Delivered this presentation at 5th Nigerian Real Estate Review and Projections 2015 organized by Pison Housing.

1. TRENDS IN THE LAGOS RESIDENTIAL
REAL ESTATE MARKET
Residential Auctions Company

2. About Us
 RAC is a real estate research firm that specializes in providing
integrated research services for the local real estate market in Lagos
 It was established in 2010 and incorporated as a company in 2011
under the Companies and Allied Matters Act of 1990
 We regularly collect data and conduct surveys on the property market
which we use to produce annual market reports and also provide
advisory and consulting services to our clients
 Our mandate as a company is to provide easy access to information
on the local property market in Lagos and across other major cities of
Nigeria

3. Housing Deficit in Nigeria
According to the World Bank it is estimated that Nigeria has a housing deficit of 17m
housing units.

4. Reality Check
2006 2015 Growth
Rate
Population 140,000,000 178,000,000 (Est) 27.14%
Households (%) 15% 25%
No of Households 21,000,000 44,500,000 111.90%
Homeowners (%) 10% 10%
No of Homeowners 2,100,000 4,500,000 111.90%
Housing Deficit 18,900,000 40,050,000
 Annual population growth rate of 2.47%
 Nigeria currently needs an estimated 1m new housing units annually over the next 20 years
 Over the last 4 years, the FG has provided 61,000 housing units nationally. This represents an
average of 15,250 new housing stock per year. Also plans to build 4m new units in the next 3
years. Far cry from what is required.
 Estimated number of housing stock in Nigeria is 13.7m units only of which about 5% is owned
through mortgage finance

5. RAC Lagos House Price Index

6. Annual House Price Growth

7. House Prices

8. Lagos Rents

9. Lagos Island Rents

10. Lagos Mainland Rents

11. Construction Starts
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2010 2011 2012 2013 2014 2015F
No of Units (LHS) % Growth (RHS)

12. Supply Stock
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
500
1,000
1,500
2,000
2,500
3,000
2010 2011 2012 2013 2014 2015F
No of Units (LHS) % Growth (RHS)

13. Confidential
RAC reserves the exclusive
rights to all the contents and
data presented in this
document and re-distribution
is not permitted without prior
consent.