In analyzing the trends in real estate, we recall the report of the National Bureau of Statistics. According to the National Bureau of Statistics’ GDP Report for Q1 2022, Nigeria’s real estate market expanded by 1.77 percent, adding 5.28 percent to the nation’s real GDP during the time period under consideration (around USD5.3 billion).
The GDP contribution of the real estate industry is anticipated to rise, barring favorable expected outcomes. Learn more about the real estate business, and the trends in real estate.
Despite the foregoing, there have been cases where investors in Nigerian real estate have suffered losses, particularly as a result of a lack of understanding of the country’s economic and regulatory environments. Many investors also miss out on important developments and common practices in the real estate industry because they don’t get enough information from local advisors.
Trends In Real Estate
With the housing market growing at an appreciable rate, many real estate professionals are thinking about what trends are being observed in 2012. Here are 5 common trends in real estate that are being observed.
The affordability trends in real estate are all about being able to buy a home without sacrificing quality or location. It’s also about finding a home that fits your lifestyle and budget, not just what’s on the market right now.
Location matters more than ever before in today’s market. When considering where to live, it’s important to focus on your commute times and access to public transportation as well as nearby amenities and services. This is one of the well-observed trends in real estate.
A growing number of buyers are opting for homes with a modern look — think open kitchens and floor plans with large bedrooms and bathrooms. These homes may cost more than traditional homes but they’re often more energy-efficient and come with other perks like porches or balconies for outdoor living space.
More people are downshifting from sprawling single-family homes into smaller apartments or condos that offer more space for living but still maintain some of the same amenities that accompany larger spaces like garages or pools (if desired). Downsizing has also become popular among millennials who want less stuff, though there may be tradeoffs when it comes to space or views.
As more people move into city centers, there is a rise in urban development projects that include housing units, offices, and retail spaces; these developments are adding more residents and workers into their communities and we are observing the trends in real estate.
Additional Trends In Real Estate
- There is the growing popularity of Airbnb, VRBO, and other short-term rental services.
- There is an increase in the availability and affordability of home internet connections and smart home technology.
- The increased popularity of vacation rentals — especially among young adults — and the growing interest in second homes for retirees or people who travel frequently for business purposes.
- The increase in home remodeling projects, including kitchen and bathroom renovations as well as additions, as well as the use of eco-friendly materials such as sunscreens throughout the house to reduce energy consumption and improve indoor air quality.
- Buyers are becoming savvier and more educated about the market.
- The demand for homes in desirable neighborhoods is increasing rapidly.
- Millennials are driving the housing market.
- Sellers are getting more creative with how they price their homes.
- Buyers want to live in the city, but not far from work or school.
- Home values continue to rise across all types of properties.