Lagos may overtake Johannesburg as Africa’s property pearl of the future, according to Africa Property News.com. Disclosing this, the Media Director of the online publication, Mr Ortneil Kutama said, ‘’Lagos may be the pearl of the future for property investment while Johannesburg is a competitive centre’’. Already, Nigeria is Africa’s biggest economy on the continent while South Africa is regarded as a business centre city.
Though, Johannesburg is still number and quality of properties, when compared with Lagos, however, the indices on ground shows that Lagos may overtake Johannesburg in the near future. According to Kutama, Nigeria has a gross domestic product of $1 trillion, according to 2014 estimates by the CIA World Factbook with South Africa’s gross domestic product put at $707 billion. Lagos, he said, is a much longer term player than the city of Johannesburg in terms of projects for developers; however, the red tape in Nigeria is not easy to navigate.
‘’ Johannesburg remains the powerhouse city of Africa and some property funds are thinking ahead and investing in Lagos nonetheless’’. Lagos has a population of nearly 5.2-million people and many of them are aged between 18 and 40. The middle class is growing rapidly, yet there are very few conventional American style shopping malls in the entire city. Some of the property investment companies listed on South Africa’s JSE that have invested in Nigeria, include Resilient Africa, Attacq and Hyprop Investments. Of all, Resilient Africa stands out as a fund, which has investments in Lagos as opposed to other investors, which are working in other cities.
Source: National Mirror Nigeria