europe, Middle East, Asia and US.

See the video from the discussion below.

http://www.youtube.com/embed/YqcVsAgBmwg

For real estate market research and intelligence from Broll please contact us at research@broll.com.ng.

Businessday Article - Growth in Office Market

Broll's Quarter 1 Office Market Update was referenced in an article by Business Day on May 13, 2014. The article discussed in detail the growth of the Lagos office market and also noted that the Lagos office market space has witnessed a significant growth, with Ikoyi and Victoria Island still the most highly-priced locations in Nigeria.

Please follow the link below to read the full article.

Businessday

For real estate market research and intelligence from Broll please contact us at research@broll.com.ng.