Nigeria Real Estate and Co-Living Spaces Market

The Nigeria Real Estate and Co-Living Spaces Market is valued at USD 15 Bn, fueled by population growth, urbanization, and government policies for affordable housing.

Region:Africa

Author(s):Geetanshi

Product Code:KRAA8126

Pages:98

Published On:September 2025

About the Report

Base Year 2024

Nigeria Real Estate and Co-Living Spaces Market Overview

  • The Nigeria Real Estate and Co-Living Spaces Market is valued at USD 15 billion, based on a five-year historical analysis. This growth is primarily driven by urbanization, population growth, and increasing demand for affordable housing solutions. The rise in disposable income and the influx of foreign investments have also contributed significantly to the market's expansion.
  • Lagos, Abuja, and Port Harcourt are the dominant cities in the Nigerian real estate market. Lagos, being the commercial hub, attracts a large number of businesses and expatriates, while Abuja serves as the political center, leading to high demand for both residential and commercial properties. Port Harcourt, with its oil and gas industry, also sees significant real estate activity.
  • In 2023, the Nigerian government implemented the National Housing Policy, aimed at providing affordable housing for low-income earners. This policy includes incentives for private developers to construct affordable housing units and aims to bridge the housing deficit in urban areas, thereby stimulating growth in the real estate sector.
Nigeria Real Estate and Co-Living Spaces Market Size

Nigeria Real Estate and Co-Living Spaces Market Segmentation

By Type:The market is segmented into various types, including Residential Properties, Commercial Properties, Co-Living Spaces, Luxury Apartments, Affordable Housing, Mixed-Use Developments, and Others. Among these, Residential Properties dominate the market due to the increasing population and urban migration, leading to a higher demand for housing solutions. Co-Living Spaces are gaining traction, especially among young professionals seeking affordable living arrangements in urban centers.

Nigeria Real Estate and Co-Living Spaces Market segmentation by Type.

By End-User:The end-user segmentation includes Individual Buyers, Real Estate Investors, Corporates, and Government Agencies. Individual Buyers represent the largest segment, driven by the need for home ownership and investment in real estate. Real Estate Investors are increasingly focusing on co-living and affordable housing projects, while Corporates and Government Agencies are investing in commercial properties to support their operations.

Nigeria Real Estate and Co-Living Spaces Market segmentation by End-User.

Nigeria Real Estate and Co-Living Spaces Market Competitive Landscape

The Nigeria Real Estate and Co-Living Spaces Market is characterized by a dynamic mix of regional and international players. Leading participants such as Jumia House, PropertyPro.ng, LandWey Investment Limited, Adron Homes & Properties, RevolutionPlus Property, Eko Atlantic City, Mixta Africa, Nestle Nigeria Plc, Urban Shelter Limited, Alpha Mead Group, First World Communities, The Address Homes, Landmark Africa, Broll Property Group, Elysium Properties contribute to innovation, geographic expansion, and service delivery in this space.

Jumia House

2012

Lagos, Nigeria

PropertyPro.ng

2014

Lagos, Nigeria

LandWey Investment Limited

2015

Lagos, Nigeria

Adron Homes & Properties

2012

Lagos, Nigeria

RevolutionPlus Property

2015

Lagos, Nigeria

Company

Establishment Year

Headquarters

Group Size (Large, Medium, or Small as per industry convention)

Revenue Growth Rate

Market Penetration Rate

Customer Retention Rate

Average Deal Size

Pricing Strategy

Nigeria Real Estate and Co-Living Spaces Market Industry Analysis

Growth Drivers

  • Urbanization and Population Growth:Nigeria's urban population is projected to reach 220 million in future, increasing the demand for housing. The urbanization rate is approximately 4.3% annually, leading to a significant influx of people into cities. This rapid urbanization creates a pressing need for residential spaces, particularly in metropolitan areas like Lagos and Abuja, where housing shortages are acute. The World Bank estimates that urbanization contributes to a 1.5% increase in GDP, further driving real estate development.
  • Increasing Demand for Affordable Housing:With over 50% of Nigeria's population living below the poverty line, the demand for affordable housing is critical. The National Housing Policy indicates a deficit of 17 million housing units, necessitating urgent development. The government aims to construct 1 million affordable homes in future, supported by initiatives like the National Housing Fund. This growing demand is a key driver for real estate investments, particularly in low-cost housing projects.
  • Rise of Remote Work and Co-Living Trends:The COVID-19 pandemic has accelerated the shift towards remote work, with 30% of Nigerian companies adopting flexible work arrangements. This trend has increased interest in co-living spaces, which offer affordable, community-oriented living solutions. In future, the co-living market is expected to grow significantly, driven by young professionals seeking cost-effective housing options. This shift is reshaping the real estate landscape, encouraging innovative housing solutions.

