Real estate overtakes oil: What’s next?
Nigeria’s real estate sector is now making headlines. It has moved ahead of oil and gas to become the third-largest sector in the country just behind trade and crop production. According to a report by the National Bureau of Statistics, real estate contributed 5.43% to the national GDP after a recent rebasing exercise.
Even more impressive, the revenue from real estate investments tripled in just one year. It grew from ₦10.5 trillion in Q1 2023 to ₦30.1 trillion by Q3 2024, representing a 46.52% increase.
With real estate now leading the way, what changes should we expect? And how can investors and everyday Nigerians benefit from this shift?
1. More Government Support and Budget Allocation
Now that real estate is a major economic player, the government is expected to increase funding for the sector. These funds may go into:
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Building new housing projects
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Supporting smart city development
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Improving urban infrastructure
This support will help expand access to quality housing and attract more private investments.
2. Boost in Foreign Investment and Tourism
A top spot in the GDP ranking brings global visibility. This will likely attract foreign investors and developers. Nigeria could see more funding for:
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Luxury apartments
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Office complexes
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Tourist resorts and hotels
Cities like Lagos, Abuja, and Port Harcourt may become even more appealing for real estate investment and tourism growth.
3. More Infrastructure Development
As more money enters the sector, Nigeria will need better infrastructure to support new developments. Expect to see:
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Modern residential estates
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Business hubs
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New roads and public spaces
These improvements will lead to better city planning, reduced overcrowding, and a higher quality of life.
4. Stronger Rules and Regulations
More investments mean more oversight. The government will likely introduce or strengthen laws related to:
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Building approvals
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Zoning regulations
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Property taxes
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Land ownership and documentation
This is a good thing. It will help prevent fraud, protect property buyers, and encourage safe building practices.
5. More Job Opportunities
Real estate is a labour-intensive sector. As it grows, it will create thousands of new jobs for:
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Architects
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Civil engineers
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Builders
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Electricians
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Plumbers
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Real estate agents
This will reduce unemployment and boost the local economy.
6. Land Prices Will Rise Fast
As the demand for property grows, so will land prices, especially in urban and developing areas. This means now is the best time to buy land or invest in real estate before prices become too high.
How to Take Advantage of This Growth
To succeed in real estate, you need a trusted and experienced partner. That’s where Capital City Development comes in.
Why Choose Capital City Development?
Capital City Development is a government-registered real estate company with over 10 years of experience. We have 100+ estates across 15 major cities in Nigeria, including Lagos, Abuja, Port Harcourt, and Enugu.
We offer:
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Flexible investment options
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Secure property documentation
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Project design and construction services
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Shared, outright, and installment payment plans
Whether you’re new to real estate or an experienced investor, our team is here to guide you every step of the way.
Conclusion
Real estate has now overtaken oil in Nigeria. This signals a major shift in the economy and a huge opportunity for investors. With smart planning and the right real estate partner, you can build wealth and secure your future.