A new report by Ubosi Eleh & company, an estate and valuer firm, says the nation’s economy grew at 3.4% to beat the 3% figure projected by the International Monetary Fund .
The 3.4% economic growth was a significant highlight of the 128–page report that described the rate as the fastest and strongest annual rate since 2014 and that it was uncharacteristically driven by the non-oil sector. The report added that Nigeria’s GDP grew by 5.01% year on year in the second quarter of 2021.
It narrated how the general state of insecurity and harsh socio – political situation impacted real estate in 2021. In its political review, the report noted that in the efforts to ameliorate housing shortage in the country, 2000 hectares of land were given by 24 states for the federal government’s social housing programme. It was expected that the programme would produce 17,584 housing units in 16 locations in the country.
According to the UbosiEleh report, residential real estate got more boost as the coronavirus pandemic continued to create concerns, and consequently many organizations adopted work-from-home policy. Residential demand was mainly for family housing units, pocket friendly and small sized accommodations. In its market review, the real estate market grew by 2.
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