Premium Property Outlook: 2015 in Retrospect (Nigeria)

2015 IN RETROSPECT
PREMIUM PROPERTY OUTLOOK
INSIGHT
FEBRUARY|Q1,2016
A Publication of
NIGERIA

2. Macroeconomic Overview
1. Perspective
3. Premium Residential Real Estate
4. Grade ‘A’ Commercial Developments
5. General Housing Market Trends
Premium Property Outlook | Q1, 2016
OUTLINE
The new Iconic Beacon that reshaped the
ﬁngerprint of the Lagos skyline, the ﬁrst of its
kind 'Intelligent Building'.
The CIVIC TOWERS: Fully (100%)
leased out by Fine and Country West Africa.
2016 FINE COUNTRY WEST AFRICA© 1
6. 2016 and Beyond

PERSPECTIVE
Recently, the Minister for Housing, Infrastructure and Works, Mr
Fashola, lamented about the infrastructure deficit in Africa, stating:
“This is the time toshowthat ournation and ournational economy
is bigger than the challenges posed by dwindling oil prices. This is
the time to diversify and change the face of our economy. But the
risks that stand in the way of investing the fund are caused by us
and they must be changed by us. He alsosaid, it was time toinvest
in the real sector, adding that the biggest opportunity presented
itself for the nation to act towards diversification rather than
sloganeering it. We agree and in relation to our sphere of
influence, we believe that the time has come forprofessionals with
expertise in the real estate industry to contribute our quota to
developing real estate insight especially on premium real estate,
infrastructure and urban development as we join cities like London,
NewYork, Dubai, Singapore in competing for what many consider
to be shrinking global resources and investments. The Premium
Real Estate Report from Fine and Country West Africa is a step
towards the vision of a better developed real estate sector and a
greaterNigeria.
In 2015, irrespective of the myriads of economic and political
instabilityin Nigerian, the Nigerian real estate market experienced
a steadyinterest andsomeforeigndirect investment (FDI), growing
urbanisation, and a sustained demand for appropriately priced
Grade A office spaces and premium residences. The year also
witnessed the release of the most grade Aoffice spaces in Nigeria
in any year, with the Quantum Luxury owned Civic Centre Tower
aptly tagged The Intelligent Building successfully completed and
leased fully toAgrade corporates; the Iconic Nestoil TowerVictoria
Island, West Africa's first LEEDcertified mixed used development
offering exceptional offices and corporate residences, NIPOST
offices in Victoria Island, Kanti Offices, Heritage Place, Ikoyi,
Temple Tower, Ikoyi, Lakepoint in Banana Island, the World Trade
Centre offices in Abuja amongst others with some nearing
completion in 2016 within the prime location of vibrant Victoria
Island, Ikoyi and environs. Lagos has clearly joined global cities with
a strong supplyof GradeAofficespaces.
The trend towards new urbanism continued as public and private
sector developers kept the pace of building satellite cities and new
lifestyle residential communities on the outskirts of some of
Nigeria's largest cities and on the other side of the equation, with
new mixed developments ranging from mid to premium in
destination locations such as the Eko Atlantic, Orange Island,
Chevron's Pension Fund Twin Lakes Residential Estate, The
Centenary City Abuja, Sunrise Hills, AsokoroGardens, World Trade
Center in Abuja, Lakowe Golf Estate, Enugu Golf Estate, and the
strong release of retail developments inthose aspirational locations
including the Circle Mall Lekki, Festival Mall amongst others,
demonstrating a new trend in Nigeria's emerging and premium
real estatedevelopment.
This report shows the reviewof howthe premium real estate space
performedin 2015 with an overviewof activities, andthe impact of
the economy and politics on real estate investors. The report is a
preliminary report to a Quarter 1 report for 2016, which will
expoundmore on the drivers forchange in the premium real estate
space; shed more light on the opportunities that abound for
investors, look at the critical factors that will transform the Nigerian
Real Estatespaceandfinallydeep diveintowhatleading experts in
the industry feel will be the winning strategies for 2016 along with
the factors that should shape the sector and sustain the
momentuminpremiumreal estatedevelopments.
Here's toa successful yearforyou, yourorganizationandNigeria.
ResearchTeam,
FineandCountryWestAfrica.
We believe that the time has come for
professionals with expertise in the
real estate industry to contribute our
quota to developing real estate insight
especially on premium real estate,
infrastructure and urban development
“
2

