The real estate sector had significant average growth rate of 10.7% between years 2000 and 2005, and continue to grow till 2008. The sector was valued at N1.06 trillion ($7 billion) as at end of 2008. Development in the sector is largely driven by the entry and expansion of new and local multinational companies in sectors such as telecoms, oil and gas, and finance. The upturn in economic activity resulted in an increase in demand and supply for commercial and residential real estate development, with many housing developments being put up by these organizations for their employees and by private real estate developers for the high income category and expatriates.
Author: Poison Housing