Date post: | 16-Apr-2017 |
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Real Estate |
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TRENDS IN THE LAGOS RESIDENTIAL REAL ESTATE MARKET
Residential Auctions Company
About Us
RAC is a real estate research firm that specializes in providing integrated research services for the local real estate market in Lagos
It was established in 2010 and incorporated as a company in 2011 under the Companies and Allied Matters Act of 1990
We regularly collect data and conduct surveys on the property market which we use to produce annual market reports and also provide advisory and consulting services to our clients
Our mandate as a company is to provide easy access to information on the local property market in Lagos and across other major cities of Nigeria
Housing Deficit in Nigeria
According to the World Bank it is estimated that Nigeria has a housing deficit of 17m housing units.
Reality Check
2006 2015 Growth Rate
Population 140,000,000 178,000,000 (Est) 27.14%
Households (%) 15% 25%
No of Households 21,000,000 44,500,000 111.90%
Homeowners (%) 10% 10%
No of Homeowners 2,100,000 4,500,000 111.90%
Housing Deficit 18,900,000 40,050,000
Annual population growth rate of 2.47%
Nigeria currently needs an estimated 1m new housing units annually over the next 20 years
Over the last 4 years, the FG has provided 61,000 housing units nationally. This represents an average of 15,250 new housing stock per year. Also plans to build 4m new units in the next 3 years. Far cry from what is required.
Estimated number of housing stock in Nigeria is 13.7m units only of which about 5% is owned through mortgage finance
RAC Lagos House Price Index
Annual House Price Growth
House Prices
Lagos Rents
Lagos Island Rents
Lagos Mainland Rents
Construction Starts
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2010 2011 2012 2013 2014 2015F
No of Units (LHS) % Growth (RHS)
Supply Stock
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
500
1,000
1,500
2,000
2,500
3,000
2010 2011 2012 2013 2014 2015F
No of Units (LHS) % Growth (RHS)
Confidential
RAC reserves the exclusive rights to all the contents and data presented in this document and re-distribution is not permitted without prior consent.