By Alex C
Growing investor confidence in the nation’s economy has continued to attract foreign direct investment (FDI) in the real estate sector, riding on the back of a combination of factors including the country’s demographics, emerging middle class with strong spending power and the rebased Gross Domestic Product (GDP) which shows a GDP size of $510 billion.
Recently, a whopping N24 billion FDI came into the luxury end of the real estate market for the development of a 750-unit high-end housing estate called RivTaf Golf Estate in Port Harcourt, Rivers State, which will deliver luxury villas or duplexes, town houses and luxury two- and three-bedroom apartments.
It is noteworthy that the rebasing of Nigeria’s GDP has exposed much more opportunities in real estate and infrastructure investment than had been previously imagined by both investors and analysts. This rebasing effort by the National Bureau of Statistics (NBS) shows that the country’s economy is now more diversified, with activities in the services sector overtaking those of agriculture and industry.
The implication of this to the real estate sector, analysts say, is increased opportunities as increased activities in the service sector, including wholesale and retail trade, human health and social services, information and communication, as well as professional, scientific and technical services, mean more investment in real estate space and infrastructure.
Nwogugu, head, real estate unit, African Capital Alliance, said that there would be increased potential and opportunities in the economy as a result of the rebasing exercise, adding that more people would be looking to invest in the Nigerian economy.
A peep into RivTaf Golf Estate reveals that the estate sits on 38 hectares of land along Peter Odili Road, Trans Amadi, Port Harcourt. It is estimated to cost N24 billion to build; a joint venture project between the Rivers State government and Taf Nigeria Homes Limited.
The composition of the project is 608 apartments comprising two and three bedrooms; 31 villas comprising four and five bedrooms; 52 town houses which are all four bedrooms. There is also a golf course with 128 luxury villas comprising four and five bedrooms said to be built.
The luxury real estate market is expected to create enormous direct labour, exclusive of food vendors and materials suppliers.
Image: https://www.mercy-homes.com