Experts in the real estate sector have projected that Africa’s real estate market has the potential to reach $17.64tn by 2025.
The Chief Executive Officer of Eximia Realty Co Ltd and a thought leader in real estate, Hakeem Ogunniran, made this assertion at the Nigerian-British Chamber of Commerce Real Estate Summit recently in Lagos.
The summit, with the theme ‘The Future of Real Estate: Floating Cities, Skyscrapers & Tech-Driven Living’, explored innovations shaping the industry.
The Eximia founder highlighted that the residential segment alone was valued at $14.87tn, with a projected annual growth rate of 5.58 per cent from 2024 to 2029.
He said, “Nigeria’s real estate sector presents enormous opportunities, estimating its market value at $2.61tn in 2025, with residential real estate accounting for approximately $2.5tn.
“The key pillars of a modern real estate framework are liveability, sustainability, resilience, and affordability.”
Meanwhile, the President of the International Real Estate Federation (FIABCI Nigeria), Akin Opatola, stressed the need for innovation to address Nigeria’s evolving real estate landscape.
He advocated exploring floating cities and skyscrapers as solutions to land shortages and climate risks.
“The future of real estate development requires professionals to embrace blockchain for property transactions, AI-driven property management, and public-private partnerships,” Opatola said.
Also, the Chief Executive Officer of Fine & Country West Africa, Udo Okonjo, highlighted the importance of long-term sustainable development.
She emphasised that floating cities could be resilient to flooding, space-efficient with vertical density, and incorporate smart infrastructure to drive sustainability and innovation.
The President of the NBCC, Ray Atelly, noted that the real estate and construction sectors were at a critical turning point, driven by rapid urbanisation, climate adaptation, and technological advancements.
He highlighted how the industry is shifting towards vertical megacities and floating urban centres to combat rising sea levels and tech-driven and sustainable living solutions.
He said, “The summit is a call to action for stakeholders in construction, real estate, and urban planning to rethink traditional development models. Nigeria, as Africa’s largest economy, has the potential to lead the way in shaping future-forward cities that are smart, resilient, and inclusive.”
He, however, emphasised the need to tackle challenges such as infrastructural deficits, sustainability concerns, and technology adoption.
“The time is now to reimagine how we build, innovate, and create spaces that serve both present and future generations,” Atelly added.