Steep
Decline
2015 was truly an overwhelming year for the Nigerian
economy. Thesteep declineinNigeria's economicgrowthrate,
the early season of political and economic uncertainties, the
commodity price weakness abroad, the declining value of the
Naira, the change in government, changing investment laws
and a numberof challenges as a result of fluctuating oil prices
were some trends that shaped the economy; making it record
overall slow economic progress. Also contributing to the
epileptic growth across board was the mono-directional focus
of government to fight against corruption and fiscal austerity,
with little emphasis on policies geared towards stimulating
economicgrowth.
As Crude oil price moved from the lofty height of US$109 per
barrel in mid 2014 to a low of US$44 per barrel in January
2015, as expected, hydrocarbon dominated economies were
put under pressure including Nigeria. Though government
respondedbyreducing theforecast priceforoil in2015 ontwo
different occasions; (from US$78/barrel, and then
US$65/barrel), until government eventually conceded torun a
deficitbudget.
Our foreign reserves also officially closed at $29.8 billion
representing a 15.4% year on year drop, GDP forecast was
lowered to 5.5% by government from 6.2% of previous year;
Federal Government Bonds was delisted from the JP Morgan
Emerging Market Bond index and reflected the increasing
apprehension amongst international investors towards the
economy and the CBN restriction of access toFOREX at the
cheaper interbank rate for the importation of 41 items
increased apprehension amongst international investors
towards theeconomy.
MACROECONOMIC OVERVIEW
“Also, foreign and local investors saw the growth
potential of Nigeria’s real sector, spurred by
rising consumer spending of the burgeoning
middle class, economic growth and investments
in infrastructure. These trends opend up not only
the property market but also other inaccessible
markets”
In 2015, despite the downturn in the economy, caused by the
dwindling revenue from oil, crash of the naira and
apprehension over government policies, The Refined Investors
Series experts called on would-be investors in the real estate
sector to take advantage of the creative opportunities in the
sector with the understanding that it is still a growing sector
Sources: Standard Bank Group; World Bank
3

