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Nigeria ranks 5th in emerging market’s luxury property costs

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Published in Real Estate
Tuesday, 27 October 2015 08:59

Nigeria has been fifth in the cheapest luxury market in the emerging market with a value of $967.03 million per square.

In a survey conducted by Lamudi, a global property firm, Angola ranked first with $4. 513 billion per square while Ghana trailed with $1.169 billion.

Tunisia and Indonesia emerged 3rd and 4th respectively with $1.000 billion and $983 million with Nigeria coming 5thwith $967.03 million.

Other countries ranked include, Ethiopia, Ivory Coast, Tanzania, Mexico, Colombia and Kenya Fast-growing Ethiopia is the cheapest place in the world’s emerging markets to buy luxury property, according to a new ranking.

Top end real estate in the country costs around $448 per square metre while luxury property in Angola is ten times more expensive at over $4,500 per square metre. Africa’s second most populous country, Ethiopia is also one of Africa’s top economic performers.

Its economy is expected to expand 8.6 percent this year and 8.5 percent in 2016, compared with 10.3 percent growth last year, the International Monetary Fund stated.

While Ethiopia comes top in the “cheap league”, Ivory Coast is next in line, with a square metre of posh home, costing around $483, and third is Tanzania, where classy real estate costs $549 per sq m. Prices for Angolan luxury property were pushed to extremes as a result of the country’s oil boom after the civil war ended in 2002.

Last year in New York City ultra- luxury apartments reached an average cost of $1,297 per square foot or approximately $13,800 per square metre, according to one estimate while a square metre in London’s Royal Borough of Kensington and Chelsea would set you back $18,270, about £12,000.

Meanwhile, Lamudi Nigeria has entered into a strategic partnership with leading mortgage bank, Imperial Homes Mortgage Bank Limited to improve and deepen access to affordable mortgage facilities.

It said, through its online mortgage calculator, property buyers can search for properties on the website and also estimate their potential.

According to it, the premium is only for its members in yearly subscription, basic yearly subscription, basic monthly subscription, premium monthly subscription, premium plus monthly subscription and premium plus yearly subscription members only.

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Online Editor at Interarchtiv Media Company

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