By Olumide T. Agunbiade
Whether you’re buying, renting
or selling it out this year, here is what’s ahead across the globe.
In Nigeria, the trend
in 2013 and with notable projects still in the pipeline, professionals within
the real estate sector have expressed optimism that there would be increased
investments and consequently activities within the industry in the year 2014.
The Mortgage Refinancing
Corporation (MRC), launched by the
government and its prospective impact on housing provision and home ownership
in Nigerian has further strengthened the position that the sector will boom in
the coming year.
The forecast,
notwithstanding, the seeming parlous state of the nation’s economy, would be
more visible in some states like Lagos, Port Harcourt and the Federal Capital
Territory (FCT), Abuja.
Besides, they hinted that there is so much interest in the
sector from foreign investors especially in the commercial, retail, leisure or
hospitality. The service sector is not left behind in the flurry of Foreign Direct Investment (FDI).
There is this anticipation that capital transfer into the sector is expected to
be in billions of dollars.
One of the areas where exponential growth is expected is Lekki corridor, situated along the Lagos–Epe expressway, an area that has
being touted as the fastest growing location in the sub-Sahara West Africa.
This axis is still going to be the haven of a bubbling
real estate sector this coming year, they say, citing the huge on-going
infrastructural development, namely, the expansion of the expressway and the
ambitious Lekki Free Trade Zone, where a new sea port and an International
Airport are in the offing.
