The Nigerian real estate sector recorded a 46.52 per cent expansion in the third quarter of 2024.
The Group Managing Director of Alpha Mead Group, Femi Akintunde, disclosed this at a recent event in Lagos.
He noted that the real estate industry also achieved a 16.5 per cent quarter-on-quarter growth rate and contributed 5.43 per cent to the real Gross Domestic Product during the period under review.
Akintunde stated that the sector’s performance positioned it above traditional economic powerhouses like oil and gas, telecommunications, and agriculture. He attributed part of this growth to the evolving role of facility management, driven by trends in sustainability, cybersecurity, automation, workplace and home well-being, smart building technologies, and artificial intelligence.
According to him, the continued expansion of the sector could play a role in achieving Nigeria’s $1tn economy ambition through job creation, urban and rural landscape renewal, and robust tax and fee contributions.
He said, “The sector leapt above oil and gas, telecommunications, and agriculture, which were traditional leading contributors to the economy.”
Facility management also played a part in this development.”
Akintunde further emphasised the importance of engaging facility managers, cand autioning developers and stakeholders against self-managing complex properties, as this could lead to poor facility maintenance, tenant dissatisfaction, and low investment yields.
He noted, “An attempt to self-play both roles will yield poor facility management, leading to unsatisfactory tenant experiences, structure deterioration, and low investment returns.”