The Nigerian real estate market experienced significant growth, recording a 46.52% expansion in the third quarter of 2024. This was revealed by the Group Managing Director of Alpha Mead Group, Femi Akintunde, during a recent gathering in Lagos.
He highlighted that the sector also achieved a quarter-on-quarter increase of 16.5% and contributed 5.43% to the nation’s real Gross Domestic Product (GDP) within the period under review. According to Akintunde, this performance positioned real estate ahead of key economic sectors such as oil and gas, telecommunications, and agriculture. He attributed part of this remarkable growth to advancements in facility management, influenced by emerging trends in sustainability, automation, artificial intelligence, smart building technologies, workplace well-being, and cybersecurity.
Akintunde further explained that the sustained expansion of the real estate sector could support Nigeria’s ambition of building a $1 trillion economy. This, he noted, could be achieved through employment generation, urban and rural transformation, and increased revenue from taxes and levies.
He stated, “The real estate industry has now outpaced traditional economic giants like oil and gas, telecommunications, and agriculture, which have historically led the economy. Facility management has also been instrumental in driving this progress.”
Additionally, Akintunde underscored the critical role of professional facility managers in maintaining the sector’s upward trajectory. He warned developers and investors against personally overseeing complex properties, as this approach could result in poor maintenance standards, tenant dissatisfaction, and diminished investment returns.
“A lack of professional facility management often leads to deteriorating infrastructure, negative tenant experiences, and ultimately, reduced profitability for investors,” he cautioned.
