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Insight & Analysis - January 31, 2023

Did You Know? Jaw-Dropping Facts from the Real Estate Industry

Real estate is a crucial aspect of the global economy and affects individuals and communities in various ways. While it’s easy to get caught up in the local real estate market, it’s also important to take a step back and understand the larger picture.

In this article, we will be exploring fascinating real estate facts from Africa and around the world. Get ready to be surprised and educated on the latest trends and statistics in the industry.

The housing vacancy rates are highest in Nigeria’s capital, Abuja.

Recent studies claim that the Katampe neighbourhood in the FCT has the greatest percentage of vacant residential spaces—nearly 40%—among all areas. Second place goes to Apo, which has a 19% vacancy rate.

The areas in Lagos with the greatest vacancy rates are Lekki, Ikoyi, and Victoria Island at 20% respectively.

Abuja and Lagos accounts for over 20% of Nigeria’s total real estate value

In Nigeria, Lagos and Abuja are home to the priciest lands and properties. Banana Island in Lagos has several High Net Worth Individuals and the highest per capita income of any place in the nation. The elite also favour homes in Victoria Island, Ikeja GRA, and Old Ikoyi.

Nigeria has one of the lowest rates of home ownership worldwide

Nigeria has a homeownership rate of 25%. This is less than comparable figures from other rising markets like South Africa (84%), Indonesia (84%), and Turkey (58%).

Rent in Lagos is more expensive than in West Virginia and Iowa

The cost of living is high in Lagos, Nigeria. Some areas had rent that was higher than that of some West Virginian and Iowan apartments. In neighborhoods like Ikoyi, Ikeja, and the surrounding suburbs, the rent for a three-bedroom flat can reach as much as twenty-five million Naira (N 25,000,000) per year.

In Scotland, red doors are symbolic
When you pay off your mortgage, it’s customary in Scotland to paint your door red.

It’s difficult to find old houses in Tokyo
If you’ve ever hoped to save money by buying a pre-owned home in Tokyo, you might want to rethink your plan. The country’s construction industry is vibrant that over half of homes in Japan are demolished 30 years after they are built. In Japan, buying a previously owned, resale home is quite challenging.

Friday is the best day of the week to list your house, and historically t he best selling month of the year is  April

McDonald’s has one of the best real estate portfolios in the world— the  Burger flipping is delegated to franchises, and McDonald’s is compensated bountifully for owning the best commercial real estate in the world.

Warren Buffet still resides in his Nebraska home which he purchased in 1958 for $31,500.

There are five times as many unoccupied homes as there are homeless persons in the United States.

Nigeria has a housing deficit of 22 million units Nigeria’s real estate industry is large, but it still can’t satisfy everyone’s needs. The Federal Mortgage Bank of Nigeria estimates that Nigeria has a deficit of 22 million housing units. This is more than the 17 million that PwC predicted a few years ago.

The best countries for real estate business in Africa
Before entering the lucrative yet risky world of real estate in Africa, it’s crucial to do your research and understand what to anticipate. Choose nations that are at the top of their game in the real estate industry to make things much simpler. Start with countries like Namibia, South Africa, Angola, Nigeria, Ghana, Kenya, Tanzania, Zambia, and Angola.

It’s better to sell luxury homes in Africa
Few Africans can afford to buy luxury estates or second residences. The majority of Africans like affordable housing, but when you consider the danger, it is much better to sell one luxurious home than a number of affordable ones.

Real estate developers are focusing on the middle class
Only a small percentage of Africans can afford expensive real estate. In addition, the majority of developers focus on the wealthy and middle classes. The later is driving a high demand for office space, which will elicit a response from investors and the government.

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