Today, Victoria Island, alongside its adjuncts – Ikoyi and Lekki – boasts of some of the most aesthetic structures in Africa, drawing massive investments into the real estate sector from home and abroad. One visible trend that has helped rake in these investments from the diaspora, has been the competitive environment that has consequently spurred creativity among industry practitioners, with new innovations being churned out on a consistent basis to woo a spectrum of investors who are already exposed to global best practices in real estate development.

One other factor that has played a contributory role in wooing diaspora investors into the highbrow real estate market has been the nature of the facility management. This is primarily due to the fact that facility management supports the functionality, safety and sustainability of buildings.

Ultimately, it has been a strategic blend of the continued upscaling of standards, coupled with the profitability inherent in the market in these highbrow areas, that have drawn many diaspora investors to key into what has become a multi-trillion-naira market. As a result, many scramble to invest in the market owing to its profitability and huge potential for massive return on investment.

This explains why, despite the economic austerity in the country, particularly the rising inflation which has significantly shot up the cost of housing, experts have projected confidence that the real estate sector would post about 6 per cent growth by the end of 2022.

One of the firms wooing Nigerians abroad to highbrow areas in Lagos is MDS Properties Limited. In a chat with our correspondent, Ms Ifueko Oyegun, the Managing Partner at MDS Properties Limited, she said wooing diaspora clients had always boiled down to ensuring that certain key requirements are met. She said, “Clients that we work with who live in the Diaspora are quite easy to please once their requirements are met. The quality of the finishing as well as the construction is high priority ie the wiring, plumbing, painting, fixtures, fittings and accessories. High quality does not necessarily mean the highest end of products or the most expensive but it has to meet all global quality standards. Functionality is also important. This goes back to the experience and exposure of the architect and developer. How functional is the space? They also prefer safe and secure locations and estates with good security” She added that most diaspora investors required flexible payment plans since they live in countries where people get mortgages to buy properties so it would be easier for them if there is a payment plan for the property” she concluded.

Similarly, the CEO of The Address Homes, one of the firms wooing diaspora Nigerians to highbrow areas in Lagos, Mr Bisi Onasanya, during a recent tour of some of the company’s construction projects in Ikoyi, Lagos, said ensuring that construction standards met the fancy of diaspora Nigerians had become a focal point of the company’s recent development projects. He said: “We put structures which we call homes, not houses. These homes compete with the best that you can see outside the country, and yet, without getting you to break the bank in terms of being able to pay or affordability. We see people who try to relocate from abroad – Canada, UK, Europe – and there is a minimum standard of living that they are used to.“They like to enter a home and there are basic things they like to see, and in the environment also. We found that missing, to some extent. We wanted a situation in which you live in the Address Home and you’re proud to be living in the Address Home because of the comfortability we offer. That’s what we have been able to do. Have we done everything? We’ve done our best, but we still believe that we’ll keep improving.”

In a chat with our correspondent, the President of Nigerian Institution of Builders in Facilities Management, Dr Akinsola Olufemi, said that while the real estate market had recorded significant success with regard to drawing the attention of diaspora Nigerians, much work still needed to be done to ensure quality standards similar to what was obtainable in other parts of the world.



Technology is revolutionizing businesses and shaping industries globally. Even though real estate, like other traditional industries, has not changed very much in decades, the sector is beginning to get a face-lift, and we are excited to see Nigerian companies thriving under the new technology wave. Over the past few years, a number of proptech companies have emerged in Nigeria, bringing the age-long shifts that the sector has been waiting for. Through 2019 and 2021, fintech companies have raised billions of dollars in funding.

Although proptech in 2021 is just starting to gain traction, over $2million has already been raised by these 5 proptech companies we want to profile, and we expect that a similar narrative will play out over the next few years.

Here are Nigeria’s 5 proptech startups that recently got into the global space:

Rent Small Small is Africa’s first proptech company to join Techstars Accelerator, Canada.

Founders: Tunde Balogun, Naomi Olaghere, and Pidah Tnadah
Sector: Rental Marketplace. Financing
Key Regions: Nigeria
Highlighted Investors: TechStars Colliers

Rent Small Small started in 2018 and provides people the opportunity for monthly rental payment which is in sync with the wage system in Nigeria,

Yahshud Property Investment got $100k funding from Platform Capital.

Founders: Abdul-Jabbar Oyekan, and Ezekiel Adamu
Sector: Financing
Key Regions: Nigeria
Highlighted Investors: Platform Capital.

Yahshud is a real estate crowdfunding platform.

Estate Intel got into MetaProp in August 2021, with a $250,000 investment from the world’s foremost proptech accelerator.

Founders: Dolapo Omidire
Sector: Data and Analytics
Key Regions: Nigeria, Ghana, Kenya, Côte d’Ivoire

Highlighted Investors: MetaProp.

Estate Intel is a data platform that helps organisations interacting with the real estate and construction industry make faster and smarter decisions.

Spleet Inc is Africa’s first startup to join Metaprop.

Founders: Akintola Adesanmi and Dolapo Adebayo
Sector: Rental Marketplace and Rental Financing
Key Regions: Nigeria, Ghana
Highlighted Investors: MetaProp, Future Africa.

Spleet Inc is a rental platform that currently provides flexible rental payment opportunities to people in Lagos, Nigeria. The company will also be getting up to $250,000 funding from Metaprop

Eden Life raised $1.4m to expand its home services operation across Africa.

Founders: Nadayar Enegesi, Prosper Otemuyiwa, and Silm Momoh
Key Regions: Nigeria
Highlighted Investors: Local Globe and others.

Reference and source: Nairametrics



The first half of 2022 saw a period of increased real estate market activity with the sector building on the 2021 economic growth momentum. The International Monetary Fund, noted that Nigeria’s economic recovery continued to strengthen against the backdrop of the agriculture and services sector with GDP growth reaching 3.6 percent (y/y) in Q1 2022.All sectors apart from the oil sector were on an upward trajectory with Estate Intel projecting that the real estate services and construction sector would grow by 5% to 10% in 2022.

This optimism has been seen mostly on the residential side where demand has outpaced supply within some precincts, as certain house types has witnessed a surge in demand within the Ikoyi, Victoria Island and Lekki corridors according to the MDS Research team, leading to a Seller’s Market. Land prices have also spiked within these areas, and property prices have remained on a steady rise in response to rising inflation as well as rising cost of building materials triggered by the fall in the value of the Naira in the FOREX market. This segment is expected to continue to witness strong growths for the remaining half of the year, and developers who create matching house types based on demand are expected to make the most returns.

On the Commercial/Office side, the market recorded a few bright spots with the lease of Kingstower by Microsoft being the most significant transaction within the period. However, despite the mild sparks, this segment continues to struggle with stagnant prices, over supply and demand slump which has crippled growth since the outbreak of the pandemic. This has resulted in a market shift from a Landlord’s Market to a Tenant’s Market.

We expect the overall sector will remain subdued with rising inflation and the subdued nature of the energy sector impacting on demand leading to a prolonged stagnation and even decline in rents of office properties across board.

On the Retail Side – While Lagos’ demographic profile bodes well for retail, the macroeconomic challenges have continued to weigh down on the sector. High USD Dollar rents, a shallow tenant pool, rising construction costs and diminishing disposable incomes have impacted on the retail sector demand in general. As such, apart from Ikeja City mall, occupancy levels remain weak in Lagos’ retail malls leaving little room for new projects to thrive. Market over supply is likely to result in a development slowdown in this segment.