As 2016 gets underway, number one real estate platform Lamudi Nigeria explores the real estate markets to watch this year.
Lagos, Nigeria
According to PwC, the Nigerian real estate sector is expected to be valued at $13.65 billion in 2016, compared to the value of $9.16 billion in 2014. The report further states that the real estate sector is the largest in the economy, where the sector accounts for 7.6 percent of the country’s GDP of $509.9 billion. With a growing population, the Nigerian government has launched the Nigerian Mortgage Refinance Corporation (NMRC) in 2014 aiming to provide affordable mortgages for Nigerians. Between 2015 and 2016, Lagos, Abuja and Port Harcourt are expected to erect over 10 skyscrapers valued at over N500 billion.
Nairobi, Kenya
Kenya has made a name for itself in the startup and technology sectors; Nairobi has become a hub for global and local corporations looking to enter these booming industries and take advantage of the opportunities East Africa has to offer. As a result, the commercial and residential real estate markets are booming. Industry professionals expect this to continue in 2016. While international entrepreneurs are settling in Kenya’s capital, population growth is also expected to boost the city’s real estate market in 2016; as more Kenyans enter the job market and disposable income increases, we can expect more money to be spent on housing.
Quezon City, the Philippines
By 2025, Quezon City is expected to have a population of almost four million. Metro Manila’s largest and most populous city had the greatest volume of online search traffic between January and June 2015, according to Lamudi’s onsite data. Search volume for the city grew, on average, 22 percent per month during the same period. The online real estate platform’s data also reveals the city has the most affordable office space to rent, with an average price of Php503.79 (USD 10.73) per square meter per month.
Mandalay, Myanmar
Tourism is booming in Myanmar. At the end of 2015, the Ministry of Hotel and Tourism announced plans to attract 7.5 million tourists to the country by 2020, with a seven-year master plan. As a result, Myanmar’s second city - Mandalay - is improving its infrastructure, and welcoming the construction of both small, independent and high-end hotels. Housing in the city is much cheaper than in Yangon, however residential and commercial real estate is in short supply. As the number of tourists to the city increases, it is expected to undergo significant development to improve the real estate options available to visitors.
Riyadh, Saudi Arabia
This year will see the construction of a $320 million mall in Riyadh. The project will include office space, retail units, restaurants, and a boutique hotel, as well as recreational areas. The Riyadh Walk will cover 137,000 square meters of Saudi Arabia’s capital city and is considered to be a step forward in upgrading the country’s commercial mixed-use projects. Construction is expected to boost Riyadh’s commercial real estate sector, and lead to the development of more residential, commercial and industrial properties.
Kandy, Sri Lanka
The removal of land lease tax in Sri Lanka is expected to encourage non-nationals to invest in the country’s growth and development outside Colombo. As Sri Lanka’s first ‘Smart City,’ Kandy is expected to welcome an increased number of international corporations, entrepreneurs, and startups, eager to invest in the city’s growth. Consequently, the property sector is forecast to go from strength to strength over the next 12 months. Furthermore, the continued development of the Colombo-Kandy Expressway is expected to transform the city into a hub of activity, which will likely result in a surge of real estate activity.
Casablanca, Morocco
In 2015, Morocco ranked eighth in Cushman & Wakefield’s list of top emerging markets in the world. According to the report, the country was among the top 10 with the lowest risk to invest and open a business in real estate. Casablanca, considered the country’s economic capital, is experiencing stable rents, increased supply, and the development of large-scale commercial and office projects. The city shows great potential for both tourism and business, with the amount of office space expected to double in the next four years.
Lagos, Nigeria
According to PwC, the Nigerian real estate sector is expected to be valued at $13.65 billion in 2016, compared to the value of $9.16 billion in 2014. The report further states that the real estate sector is the largest in the economy, where the sector accounts for 7.6 percent of the country’s GDP of $509.9 billion. With a growing population, the Nigerian government has launched the Nigerian Mortgage Refinance Corporation (NMRC) in 2014 aiming to provide affordable mortgages for Nigerians. Between 2015 and 2016, Lagos, Abuja and Port Harcourt are expected to erect over 10 skyscrapers valued at over N500 billion.
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| Lagos |
Kenya has made a name for itself in the startup and technology sectors; Nairobi has become a hub for global and local corporations looking to enter these booming industries and take advantage of the opportunities East Africa has to offer. As a result, the commercial and residential real estate markets are booming. Industry professionals expect this to continue in 2016. While international entrepreneurs are settling in Kenya’s capital, population growth is also expected to boost the city’s real estate market in 2016; as more Kenyans enter the job market and disposable income increases, we can expect more money to be spent on housing.
By 2025, Quezon City is expected to have a population of almost four million. Metro Manila’s largest and most populous city had the greatest volume of online search traffic between January and June 2015, according to Lamudi’s onsite data. Search volume for the city grew, on average, 22 percent per month during the same period. The online real estate platform’s data also reveals the city has the most affordable office space to rent, with an average price of Php503.79 (USD 10.73) per square meter per month.
Mandalay, Myanmar
Tourism is booming in Myanmar. At the end of 2015, the Ministry of Hotel and Tourism announced plans to attract 7.5 million tourists to the country by 2020, with a seven-year master plan. As a result, Myanmar’s second city - Mandalay - is improving its infrastructure, and welcoming the construction of both small, independent and high-end hotels. Housing in the city is much cheaper than in Yangon, however residential and commercial real estate is in short supply. As the number of tourists to the city increases, it is expected to undergo significant development to improve the real estate options available to visitors.
Riyadh, Saudi Arabia
This year will see the construction of a $320 million mall in Riyadh. The project will include office space, retail units, restaurants, and a boutique hotel, as well as recreational areas. The Riyadh Walk will cover 137,000 square meters of Saudi Arabia’s capital city and is considered to be a step forward in upgrading the country’s commercial mixed-use projects. Construction is expected to boost Riyadh’s commercial real estate sector, and lead to the development of more residential, commercial and industrial properties.
Kandy, Sri Lanka
The removal of land lease tax in Sri Lanka is expected to encourage non-nationals to invest in the country’s growth and development outside Colombo. As Sri Lanka’s first ‘Smart City,’ Kandy is expected to welcome an increased number of international corporations, entrepreneurs, and startups, eager to invest in the city’s growth. Consequently, the property sector is forecast to go from strength to strength over the next 12 months. Furthermore, the continued development of the Colombo-Kandy Expressway is expected to transform the city into a hub of activity, which will likely result in a surge of real estate activity.
Casablanca, Morocco
In 2015, Morocco ranked eighth in Cushman & Wakefield’s list of top emerging markets in the world. According to the report, the country was among the top 10 with the lowest risk to invest and open a business in real estate. Casablanca, considered the country’s economic capital, is experiencing stable rents, increased supply, and the development of large-scale commercial and office projects. The city shows great potential for both tourism and business, with the amount of office space expected to double in the next four years.
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