Market Challenges

  • Regulatory Hurdles:The Nigerian real estate market faces significant regulatory challenges, including complex land acquisition processes and inconsistent enforcement of building codes. According to the World Bank, it takes an average of 12 procedures and 60 days to register property, hindering investment. These regulatory barriers deter foreign investment and slow down housing development, exacerbating the existing housing deficit and limiting market growth.
  • Infrastructure Deficiencies:Nigeria's infrastructure remains underdeveloped, with only 30% of urban areas having access to reliable electricity and water supply. Poor transportation networks further complicate access to housing developments. The African Development Bank reports that inadequate infrastructure costs Nigeria approximately $29 billion annually in lost productivity. These deficiencies pose significant challenges for real estate developers, impacting project viability and increasing costs.

Nigeria Real Estate and Co-Living Spaces Market Future Outlook

The future of Nigeria's real estate and co-living spaces market appears promising, driven by urbanization and a growing middle class. As the population continues to migrate to urban centers, the demand for innovative housing solutions will rise. Additionally, the integration of technology in property management and construction will enhance efficiency. With government support and private sector investment, the market is poised for transformation, addressing housing shortages and improving living standards across the country.

Market Opportunities

  • Growth of the Middle Class:Nigeria's middle class is expected to expand to 50 million in future, increasing demand for diverse housing options. This demographic shift presents opportunities for developers to create tailored housing solutions that cater to the needs of this emerging market segment, enhancing overall market growth and stability.
  • Investment in Smart Housing Solutions:The rise of technology-driven housing solutions presents a significant opportunity. In future, investments in smart housing technologies, such as energy-efficient systems and IoT-enabled homes, are projected to increase. This trend not only attracts tech-savvy buyers but also aligns with global sustainability goals, positioning Nigeria as a leader in innovative housing solutions.

Scope of the Report

SegmentSub-Segments
By Type

Residential Properties

Commercial Properties

Co-Living Spaces

Luxury Apartments

Affordable Housing

Mixed-Use Developments

Others

By End-User

Individual Buyers

Real Estate Investors

Corporates

Government Agencies

By Investment Source

Domestic Investors

Foreign Direct Investment (FDI)

Public-Private Partnerships (PPP)

Government Schemes

By Pricing Strategy

Premium Pricing

Competitive Pricing

Value-Based Pricing

Discount Pricing

By Location

Urban Areas

Suburban Areas

Rural Areas

Emerging Markets

By Property Size

Small Units

Medium Units

Large Units

By Development Stage

Pre-Construction

Under Construction

Completed

Renovated

Key Target Audience

Investors and Venture Capitalist Firms

Government and Regulatory Bodies (e.g., Federal Ministry of Works and Housing, National Housing Fund)

Real Estate Developers

Property Management Companies

Construction Firms

Real Estate Investment Trusts (REITs)

Local and International Property Brokers

Financial Institutions (e.g., Banks, Mortgage Lenders)

Players Mentioned in the Report:

Jumia House

PropertyPro.ng

LandWey Investment Limited

Adron Homes & Properties

RevolutionPlus Property

Eko Atlantic City

Mixta Africa

Nestle Nigeria Plc

Urban Shelter Limited

Alpha Mead Group

First World Communities

The Address Homes

Landmark Africa

Broll Property Group

Elysium Properties

Table of Contents

Market Assessment Phase

1. Executive Summary and Approach


2. Nigeria Real Estate and Co-Living Spaces Market Overview

2.1 Key Insights and Strategic Recommendations

2.2 Nigeria Real Estate and Co-Living Spaces Market Overview

2.3 Definition and Scope

2.4 Evolution of Market Ecosystem

2.5 Timeline of Key Regulatory Milestones

2.6 Value Chain & Stakeholder Mapping

2.7 Business Cycle Analysis

2.8 Policy & Incentive Landscape


3. Nigeria Real Estate and Co-Living Spaces Market Analysis

3.1 Growth Drivers

3.1.1 Urbanization and Population Growth
3.1.2 Increasing Demand for Affordable Housing
3.1.3 Rise of Remote Work and Co-Living Trends
3.1.4 Government Initiatives for Housing Development