Similar to other sectors, the overall performance of Nigerian
real estate in 2015 was underpinned by the aforementioned
economic fundamentals. Although in the last few years,
Nigeria's real estate market did expand rapidly with a steady
increase on the foreign direct investment (FDI), fast
urbanization, a strong demand for Grade Aoffice spaces and
premium residences, yet the Nigerian property sectoris widely
regarded as “high-risk”, “high-return” marketplace because of
a number of pressing challenges from the opaque and
complex regulatory environment to the exorbitant and
bureaucratic costs associated with building, transferring and
registering across thefederation.
While the real estate sector was said to be growing from the
report by Nigerian Bureau of Statistics (NBS) in 2015, most
Nigerians still live in informal structures. 70-80% Nigerians live
in unplanned settlements and a large chunk live in slums
according toa UN report. In our view, the stock of formal and
premium property is small; with residential, office, retail and
hospitalityspace locatedalmost exclusivelytothe urban areas
-Lagos, Abuja PH.
For example, Lagos, one of Africa's largest cities with a
population of over 17 million, is the main commercial hub of
Africa's largest economy and the most favoured location for
international corporations. The city comprises four main
islands with seven prime residential, commercial and retail
nodes: the Lagos CBD, Victoria Island (VI), Ikoyi, Lekki, the
Lekki Free Zone, Apapa and Ikeja. Rental values for
commercial and residential space showwide variances across
neighborhoods. The region continues to attract institutional
investors, and the key challenge for them remains identifying
suitable high quality premium stock in the relevant real estate
category.
NBS report revealed that the real growth recorded in the Real
Estate sector in the Q3, 2015 stood at 2.06%, lower from
growth recorded in the Q3, 2014, and also lower than growth
reported for the Q2, 2015 by 3.85 % points and 0.92% points
respectively. Quarter-on-quarter the sector picked up by
5.56% in the Third quarter of 2015. The sector contributed
7.57% in real terms to the total GDP in the Third Quarter of
2015.
“ ”High Risk, High Return
Too much Bureaucratic costs
Unstable Policy
70-80% Live in unplanned
settlements
Lagos,Abuja, Port-Harcourt:
Choice location for investors
Lagos alone accounts for
Grade AB
2
426000m
office stock
Average asking rent in prime area
were at / annum
2
$785/m
Projected to grow by 10%
Valued at N6.5Trillion
Contributed 7.5%
to GDP at Q3
2015 Premium
Developments
- Civic Towers
- Nestoil Towers
- Rose of Sharon Towers
- Kanty Towers
- Landmark Towers
- Nipost Towers
Over office space were added to Ikoyi V.I Markets in 201560,000sqm
Our insight team
gathered that 2015
luxury developments
surpassed the previous
years' developments by
a 12% margin. For
example in Victoria
Island, NestOil Towers
residences achieved
highest percentage of
91%, with Centre
Heights scoring 79% to
emerge the nearest in
matrix comparison.
This shows that Nestoil
Tower has a difference
of 12% over the
average premium
rental per square
metre in Victoria Island
which is $290/m2/P.A
MACROECONOMIC OVERVIEW
4

Sources: Federal Ministry of Land, Housing Urban Development 2015 Housing Finance Africa Publication, World Bank
Comparative Real Estate Indices
Ikoyi-Lekki Bridge, Lagos
Osborne Towers, Ikoyi Lagos - Call 08096000042
5

23.30%
15.40%
19.10%
22.70%
19.60%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
1
Real Estate Alternative Investment Equity
Cash Cash Equivalent Fixed Income Asset Allocation (%)
Source: MCO Real Estate Report
PREMIUM RESIDENTIAL REAL ESTATE
Arecent report by worldwealthreport.com shows that Africa's
high net worth individuals (HNWIs) invested most heavily in
real estate (23.3%) more than other asset allocations. Cash
being the next at 22.7%, while the balance of other portfolios
was allocated tofixed income (19.6%), equities (19.1%), and
alternativeinvestments (15.4%).
In 2015, a report published by the Nigerian Bureau of
Statistics NBS also showed that following the rebasing of the
Nigerianeconomy, thereal estatesector's contributiontoGDP
became larger (by 30-40%) than was previously estimated.
The sector became the 6th largest sector in the economy and
was growing faster than average GDP growth. The nominal
contribution for the first Quarter stood at 7.79 percent,
marginally higher relative to the 7.36 percent reported for
corresponding quarterof 2014
In 2015, PwC forecasted that the Nigerian real estate
sector is expected to be valued at $13.65 billion in 2016,
compared to the value of $9.16billion in 2014.
Fine and Country's insight also revealed that the high-end
luxury residential developments for 2015 were clustered in a
handful neighborhood; with Banana Island, Ikoyi, Victoria
Island, Eko Atlantic and Lekki Phase1 being the choice
location for developers and investors in Lagos; Maitama,
AsokoroandJabi fordevelopers inAbuja andGRAPhase2
fordevelopers inPortHarcourt.
These areas command housing prices that
rank among the highest in Africa and
somewhat higher than in many western
markets. On the average, in Lagos the
annual cost of renting a 3-bedroom luxury
apartment in 2015 was $60,000 -
$70,000, while average sales prices starts
at $600,000 - $1.5M depending on the
finishing and location; while in Abuja the
rates for rents in choicest locations range
from N4million-N25million and from
N70million-N1Billion for sales in choice
Locations according to Fine and Country
Insight.
Due to the high costs of owning, leasing and managing a
building – not to mention the inclination of Nigeria's legal
system tofavourtenants overlandlords – most leases require
twoyear's worthof renttobepaidup-front.
Source: Capgemini and RBCWealth Managment Global HNW Insight Survey 2015.
6

