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We hope you will enjoy reading this exciting history of how Real estate business/industry began in Nigeria.
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How did Real Estate business industry came into existence in Nigeria?
The Real Estate business industry in Nigeria has a long and complex history that spans through several decades.
The First instance can be traced back to the COLONIAL ERA when Nigeria was under the British rule.
The British introduced a system of Land ownership and Land registration, which laid the foundation for property transactions and the emergence of a formal real estate sector that is this was how the foundation of real estate was laid in Nigeria.
After the Colonial Era, Nigeria gained independence from the British colonial rule in 1960 and we can call this Era the POST INDEPENDENCE ERA. During the early years after independence, there was a rapid urbanization process as people migrated from rural areas to cities in search of better opportunities. This urbanization led to the increased in demand for housing and other real estate properties.
Another interesting fact about how Real estate business industry began in Nigeria was that after the Post independence era, Nigeria experienced what we call the OIL BOOM ERA which happened in the 1970s whereby Nigeria experienced an oil boom that is the discovery of oil in some parts of Nigeria, which resulted in a significant increase in government revenue. Thus, this period saw the establishment of several government institutions and agencies involved in real estate development and urban planning. The government embarked on Large-scale housing projects and infrastructure development to cater to the growing population.
However, with the Oil boom experience in Nigeria, this gave birth to the GROWTH OF PRIVATE SECTOR in the 1980s and 1990s thereafter, Nigeria witnessed a shift towards market-oriented policies in which led to the growth of the private sector.
Real Estate developers and investors began playing a more prominent role in the Industry. In other words, Private companies emerged, specializing in property development, property management, brokerage and other estate services.
After the Private sector evolved , Nigeria experienced what we call Economic Challenges in the late 20th century and early 21st century, including periods of recession and inflation. These economic fluctuations had an impact on the real estate business industry, causing fluctuations in property prices and investments.
Despite the Economic Challenges which Nigeria faced in the late 20th century and the early 21st century, this gave rise to the Modern Real Estate Industry and in recent years, the Nigerian real estate industry has experienced significant growth and transformation. The industry has become more organized, with professional associations and regulatory bodies playing a crucial role in setting standards and regulating activities.
Technology has also played a significant role, with the emergence of online property portals, digital marketing, and property management software.
We can see today that the Nigerian real estate business industry is diverse and dynamic, encompassing residential, commercial, and industrial properties. It has continue to evolve with new developments, investment opportunities, and government policies aimed at addressing housing deficits and promoting sustainable urban development.
Even though the Nation is still witnessing a lot of challenges today, we can therefore see that the Real Estate business industry is still solid in Nigeria.
We hope you enjoyed this brief history of how Real estate business industry came into existence in Nigeria.
Journey with on our next episode on another interesting piece on our Real estate blog.
Do have a lovely week ahead!!!