Nigeria’s commercial property market recorded a major rebound in 2024, with transaction volumes climbing to $336m, up from $53m in 2023, according to a new report by Estate Intel. The surge reflects renewed investor confidence supported by improving economic stability.
The report noted that the real estate sector responded positively to ongoing reforms, posting record levels of commercial property acquisitions during the year.
“As Nigeria eases into a new era of economic stability, the real estate market is responding positively with record levels of commercial property acquisition activity,” Estate Intel stated. “In line with our expectations, transaction volumes in 2024 grew fivefold to $336m, compared to $53m in the previous year.”
The growth, the report said, was largely driven by acquisitions from income funds and Nigerian corporates seeking to own their headquarters rather than lease office space.
This momentum has also reflected strongly in the broader economy, with Real Estate Services emerging as a major contributor to GDP growth. The sector ranked as the third-largest contributor to GDP at the end of last year, underscoring its importance in Nigeria’s post-reform economic expansion.
Estate Intel highlighted the growing presence of Nigerian corporates and other owner-occupiers in the market, particularly through office acquisitions and brownfield or greenfield developments. While they do not yet dominate acquisition volumes, the segment is expanding due to relatively low asset prices, rising construction costs and efforts to avoid high dollar-denominated rents for Grade-A office space in Lagos.
In its latest Capital Trends report, the firm said it examined shifts in Nigeria’s real estate capital markets, including changing capital sources, yield expansion and rising interest in renovations and brownfield developments.
“As we approach the end of 2025, acquisition activity we are tracking stands just under $50m,” the report noted, adding that due to limited market transparency, full transaction data may only become available in early 2026. Nonetheless, the firm expressed optimism that the renewed activity signals Nigeria’s readiness to re-attract international institutional capital to its major cities.
The report further pointed to encouraging macroeconomic indicators, saying reforms aimed at stabilising the economy and restoring investor confidence are yielding results.
Following several months of relative currency stability, the naira strengthened to N1,422/$ at the official window by the end of October 2025, while foreign reserves rose to $42.1bn, their highest level since August 2019.
Rebased GDP figures show that Real Estate Services accounted for 13.3 per cent of GDP in 2024, ranking behind Trade (18.2 per cent) and Crop Production (17.5 per cent). Construction ranked fifth, contributing 4.7 per cent.
Combined, the real estate and construction sectors now account for nearly 18 per cent of Nigeria’s GDP, highlighting their critical role in the country’s urbanisation drive and long-term investment outlook.
- Troops ambush Boko Haram logistics convoy, kills 21 fighters in Borno - December 21, 2025
- ECOWAS Court orders FG to probe 1978 seizure of company shares, awards ₦5m compensation - December 21, 2025
- Police take over Malami’s hotel in Kebbi - December 21, 2025
