Relying on the performances recorded in the first three quarters of last year, experts/ analysts are of the opinion that outlook for the real estate sector in 2023 is bright. DAYO AYEYEMI reports
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 the number of housing schemes initiated in the third and fourth quarters of 2022, experts say there will be sustained growth in the real estate sector in 2023.
According to them, no matter which party wins the forthcoming elections, real estate sector would witness an improved performance over 2022.
Predicting sustained growth in the industry, experts/analysts from the Bismarck Rewane-led Financial Derivatives Company (FDC), in their report, said that real estate would expand by 5.2 per cent in 2023
They added that contribution of real estate to the Gross Domestic Product (GDP) would increase to 6.5 per cent in the New Year, no thanks to high population and urbanisation growth
The analysts identified 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.
