FY 2024 – Real-Estate Outlook
Real estate sector has shown sustained growth and newer consumer preferences, welcoming increased foreign confidence and igniting great opportunities for the future.
With a lot of new projects and off-plan developments entering handover stage in 2024, property seekers are most likely to have a wider range of options
“In 2024, we might see more available properties, as sellers look to take advantage of current prices. Developers will also continue to launch new projects at an accelerated rate. This extra supply is mostly likely to keep the price rise we have seen over the last few years in check. For renters, there may be some relief towards the latter part of 2024, with the delivery of more new homes taking some pressure off the current rental market.”
“Analyzing recent trends provides valuable insights into the market’s potential performance going into the new year.
Mid-market stability: The mid-market seems to most likely be impacted by regulation in pricing.
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They will likely a pressure to rental prices in affordable areas and somewhat stabilize the mid-market as rents become less sticky. In the upper segment of the market, with supply still not meeting the demand equilibrium, we will likely see rents stick and prices swing upwards,”
“Looking ahead to 2024, I anticipate a more diversified real estate market. Many of the off-plan projects initiated in previous years will reach their handover stages.
As a result, 2024 will seeing, achieving a balanced real estate market where leasing, resale, and off-plan sales will coexist harmoniously to cater to a wide spectrum of clients. Those who profitably sell their properties will have the opportunity to reinvest in the exceptional properties expected to enter the market in 2024.
FY 2024, Real estate outlook in Nigeria
The positive sentiment is fueled by sustained population growth driven by a competitive economic landscape and government initiatives attracting global businesses and individuals.
“The moderate growth rate, considering recent trends, is complemented by an increased pace of new build handovers and projects, potentially alleviating supply-side pressures.
Nigeria’s strategic approach to development positions it as an attractive destination for relocation across various industries. As we navigate through 2024, the real estate sector appears poised for continued expansion, supported by a well-thought-out combination of economic incentives and proactive government measures,”
✓New ways of living: With the rise in ownership, there are several new trends emerging in the sector including short term rentals and flexible living options, driven by evolving lifestyles, career changes and technological advancements.
“✓Flexible living will solves the current tediousness of renting an apartment thanks to technology. This includes choosing and viewing a property, managing move-in details, apartment specifications, and maintenance requests through one convenient platform.
✓,Tenants are given the freedom of flexible agreements and can avoid long-term commitments.”
✓Advisory perspectives
We all need to actively contribute to simplifying real estate.
As the sector adapts to newer ways of working, technology will continue to play a great role in the years to come.
In this scenario, it is important to prioritize investments in technology and talent to ensure seamless customer experiences across the entire property search journey.
✓while we acknowledge the profound importance of personal relationships in the real estate business,
✓Technology application in Real estate
it is impossible to ignore the ever-growing influence of Tech Integration paired with Artificial Intelligence.
✓“The technological advancements witnessed in the real estate industry have been nothing short of remarkable. These advancements are not confined to local markets but are extending their reach to global markets as well.
✓The integration of technology is revolutionizing the way properties are bought and experienced. The 2024 property sector will be defined by the seamless integration of technology and AI, reshaping the way we engage with real estate and fostering greater trust and transparency in the industry,” she says.
✓Real estate transition
An exciting time for real estate, as new listings emerge and old ones refresh, there is no doubt – property continues to play a great role in the nation’s growth, with a host of opportunities on offer. Better today than ever.
✓Real estate has witnessed one of the most record breaking years to date in terms of ownership and rental properties with a growth in returns on investments.
Conclusion
Entering the new year together with our partners,
we look forward to making real estate better to get people living the life they deserve with seamless access to information and support powered by enhanced customer experiences.