3.2 Market Challenges

3.2.1 Regulatory Hurdles
3.2.2 Infrastructure Deficiencies
3.2.3 Economic Instability
3.2.4 Limited Access to Financing

3.3 Market Opportunities

3.3.1 Growth of the Middle Class
3.3.2 Investment in Smart Housing Solutions
3.3.3 Expansion of Co-Living Concepts
3.3.4 Partnerships with Local Governments

3.4 Market Trends

3.4.1 Sustainability in Construction
3.4.2 Digitalization of Real Estate Transactions
3.4.3 Increased Focus on Community Living
3.4.4 Integration of Technology in Property Management

3.5 Government Regulation

3.5.1 Land Use Regulations
3.5.2 Building Codes and Standards
3.5.3 Tax Incentives for Developers
3.5.4 Housing Policy Frameworks

4. SWOT Analysis


5. Stakeholder Analysis


6. Porter's Five Forces Analysis


7. Nigeria Real Estate and Co-Living Spaces Market Market Size, 2019-2024

7.1 By Value

7.2 By Volume

7.3 By Average Selling Price


8. Nigeria Real Estate and Co-Living Spaces Market Segmentation

8.1 By Type

8.1.1 Residential Properties
8.1.2 Commercial Properties
8.1.3 Co-Living Spaces
8.1.4 Luxury Apartments
8.1.5 Affordable Housing
8.1.6 Mixed-Use Developments
8.1.7 Others

8.2 By End-User

8.2.1 Individual Buyers
8.2.2 Real Estate Investors
8.2.3 Corporates
8.2.4 Government Agencies

8.3 By Investment Source

8.3.1 Domestic Investors
8.3.2 Foreign Direct Investment (FDI)
8.3.3 Public-Private Partnerships (PPP)
8.3.4 Government Schemes

8.4 By Pricing Strategy

8.4.1 Premium Pricing
8.4.2 Competitive Pricing
8.4.3 Value-Based Pricing
8.4.4 Discount Pricing

8.5 By Location

8.5.1 Urban Areas
8.5.2 Suburban Areas
8.5.3 Rural Areas
8.5.4 Emerging Markets

8.6 By Property Size

8.6.1 Small Units
8.6.2 Medium Units
8.6.3 Large Units

8.7 By Development Stage

8.7.1 Pre-Construction
8.7.2 Under Construction
8.7.3 Completed
8.7.4 Renovated

9. Nigeria Real Estate and Co-Living Spaces Market Competitive Analysis

9.1 Market Share of Key Players

9.2 Cross Comparison of Key Players

9.2.1 Company Name
9.2.2 Group Size (Large, Medium, or Small as per industry convention)
9.2.3 Revenue Growth Rate
9.2.4 Market Penetration Rate
9.2.5 Customer Retention Rate
9.2.6 Average Deal Size
9.2.7 Pricing Strategy
9.2.8 Operational Efficiency
9.2.9 Brand Recognition
9.2.10 Customer Satisfaction Score

9.3 SWOT Analysis of Top Players

9.4 Pricing Analysis

9.5 Detailed Profile of Major Companies

9.5.1 Jumia House
9.5.2 PropertyPro.ng
9.5.3 LandWey Investment Limited
9.5.4 Adron Homes & Properties
9.5.5 RevolutionPlus Property
9.5.6 Eko Atlantic City
9.5.7 Mixta Africa
9.5.8 Nestle Nigeria Plc
9.5.9 Urban Shelter Limited
9.5.10 Alpha Mead Group
9.5.11 First World Communities
9.5.12 The Address Homes
9.5.13 Landmark Africa
9.5.14 Broll Property Group
9.5.15 Elysium Properties

