Nigeria sees growth for demand in luxury residential property

Real Estate
WITH world’s ultra high net worth population growing, and real estate playing unique role of an investment opportunity, a new report forecasts that the ongoing shift in the wealth creation cycle from the West, and the growing significance of inter-generational wealth transfers will have significant consequences on the luxury residential real estate market, especially on new developments and a change in investment grade cities such as Lagos.

The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report reveals that the future of luxury residential real estate looks highly promising and positive, with its tendency to gain in value faster than traditional real estate and its greater appeal to ultra high net worth (UHNW) individuals with inherited wealth as well as its reputation as a safe asset.

Essentially, luxury residential real estate is set to see more and more growth in demand, for example, with the anticipated fast growth in UHNW wealth and overall economic development in regions like Africa. Lagos is one of the hubs expected in Africa to gain from the new developments. This will be accentuated by the globalisation of business interests around the world, with an increase in the number of UHNW individuals who will purchase residential real estate in these new markets.
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