Having contributed over N7 trillion to the nation’s Gross Domestic Product (GDP), coupled with the improved investors’ trust in the industry, no thanks to the number of housing schemes initiated in the third and fourth quarters of 2022.
High interest rate environment, increase in the cost of building materials, poor land acquisition policy, and forfeiture orders on properties owned by politically exposed persons as major risks in the sector in 2023.
Talking about opportunities in the construction sector, they said the sector’s contribution to GDP would hit 9.2 per cent due to increased spending and investment on road infrastructure, noting that Nigeria’s government had already concessioned 12 federal highways.
Real estate’s outlook in the new year is bright, citing the Central Bank of Nigeria (CBN)’s new cash policy and naira notes.