2015 Archive

2015 Files

2015 Q1 - African Spotlight Offices Rents

The fallout from the Ebola crisis continues to impact affected West African markets.

Markets such as Luanda (Angola), Lagos (Nigeria) and Algiers (Algeria) that are heavily reliant on the oil industry have seen a reduction in demand although this has yet to have an impact on rental levels.

Investment in Lagos (Nigeria) is also being held back by the delayed general election.

To learn more about how rents in Africa are changing in the face of the points above and more, please download the document.

2015 Q1 - Nigeria Property Market Report

The Nigerian Real Estate Sector has seen consistent growth over the last year. It is one of the largest contributors to the Nation's rebased GDP, comprising 11% of the non-oil sector in 2014. The overall real estate market is estimated to grow at an average of 10% over the next year.

The major growth drivers in the sector have been credited to: an increased inflow of foreign investment (especially from South Africa, MEA and the United States); increased institutional investment from local companies including PFAs and Mutual Funds; the growing population of High Net worth Individuals; and the targeted intervention of the Federal Government in the housing finance sector.

There are some headwinds which may well hinder the generally positive overall prognosis. Recent devaluation of the Naira will have a negative impact on the sector, where all high quality building components are imported. Political uncertainty exists with the postponement of elections originally scheduled for February. The global collapse in oil prices, without a near term rebound, will restrict government spending considerably (although there is continuing funding for politically inspired infrastructure and some large scale housing projects).

Even with these head winds we see the critical Lagos State market continuing to grow strongly in terms of industrial and office demand.

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