In 2015, some premium new projects
(residential and mixed developments)
such as the 13-storey Rose of
Sharon Towers (1800 sqm),
Kanti Towers (6,662 sqm),
Civic Towers (11,350 sqm),
Nest Oil's new HQ(9,900 sqm),
Nipost Towers (13,860 sqm);
all of which are located on
Victoria Island were completed.
In 2015, a comparative analysis, showed that the average
rental premium rate for the residences in prime locations was
$290 per square meter. As such we designed a global
standard for assessing the premium developments using our
in-housematrixformula below:
a) Location - 35%
b) Quality of Construction/Finish - 15%
c) Conﬁguration - 10%
d) Size of Units - 10%
e) Infrastructure/facilities - 15%
f) Extra Features - 15%
Total: 100%
2015ASSESSMENT MATRIX FOR PREMIUM RESIDENCES
Property Name Location
Quality of
Construction/
Finish
Configuration
Size of
Units
Infrastructure
/facilities
Extra
Features
Total
Grade
Centre Heights 27% 12% 9% 7% 10% 14% 79%
Sapetro Tower 33% 10% 5% 9% 11% 5% 72%
Vita Tower 32% 10% 7% 8% 10% 12% 79%
Nestoil Tower
Residences
33% 14% 7% 8% 14% 15% 91%
Table 1: © Fine and Country West Africa Assessment Matrix Table
Eden Heights Towers, Victoria Island Lagos -
Call: 08096000042 for inquiries.
Asokoro Gardens, Sunrise Hills, Abuja-Call 08096000046
7

GRADE ‘A’ COMMERCIAL DEVELOPMENTS
There has never been a time when the Nigerian property
space witnessed a colossal wave of premium office
developments and investments as we now witness in major
cities. Lagos, like New York, London, Paris, Johannesburg,
Singapore and Hong Kong, has joined global cities with strong
demand for Grade A office space amid vibrant corporate
activity and expansion of middle-class households. The
International standards being achieved in current
developments arguably match these global cities. It is
interesting to note that in 2015 alone, Civic Centre Towers,
Nipost Tower, Temple Tower, NestOil Tower, Kanti Towers,
Lakepoint Towers and the World Trade Centre collectively
addedabout 80,000 squaremetres (sqm)of officespaceinto
theIkoyi andVictoria IslandandAbuja markets.
A recent in-house study developed by Fine and Country
research team in 2015 revealed the assessment matrix for
attaining a GradeAofficestatus.
A S S E S S M E N T M AT R I X F O R G R A D E A
COMMERCIAL/OFFICE DEVELOPMENT
In 2015, the occupants for major premium residential and
prime commercial spaces were dynamic businesses,
multinational industries and financial institutions that require
top brand positioning and desire tobe at the very heart of the
target market are the major occupants/lessees of the
Premiumcommercial developments.
More Grade A stocks like the Heritage Place, a 14-floor,
N19bn project; Africa Towers in Abuja and The Wings Office
Towers, comprising two towers and approximately
25,500sqm, Bloombury Waterfront Towers are expected to
becompletedin2016.
While in 2017, the Kingsway Tower, a high-rise building
comprising offices, ground floor retail, restaurants and
basementparking is billedforcompletion.
Civic Centre, Victoria ISland Lagos - Fully Leased
8

GRADE ‘A’ COMMERCIAL DEVELOPMENTS
Comparative assessment of 6 sample commercial developments
Work, Live Play - Call: 08096000042 for Inquires
9

