We sat down with Ugo Obi, CEO of Tilden Development Limited, to get his thoughts on the outlook for real estate in Nigeria in 2023.
As the founder and CEO of one of Nigeria’s leading real estate firms (Tilden Development Limited), Ugo Obi has a unique perspective on the state of the industry.
Q: How do you see the real estate market in Nigeria evolving in 2023?
A: The real estate market in Nigeria has always been dynamic, and we expect that to continue in 2023. One trend we are seeing is an increase in demand for affordable housing, particularly in urban areas. This is being driven by population growth and the need for more housing options for lower and middle-income earners.
At the same time, there is also a growing demand for high-end residential and commercial properties, particularly in cities like Lagos and Abuja. This is being driven by the need to hedge against inflation coupled by an increase in both local and foreign investment and the expanding growth of the middle class.
Overall, we expect to see steady growth in the real estate market in Nigeria in 2023, with a focus on both affordable and luxury options.
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Q: What challenges do you see facing the industry in the coming year?
A: One challenge that has consistently faced the real estate industry in Nigeria is access to financing. Many potential buyers and developers struggle to secure the necessary financing to complete transactions. This is a major obstacle to growth and development of the sector.
Another challenge is the issue of title deeds and property ownership. In some cases, it can be difficult to establish clear ownership of a property, which can create problems while concluding a transaction or commencing the development of a project.
Finally, infrastructure is always a challenge in any developing market. In Nigeria, inadequate road network, power infrastructure and water system can all be barriers to development. The infrastructure issues when addressed by the developer would ultimately increase the cost of the project from a financing point.
Q: How is Tilden Development addressing these challenges?
A: At Tilden Development, we are always looking for ways to innovate and overcome these challenges. We have partnerships with banks and other financial institutions to provide financing options for our clients. We also work closely with the government and other stakeholders to address issues of Title Deeds and Property Ownership.
Additionally, we are committed to developing and delivering properties timely to our investors. These properties are of high sustainable quality, considerate of the environment and the needs of the local community. We believe that this approach will help us to not only meet the requirements of our clients, but also contribute to the long-term growth and development of the market.
Q: What advice do you have for anyone looking to enter the real estate market in Nigeria in 2023?
A: Our advice for anyone looking to enter the real estate market in Nigeria in 2023 is to undertake adequate research and be prepared for challenges. The market can be unpredictable, hence it important to be flexible and adaptable.
Consequently, now is a great time to be involved in the industry. There are many opportunities for growth and innovation. We believe that those who are willing to put in the work and take calculated risks shall be well-positioned for success.
Tilden Development Limited is committed to guiding investors in their journey into the Real Estate Industry and we are very accessible through the following channels;
+234 1 291 1870
IG: @tilden_ng, Facebook & LinkedIn: Tilden Development Limited