Despite problems such as lack of infrastructure and wide spread poverty, the premium and luxury property space in the West African region seems to be soaring.
“We have seen a steady growth in the premium space both in Nigeria and across West Africa, there is quite a steady growth both from local investors and some international investors,” Maryanne Okonjo, CEO of Fine and Country told CNBC Africa.
(READ MORE: Nigeria beats S.Africa as continent's biggest economy)
Nigeria recently became the largest economy on the continent exposing the numerous investment opportunities in the country’s real estate sector.
“We believe that wherever we see economic growth, there is usually activity in various sectors and definitely the real estate sector hasn’t been left out,” she said
International investors are entering the real estate market ferociously regardless of challenges such as rising interest rates, inflationary pressures, instability in foreign exchange, insecurity, land accessibility, short duration of bank funding, and governance at state level.
(READ MORE: Attractiveness of the African property market)
“I believe that is what is happening with emerging markets, obviously Nigeria and some other parts of West Africa, people are looking for opportunities, they are looking for growth opportunities and with other parts of the world showing some decline in some cases,” she explained.
According to her, the formal housing sector is one that is still really waiting to happen across Africa as a result of the financing issues that the continent faces.
“Fine and country believes that real estate should be undergirded by vision, strategy, knowledge or insight, which is obviously driven by empirical data which is usually lacking especially in Africa and finally by execution,” she added.