We are not soothsayers, but when you’ve spent as many hours as we have spent interacting with industry stakeholders like developers, agents, private and public regulators, community thought leaders and property seekers, you will be able to make some informed predictions about your industry. From our vantage point, here are our top 5 2024 predictions for Nigeria’s real estate industry. We’ve carefully curated this list to include the great and not-so-great predictions to help you make more informed decisions this year, especially for real estate newbies. At the end of the year, we hope to look back and say: “We told you so”, so read on!
PropTech will Reign Supreme
Those who have been keeping up with the industry already know this. But for industry newbies, Proptech is a short form for Property Technology. TechTarget defines PropTech as using information technology to help individuals and companies research, buy, sell and manage real estate. PropTech offers advanced features like fast and easy property listing, virtual inspections and tailored property search, taking away the stress of selling and searching for properties the traditional way. And yes, you guessed right, BuyLetLive is one of Nigeria’s leading Protech Platforms; we have our recent recognition as The Most Innovative Real Estate Company of 2023 by the Nigeria Housing Awards, and many more to show for it. This 2024, we have plans to improve our technology credentials, so watch this space for mind-blowing new features.
Stricter Government Policies and Enforcement
We already had a nationwide taste of this in 2023 with the demolition of many substandard and unapproved buildings by the governments in Lagos and Abuja. This year, we expect more policies that regulate the standard of building projects by developers in Nigeria to ensure the safety of lives and properties. We also foresee policies that will attempt to bridge the long-standing housing deficit in Nigeria. According to an article by Punch, in the last three decades, the housing deficit in Nigeria has risen to a disturbing level from 7 million in 1991 to 14 million in 2007, 20 million in 2010 and now 28 million in 2023. Some real estate experts believe the housing deficit in Nigeria is well over 50 million, depending on the indices of data collection. If you are unfamiliar with the term, it simply means a shortage of houses. Collins English Dictionary defines it as a deficiency or lack in the number of properties needed to accommodate the population of an area. Housing deficits occur due to several factors, which we will discuss in an upcoming blog, stick around.
Hike in Rental Fees
It’s a given that rental fees increase almost every year. This reason revolves around global economic factors like changes in interest rates, inflation and foreign investment dynamics, and local factors like politics, policies and unforeseen factors. These factors lead to a breakneck rise in the cost of building materials thereby increasing the cost of finished buildings, for those looking to purchase their homes in 2024- check out this article we published earlier for more insights on factors that affect the price of a house.
If you will be renting a new apartment or renewing your rent this year, get ready to dig deeper into your pocket, as landlords will be revising their rents upwards to meet socio-economical forces. When this happens, trust BuyLetLive not to leave you out to dry! Click here to check out rent financing options to help make paying your rent easier.
Buyletlive Property Price Index (Second Edition)
Having someone look out for you and update you on current property prices and foresight into future property prices is always a relief for property seekers, industry experts, developers and all real estate interested parties. Our soon-to-be-released property index report is one to look out for in 2024. It will uncover many industry tips and hacks to help Nigerians make informed decisions when making real estate investments. You will be mesmerized by the facts and information in the 2024 Buyletlive Property Index Report, as it will change the game for many industry players. We can’t wait for you to have it. Watch this space! Here is a link to download the first edition in anticipation of the second edition.
In conclusion, 2024 for the real estate industry promises to be eventful, and we are excited to take you through the highs and lows of it. As your go-to prop-tech company, we will be at the forefront of every innovative happening in the industry in 2024, with brilliant strategies and features like our well-researched price index report, innovative digital house tours, seamless interface between verified agents and house seekers made possible through technology, digital-driven marketing strategies and so much more. Be on the lookout!