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Real Estate, World

Foreign Brands Renew Interest in Nigeria’s Real Estate

Building materials manufacturers have said the real estate industry has started stabilising with more investments expected.

At the recently concluded construction exhibition in Lagos, tagged, ‘The Big 5 Construct Nigeria’, some foreign investors looking for opportunities in the country said the real estate industry development reflected the growth in the second quarter of 2019, hence the renewed interest.

The General Manager, Sales and Operations of the United Arab Emirates-based Grannitto – Al Khaleej Ceramics, Siva Gopal,  said it had become important to do business in Nigeria, adding that despite a drop in the last quarter of 2018, the Nigerian construction and real estate industry recorded growth in the second quarter of 2019 with prediction for good numbers in the second half of 2019 and 2020.

He said, “As per the information received through various media, investment in real estate is more stable compared to any other business venture in Nigeria.

“Politicians and people with money would like to invest in the sector. Because of the dull experience in the sector in the immediate past year, the sector will offer people the opportunity to invest in it now.”

The Marketing Head, Abdullah Al Barrak Factory for Plastic Products, Mohammad Aslam, described Nigeria as a growing country with mixed economy and emerging markets.

The country, according to him, is expanding in the manufacturing, financial, service, communications, technology and entertainment sectors.

He added, “We will contribute our services towards the growth and development of the Nigerian construction market. The ABPF polycarbonate sheets have an ideal solution for a wide range of applications in construction, industrial, commercial and domestic segments.

“The PC solid sheets are an engineering plastic used extensively in the construction industry for external applications such as skylights, space frames, roofs, shades and vaults/ barrels.”

The Portfolio Director at DMG Events, the organisers of the exhibition, Muhammed Kazi, said companies from over 20 countries such as China, Egypt, France, Greece, Germany, Italy, Saudi Arabia, Turkey and the United Arab Emirates had indicated interest to invest in the Nigerian market.

“We believe this is a great success and a clear indication of the country’s growing attractiveness in the global construction arena,” he said.

He explained that new development plans were creating huge demand for international suppliers to bring their products and technologies to Nigeria and The Big 5 Construct Nigeria, which held between September 9 and 11, was a response to such demand.

Source: punchngng

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