Millennial homebuyers have picked up as they now represent a solid percentage in the Nigerian real estate market. Reports have it that millennial home buyers are prioritizing affordable houses in major cities across the country.
The Millennials, also known as Generation Y, are categorised as those people born between 1980 and 1995; with a population of over 2 billion worldwide.
Studies have shown as previously reported on Propertydome that about 15% of these millennials already own a home while 60% of them have plans to buy houses in the near future. In addition, a significant percentage of millennials are convinced that real estate is a good space to invest.
One major thing that seems to influence millennials to buy houses is the affordability as well as the strong regional economic development. This is why they are buying houses in the following cities;
Lagos
Lagos is no doubt a city many millennials have settled down and bought houses in. Millennial homebuyers have had significant impacts on the real estate market in Lagos over time.
At first, millennials were known to have rented and shared apartments but in recent times as their income increases, they buy houses according to what they can afford. Millennials age and grow in their careers, they are acquiring more purchasing power, thus leaving renting behind and becoming important players in the Lagos real estate market.
Lagos being an industrial hub for many businesses and companies has made millennials hustling dreams come true as they take advantage of the opportunities in the state.
Abuja
Abuja is the capital city of Nigeria and is one of the fastest-growing cities in the world so it comes as no surprise that millennial homebuyers are rushing the city. The shift from millennial homebuyers constantly concentrating only in Lagos has caused a rise in demand for housing in Abuja and rising real estate prices is great news for property investors.
Being the federal capital, Abuja is where government activities are focused on so millennials who work in the government or intend to, are moving into the city and buying their own houses.
[READ MORE: The 5 Important Features Millennial Homebuyers Want]
Ibadan
Ibadan is the largest city in Nigeria by geographical size. It is popular for its rich cultural heritage and interesting history. The city is attractive and fast-growing which is why millennial homebuyers are moving into the city and buying their own houses. Some millennials who have moved out from Lagos into Ibadan would tell you they did so because of the Lagos stress and traffic.
As more young people continue to see how the rapid pace at which Ibadan is developing, the faster the real estate market in Ibadan would rise.
Port Harcourt (PH)
Port Harcourt, the capital of Rivers state is yet another city millennial homebuyers are content with buying houses from. This is due to the opportunities that abound in the city especially in Oil and gas, hospitality and retail sectors. It is a business-focused city and young people love to be in such places where they can channel their hard work into making money for themselves.
Port Harcourt is also one of the wealthiest cities in Nigeria in terms of gross domestic product and foreign exchange revenue from the oil industry, crude oil being its principal export earner. So young people into the oil sector as well buy houses and live here.
Owerri
Owerri, the capital of Imo state also known as the heart of Igboland is another city millennials have taken as a viable place to buy houses and settle down. The city is known for its richness in trade and agriculture especially in palm oil. Many investment opportunities also exist in the city as it also has a large hospitality industry consisting of hotels and the likes.
