Africa real estate sector is projected to reach $17.64 trillion by 2025, with Nigeria’s market expected to hit $2.61 trillion, experts said at the Nigerian-British Chamber of Commerce Real Estate Summit in Lagos.

The event, themed The Future of Real Estate: Floating Cities, Skyscrapers & Tech-Driven Living, explored cutting-edge solutions shaping the industry.

Mr. Hakeem Ogunniran, founder of Eximia, stated that the residential segment alone is valued at $14.87 trillion, with an estimated annual growth rate of 5.58% from 2024 to 2029. He identified key drivers of the sector, including regulatory compliance, property technology, green building practices, and innovative financing models.

To harness these opportunities, he urged Nigeria to embrace industry shifts, highlighting investment areas such as student housing, co-living spaces, crowdfunding, and logistics warehouses.

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Mr. Akin Opatola, President of the International Real Estate Federation , advocated for floating cities and skyscrapers to address land shortages and climate challenges. He emphasized the role of blockchain in property transactions, AI-driven management, and public-private partnerships.

Mrs. Udo Okonjo, CEO of Fine & Country West Africa, stressed the need for sustainable urban development, noting that floating cities offer flood resilience, space efficiency, and smart infrastructure integration.

NBCC President, Mr. Ray Atelly, described the real estate sector as being at a critical turning point due to urbanization, climate adaptation, and technological advancements. He called for a shift towards vertical megacities, floating urban hubs, and sustainable living solutions.

He urged stakeholders to rethink traditional development models, positioning Nigeria to lead Africa in building smart, resilient, and inclusive cities.

NAN