In2015 theasking rental prices of most
premium commercial leases were not
met; soinvestors and developers had to
strategically reduce the prices in order
toachieverent.
Factors influencing downward
pricing $700-$900/m2/P.A
Factors influencing upward pricing
$900 - $1000/m2/P.A
HighVolume Lease Tenant risk
Tenant Compatibility Build quality and project contractor
Tenant to lease both commercial
and residential spaces
Long Lease Tenor
Anchor Tenants
5 KEY FACTORSS COMMERCIALTENANTS LOOK OUT FOR IN
“GRADE A” BUILDINGS
Location How accessible is it key clients, key employees, the Proximity to
compe on and the Traffic count: cars or pedestrians
Build Quality The quality and green-savvy standards put into the design
construction and the age factor (i.e less than 10yrs.)
Security Parking How secured is it for high net worth individuals/clients and the
generous parking space available (including off-street parking)
Transportation Transportation accessibility and Proximity to Land,Water and Air
also Supplier proximity factor
Views Visibility access, the natural views (eg.The Atlantic ocean, and the
Ariel view of the environment)
FACTORS THAT INFLUENCED PRIME OFFICE
LEASING PRICES IN 2015
In 2015, Lagos shouldered up to 65% of the
country’s business activities, contributing up to15%
to national GDP. The commercial property market
in Abuja was driven bygovernmental activities while
Port Harcourt’s CRE was driven by it’s rice crude oil
base
At the moment over 15 Grade Aoffice complexes
are underconstruction in prime locations across the
country and are expected to be delivered in the
next2years
“Intelligent Real Estate practice is not complete
without a robust Data and information management
system for planning, implementation, monitoring and
evaluation of programs and projects.”
10
GRADE A OFFICES, LUXURY APARTMENTS, RETAIL HOSPITALITY
WORLD TRADE CENTER ABUJA Call: 08096000042 for Inquiries
Average

Policy Regulation
Ÿ The Land Use Act (1978) continues to dictate and hinder
the land market in Nigeria. Todate the objectives of the Act
have not been achieved and further tothis, the lawhas led
to further distortion and abuse of citizens' rights to access
andownland.
Ÿ The long period it takes toobtain development permit and
toaccess funds forbuildings
Others are:
Ÿ Lack of easyaccess tolandandhighcostof landforbuilding
Ÿ Lack of effective inter-governmental collaboration (e.g.
Federal, State and local government) for investors building
projects
Ÿ Prevalence of slums in all urban centres that require
upgrading
Challenges Premium Real Estate Developers and Investors faced in 2015
Premium Real Estate Investors also faced some challenges
in 2015; some of the issues were…
Access to finance
Ÿ Mortgage finance in Nigeria is still in its infancy and
inadequate credit facilities for investors and where
available, there is a very high interest rate.
Ÿ Imperfect mortgage system due to absence of a strong
secondary mortgage market, lack of uniform mortgage
underwriting standards and dearth/paucity of
conforming Mortgage Assets
Ÿ Absence of the mechanism for effecting mobilization
and channeling construction finance
“The establishment and development of title and mortgage
insurance systems and institutions will ease the burden of
building premium residences by an individual alone.”
GENERAL HOUSING MARKET TRENDS 2015
In 2015, Real Estate market in Nigeria was valued at
approximately N6.5 trillion and estimated to grow at an
average of 10% over the next few years
Ÿ The sector contributed 7.57% to the GDP in the third
quarterof 2015
Ÿ The country requires 17 to 20 million housing units to
address housing deficit
Ÿ 80 percent of the adult population in Nigeria are living in
rented apartments, compared to 20 and 25 percent in
Ghana andSouthAfrica.
Ÿ Nigeria has a low home ownership rate of 25 percent,
lower than that of Indonesia (84 percent), Kenya (73
percent), andSouthAfrica (56 percent).
Ÿ The major issues that continue toaffect housing in Nigeria
include inadequate access to finance, slow administrative
procedures, high cost of construction and the high cost of
landregistration.
Challanges Premium Real Estates Developers and Investors faced in 2015
Reasons for growth trend in Luxury/Premium Developments in 2015
The Miatama Heights, Maitama Abuja - Call
08096000042 for inquires
11

