The country’s commercial centre, Lagos, had a 14% decline in real estate construction activity in 2022 as a result of increased electoral uncertainty, problems with the local currency, and inflation, according to a report from Intel.
According to the “Lagos Real Estate Development Pipeline Report,” the real estate industry has held up well despite its instability, with promising signs emerging in most of the sectors examined.
The paper, which emphasized the amount of unfinished projects in Lagos State’s office, residential, hospitality, retail, and healthcare sectors, claimed that the state’s ongoing, rapid infrastructural development has given developers and investors new options.
The research states that the office sector saw a decrease in the development pipeline from 25% in 2021 to 16% of the overall stock.
