There has been a mix increase in demand and limited supply of modern office space; this has made foreign real estate developers to shift their focus to the property market. The developers who normally develop luxurious properties for the high end in the society; say they are responding to the realities of the current market.
A close observation in the property market in the past one year clearly shows a burning need by these investors to make such demands met with the construction of a grade office space at Lagos and Abuja and retail malls in other commercial cities like warri and benin.
Maureen Orazulike the regional director of century 21, a real estate consulting and marketing firm, told Housing News in an exclusive chat that “the shift to commercial segment of the market by foreign real estate developers was primarily occasioned by the lull in the high-end residential market, where they usually play”
Orazulike further explained that since the demand for most luxurious flats are not high due to the cost attached to it and developers refusing to reduce the prices, these flats are experiencing high vacancy rate, making investors to see the commercial segment of the market as the new cash-cow of the property business.
Its no doubt that Abuja compared to its other contemporary cities in the world is still under supplied with retail facilities. But we are extremely confident of the potentials of Nigeria’s growth in the economy.