10. Nigeria Real Estate and Co-Living Spaces Market End-User Analysis

10.1 Procurement Behavior of Key Ministries

10.1.1 Ministry of Housing
10.1.2 Ministry of Urban Development
10.1.3 Ministry of Finance

10.2 Corporate Spend on Infrastructure & Energy

10.2.1 Corporate Real Estate Investments
10.2.2 Infrastructure Development Budgets
10.2.3 Energy Efficiency Initiatives

10.3 Pain Point Analysis by End-User Category

10.3.1 Affordability Issues
10.3.2 Quality of Construction
10.3.3 Accessibility to Financing

10.4 User Readiness for Adoption

10.4.1 Awareness of Co-Living Benefits
10.4.2 Willingness to Pay
10.4.3 Adaptability to Shared Living

10.5 Post-Deployment ROI and Use Case Expansion

10.5.1 Return on Investment Analysis
10.5.2 Expansion into New Markets
10.5.3 User Experience Improvement

11. Nigeria Real Estate and Co-Living Spaces Market Future Size, 2025-2030

11.1 By Value

11.2 By Volume

11.3 By Average Selling Price


Go-To-Market Strategy Phase

1. Whitespace Analysis + Business Model Canvas

1.1 Market Gaps Identification

1.2 Business Model Framework


2. Marketing and Positioning Recommendations

2.1 Branding Strategies

2.2 Product USPs


3. Distribution Plan

3.1 Urban Retail Strategies

3.2 Rural NGO Tie-Ups


4. Channel & Pricing Gaps

4.1 Underserved Routes

4.2 Pricing Bands


5. Unmet Demand & Latent Needs

5.1 Category Gaps

5.2 Consumer Segments


6. Customer Relationship

6.1 Loyalty Programs

6.2 After-Sales Service


7. Value Proposition

7.1 Sustainability Initiatives

7.2 Integrated Supply Chains


8. Key Activities

8.1 Regulatory Compliance

8.2 Branding Efforts

8.3 Distribution Setup


9. Entry Strategy Evaluation

9.1 Domestic Market Entry Strategy

9.1.1 Product Mix
9.1.2 Pricing Band
9.1.3 Packaging Strategies

9.2 Export Entry Strategy

9.2.1 Target Countries
9.2.2 Compliance Roadmap

10. Entry Mode Assessment

10.1 Joint Ventures

10.2 Greenfield Investments

10.3 Mergers & Acquisitions

10.4 Distributor Model


11. Capital and Timeline Estimation

11.1 Capital Requirements

11.2 Timelines for Implementation


12. Control vs Risk Trade-Off

12.1 Ownership vs Partnerships


13. Profitability Outlook

13.1 Breakeven Analysis

13.2 Long-Term Sustainability


14. Potential Partner List

14.1 Distributors

14.2 Joint Ventures

14.3 Acquisition Targets


15. Execution Roadmap

15.1 Phased Plan for Market Entry

15.1.1 Market Setup
15.1.2 Market Entry
15.1.3 Growth Acceleration
15.1.4 Scale & Stabilize

15.2 Key Activities and Milestones

15.2.1 Activity Planning
15.2.2 Milestone Tracking

Research Methodology

ApproachModellingSample

Phase 1: Approach1

Desk Research

  • Analysis of real estate market reports from government agencies and industry associations
  • Review of demographic and economic data from the National Bureau of Statistics of Nigeria
  • Examination of trends in co-living spaces through academic journals and real estate publications

Primary Research

  • Interviews with real estate developers and property managers specializing in co-living spaces
  • Surveys conducted with potential tenants to understand preferences and expectations
  • Focus groups with urban planners and housing policy experts to gather insights on market dynamics

Validation & Triangulation

  • Cross-validation of findings through multiple data sources, including market reports and expert opinions
  • Triangulation of qualitative insights from interviews with quantitative data from surveys
  • Sanity checks through peer reviews and expert panel discussions to ensure data reliability

Phase 2: Market Size Estimation1

Top-down Assessment

  • Estimation of the overall real estate market size in Nigeria and its growth trajectory
  • Segmentation of the market by property type, focusing on co-living spaces
  • Incorporation of macroeconomic indicators such as GDP growth and urbanization rates

Bottom-up Modeling

  • Collection of data on occupancy rates and rental prices from existing co-living facilities
  • Estimation of potential revenue streams based on average rent and occupancy levels
  • Analysis of operational costs associated with managing co-living spaces

Forecasting & Scenario Analysis

  • Development of growth scenarios based on urban migration trends and housing policies
  • Multi-factor analysis considering economic conditions, demographic shifts, and lifestyle changes
  • Projections of market growth through 2030 under various regulatory and economic scenarios

Phase 3: CATI Sample Composition1

Scope Item/SegmentSample SizeTarget Respondent Profiles
Co-Living Space Tenants150Young Professionals, Students, Digital Nomads
Real Estate Developers100Property Developers, Investment Analysts
Urban Planners80City Planners, Housing Policy Makers
Property Management Firms70Property Managers, Operations Directors
Real Estate Investors60Real Estate Investors, Venture Capitalists

Frequently Asked Questions

What is the current value of the Nigeria Real Estate and Co-Living Spaces Market?

The Nigeria Real Estate and Co-Living Spaces Market is valued at approximately USD 15 billion, driven by urbanization, population growth, and increasing demand for affordable housing solutions. This growth reflects a five-year historical analysis of the market's expansion.

Which cities are the main hubs for real estate in Nigeria?

What is the National Housing Policy in Nigeria?

What types of properties dominate the Nigerian real estate market?

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