Munachi
Okoye,
Managing Director, MCO Real Estate
told CNBC Africa that the fundamentals of the Nigerian economy have not changed
and this would positively impact the real estate space going forward.
“Nigeria still
has the huge demographic base of consumers coupled with the growing economy and
a positive gross domestic product (GDP),”
said Okoye.
“There are a lot
of opportunities waiting to be plugged; we are still seeing very good returns.
There is a very strong demand for residential market,” he said.
MCO Real Estate also added
that land prices have remained stable in 2015 with little transaction activity.
He also noted that part of the optimism in the real estate space was informed
by a pipeline of projects coming in 2016.
MCO Real Estate said the
group also assist with bringing in international investors especially from
Russia and China A number of international investors had stepped backwards due
to political and perceived currency risk which did not necessary mean there was
no interest.
Africa is one of the last
markets left that is not developed. Construction in the hospitality market has
also been halted due to security challenges and Ebola virus that affected West
African economies. Okoye believes that the hospitality sector will pick next
year.
“We believe so,
expect so and hope so that the hospitality market will pick next year. The
hospitality has been through a challenging cycle due to Boko Haram, Ebola and
political change.” (guardian)
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