Mr. Akin Opatola, a Fellow of NIESV, expresses optimism about Nigeria’s real estate sector’s growth by 2025, driven by strong GDP performance and significant infrastructure investments. The Eco-Atlantic project and new transport developments highlight the market’s potential. He emphasizes the importance of catering to the middle-income demographic alongside luxury housing and looks forward to mentoring future professionals in the field.
In a recent interview, Mr. Akin Opatola, a Fellow of the Nigerian Institution of Estates Surveyors and Valuers (NIESV) and CEO of Akin Opatola Consulting, shared his optimism regarding the real estate sector’s future. He noted that the recent Q4 Gross Domestic Product (GDP) statistics indicate robust growth in real estate, with figures slightly above 4%. According to international financial institutions like the IMF and World Bank, Nigeria’s GDP is projected to stabilize around 3.8% to 4%.
Opatola emphasized that significant investments in infrastructure are underway, particularly in projects like Eco-Atlantic, which boasts multiple developments, including the world’s largest embassy and various commercial and residential spaces. The ongoing Lagos-Calabar expressway development is also attracting interest from speculators, reinforcing the positive trends in Nigerian real estate. The government’s investments in transportation infrastructure, including new railway lines and plans for an additional international airport, further excite the market.
Recognizing the month’s surge in foreign interest, particularly from the Nigerian diaspora, Opatola noted that luxury housing above $1 million is attracting high-net-worth individuals and expatriates. However, he pointed out that the market is also witnessing growth in affordable housing, catering to the middle-income demographic. Initiatives for developing well-priced homes exist, despite challenges in material costs and financing.
Mr. Opatola’s recent elevation to a Fellow of NIESV marks a significant milestone in his career, which began in estate management during his academic pursuits. His ambition has always been supported by mentorship from senior colleagues, and he remains committed to contributing to the profession through education and guidance for emerging professionals. He has actively participated in professional events, imparting his knowledge and resources to nurture upcoming talents in the field.
In summary, Mr. Akin Opatola’s insights into the Nigerian real estate market reveal considerable optimism for the sector’s growth through 2025, bolstered by improved economic indicators and infrastructural developments. While luxury properties continue to attract affluent buyers, there is also a focus on providing affordable housing for the middle-income population, showcasing the diverse opportunities within the market.
Original Source: www.zawya.com
