The third quarter (Q3) of 2024 saw a 46.52 percent growth in the Nigerian real estate market, according to information available to BrandSpur Nigeria news.
This was revealed during a recent event in Lagos by Femi Akintunde, the Group Managing Director of Alpha Mead Group. He added that during the time under consideration, the real estate sector contributed 5.43 percent to the actual Gross Domestic Product and attained a growth rate of 16.5% every quarter.
The sector’s performance, according to Akintunde, puts it ahead of more established economic giants like agriculture, telecoms, and oil and gas. Part of this rise, he said, can be ascribed to the changing role of facility management, which is being fueled by trends in artificial intelligence, smart building technologies, automation, cybersecurity, sustainability, and workplace and home well-being.
According to him, the sector’s continuous growth might help Nigeria reach its $1 trillion economic goal by generating jobs, revitalizing the country’s rural and urban landscapes, and making significant 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,” he added.
Akintunde went on to stress the value of hiring facility managers and cautioned developers and other stakeholders against managing complicated buildings themselves because this could result in low investment yields, poor facility maintenance, and disgruntled tenants. He observed: “An attempt to self-play both roles will yield poor facility management, leading to unsatisfactory tenant experiences, structure deterioration, and low investment returns.”
