The Future of Real Estate: Emerging Innovation and Trends

Have you wondered how people make money from real estate? You may have wondered why real estate has been trending in Nigeria. Are you thinking of how you can also be a part of the real estate trend? Or why you should even be a part of real estate in the first place? Stay with us…

The Nigerian real estate sector is experiencing a dynamic shift, propelled by a combination of local influences and global trends such as smart cities, affordable housing needs, and increased real estate investments.

In this article, we will delve into the future of real estate in Nigeria, exploring the distinctive trends and innovations that are reshaping the industry. We will also tell you why you should invest in real estate quickly.

1. Smart Cities:

The rapid urbanisation in Nigeria is creating a demand for smart city solutions tailored to its unique challenges. For example, in Lagos state, the governor, Mr Babajide Sanwoolu, has pledged his commitment to ensuring that the Lagos smart city dream comes to fruition by 2030. 

Nigerian real estate developers are increasingly adopting smart building technologies and IoT solutions to create more sustainable, efficient, and interconnected urban spaces that address the specific needs of the local population. 

One major example of this smart building technology is Project Estellar, which is a 20-year lease for a fully residential unit with studio apartments that have different side attractions. Located at the heart of Akoka, Yaba, Project Estellar is a smart building plan that provides easy access to locations like Unilag, Bariga, 3rd Mainland Bridge, FCE, and Yabatech. 

2. Long-Term Investment Solution:

Imagine investing in a building and owning it for 20 years! Yes, this is one of Nigeria’s most amazing features of real estate. 

In 2022, Project Primero was launched. It was a 15-year lease investment in the heart of Akoka, Yaba. This housing unit sold out in 5 months, and now investors are getting over 20% ROI per year.

Real estate is one amazing investment solution in Nigeria. In 2023, we launched Project Estellar, inviting investors to take a key role in this project.

 One reason to Key into this project is Student housing. Due to the large population of students with accommodation needs, investors in Estellar can solve the accommodation problem by renting out their space every year for 20 years! 

3. Remote Work in Nigeria:

After COVID hit in 2020, there has been a global increase in remote work. There is an increased demand for home offices, co-working spaces, and short-let apartments that accommodate the changing nature of work. 

At BO properties, we understand the specific needs of the Nigerian workforce and are incorporating features that support remote work, such as fully air-conditioned studio apartments, fully tiled houses, and maximum security, which are now integrated into the comfortable homes we offer. 

4. Communal Housing:

Nigeria’s rich cultural tapestry emphasises community, making co-living and community-centric developments a natural fit for the market. At BO properties, we design projects prioritising shared amenities, communal spaces, and collaborative environments, such as our Mini Self-con apartments and shared apartments.

Why Should  You  Invest  In  Real  Estate?

Investing in real estate presents a myriad of opportunities and advantages for investors looking to diversify their portfolios and capitalise on the country’s economic growth. Here are several reasons why you should consider investing in real estate:

1. Nigeria is one of the most populous countries in Africa, with a rapidly growing population. This demographic trend creates increased demand for housing, commercial spaces, and infrastructure development.

2. The government’s focus on urban renewal and housing initiatives, such as the National Housing Programme, creates opportunities for real estate investors to meet the growing demand for residential and commercial properties.

3. Real estate offers a range of investment options, from residential and commercial properties to industrial developments. Investors can choose based on risk appetite, preferences, and investment goals.

4. Real estate has offered favourable rental yields, providing investors with the potential for attractive returns on investment.

5. Cities like Lagos are thriving business and cultural hubs, attracting attention from investors looking for opportunities in dynamic and vibrant urban environments.

Now that you know about the emerging trends in real estate, it is self-evident that the best time to invest in real estate was yesterday. The next best time is today.

We know that you may have many questions, and we at BO Properties are here to answer all of them. Click here to start a conversation. Say NO to procrastination in 2024!