Lagos Emerges As the Most Expensive Place to Build Real Estate in Africa
- Lagos, Nigeria's commercial metropolis, has emerged as the most costly city to build a home.
- Expert estimate that it will cost more than twice as much to rebuild a structure in Kampala as it will in Lagos
- They feel that because of the costs and challenges in completing the project, investors expect a premium for completed flats
Bruce Haswell, Director Turner & Townsend, Austria, has ranked Lagos State the most expensive city in Africa for the development of real estate.
He gave this remark while speaking at the 2022 Real Estate Discussions and Awards by Thinkmint Nigeria held in Lagos on Friday, The Nation reports
According to him, Lagos is the most expensive place to build in Africa at $2,056 per m2, compared to Kampala for less than half of this per square meter.
Source: UGC
According to Vanguard, he noted that globally, Lagos is the 56th most costly city to develop in out of the 88 cities surveyed.
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Haswell words:
"The costs of building in Lagos highlights the enormous pressures facing construction markets and the impact they are having on construction costs,”
“In our 2021 survey, there were 11 markets that were expected to have construction cost inflation of ten per cent or more in 2021.
"In our 2022 survey results, there are 38 markets that suggested they experienced inflation of ten per cent or more.
Rising building material costs have been one of the key drivers of higher construction cost inflation over the last 12 months. Global supply-chain disruptions, high commodity prices, higher shipping costs, and supply shortages have caused this strong price growth.”
He went on to say that the major cause of the global construction challenge was general inflation, rising interest rates, rising construction costs, geopolitical issues.
Others, according to him are:
"Transportation bottlenecks, and recent COVID-19-related shutdowns in China, had a significant impact on supply and lengthy delays for many construction goods have played a role in increasing the cost of construction across the world."
Breakdown of amount required to relocate to UK for singles, married
Meanwhile, in another report, a Nigerian residing abroad has published a comprehensive estimate of how much it may cost to migrate to the United Kingdom
Although he clarified that it is only an estimate, his study is certain to give direction to Nigerians travelling as singles, married couples, and families
The number of Nigerians leaving for the UK is at an all-time high, particularly via studies
Source: Legit.ng
