PropertyPro releases 2018 first quarter report on Nigeria’s real estate

An online real estate firm, PropertyPro.ng, has released a report of the Nigerian real estate sector for the first quarter of the year 2018. The report, according to a statement from the firm which was made available in Lagos, focused on trends in the Nigerian real estate market in the year 2017 and the first […]

An online real estate firm, PropertyPro.ng, has released a report of the Nigerian real estate sector for the first quarter of the year 2018.

The report, according to a statement from the firm which was made available in Lagos, focused on trends in the Nigerian real estate market in the year 2017 and the first quarter of 2018.

It also analysed how impactful the economic recession was in the real estate market and examined going prices for properties within the residential and commercial umbrellas of the sector.

The statement quoted the firm’s CEO, Fikayo Ogundipe, saying "a lot is happening in the real estate sector, especially in Nigeria, and we feel it is something worth talking about. With this report, everyone interested in the real estate sector in Nigeria will be able to understand the current trends of the Nigerian real estate sector."

It explained that the report was influenced by the rate at which properties are searched for online by Nigerians.

"We monitored the most searched types of properties by Nigerians along with the price range that fell within the interest of online real estate end users," said Seyi Ayeni, the Chief Technical Officer of PropertyPro.ng.

Similarly, the statement quoted the firm’s Chief Operating Officer, Oladapo Eludire, saying "Real estate investment always require lots of funding and when dealing in such high-risk investment, gut-feeling isn’t enough in making the best decisions. Such decision needs to be backed up by data. PropertyPro.ng being the most used online real estate platform with the largest listing database across the country has given us insight into the Nigerian real estate market on a micro and macro level."

It noted that the report by PropertyPro.ng has detailed study of the real estate economy in the economic overview column while the property trend explains the current trend of the Nigerian real estate market in terms of residential and commercial properties, and the current trend in the prices of properties (for sale and for rent) in various locations across the country.

PropertyPro’s Chief Business Officer, Sulaiman Balogun, stated that the statistical verbal of the report makes it evident that the real estate sector is experiencing a significant growth to retain its position as the 5th biggest contributor to the GDP of Nigeria.

The report also contained detailed explanation on the Land Use act and also featured studies of emerging real estate market in Nigeria as a whole, highlighting activity and performance.

It will be recalled that the leading online real estate firm recently changed its brand name from ToLet.com.ng to PropertyPro.ng following the acquisition of Jumia House (Lamudi). It has a property classified platform with over 10,000 agents and over 60,000 listings on its website.