2016 AND BEYOUND
Ÿ The major growth drivers in the sector will continue to be
accredited to: an increased inflow of foreign investment;
increased institutional investment from local companies
including PFAs and Mutual Funds; access to funding and
credit; the growing population of High Net worth Individuals;
and the targeted intervention of the Federal Government in
thehousing financesector.
Ÿ Nigeria needs toprovide the legal and regulatory framework
that will attract private sector investors todevelop affordable
housing products particularlyfortheNo-income, Low-income
andMiddle-incomegroups.
Ÿ Development of an effective land administration system to
make land ownership available, secure, accessible and easily
transferrableataffordablerates is non-negotiable.
Ÿ It is high time we as a country established and enforced
building standards based on the National Building Code to
ensurequality, functionality, aesthetics andsafety.
Ÿ The time is ripe to develop and build adequate capacity,
including the provision of infrastructure to support the
housing sector, ona sustainablebasis.
Ÿ An administrative, legal and regulatory framework for a
more efficient and effective premium housing delivery
systemwill springboardthesector.
Ÿ Promotion of the use of alternative building materials,
green certifications and new technologies in premium
housing delivery will boost the access to premium home
ownership.
“Apart from the current economic conditions, the devaluation of the
Naira and the continuous fall in International crude oil prices, etc were
factors that also affected the Nigerian premium property market”
space in 2015”
The Orange Island Development, Lekki, Lagos
Call 08096000042 for inquires
12

Name of Property NESTOIL TOWERS
Location Akin Adesola Street, Victoria Island
Number of floor 15 Floors Mixed-use high-rise
Total Leasable Space
Offering
2
9,904m
Facilities 9,904m2 of Lettable Office Space,
23 units of 1 and 2 bedroom
apartments, 3,900 square meters
of land, Multi-level parking, 4
commercial passenger lifts (13
persons/1000kg), 2 residential
passenger lifts (13
persons/1000kg), centralized air-
conditioning system, gymnasium,
rooftop lounge/bar, café, reception
and concierge services.
Rental $1,000/m2/P.A (Asking).
Year Constructed 2015
Contractor Julius Berger Plc
Name of Property CIVIC TOWERS
Location Ozumba Mbadiwe, VI Lagos
Number of floor 15 floors
Total Leasable Space Offering 2
1,368m
Facilities 8 Restrooms/floor, 4 Passenger Lifts,
Sewage treatment plant, Water treatment
plant, 2 No. Power generating sets
(500KVA each). Surface and suspended
parking on 3 levels for 180 cars, at 15
cars/Floor. Raised floor and suspended
ceiling.
Communication tower, plug n play internet
facility, Digital PABX. Motion sensor lights.
Automated Access Control.
CCTV System.
Rental $900-$1000/m2/P.A (Asking). $700-
$800/m2/P.A (Achieved).
Contractor Cappa D’alberto
2015 NOTABLE DEVELOPMENTS
13

Name of Property NIPOST TOWERS
Location Adeola Odeku Street, Victoria Island.
Total Leasable Space 2
13, 860m
Facilities 8 Restrooms/Floor, 4 Lifts, Sewage
treatment plant, Water treatment plant,
4 Power generating sets of 810KVA
each. Parking for 99 cars. Plug n play
internet facility, Digital PABX. Motion
sensor lights. Automated Access Control.
CCTV System. Fire ﬁghting pumps with
water sprinklers.
Rental
2
$800/m /P.A (Asking).
Property Currently Not Leased due to
Price quoted by Landlord. Market
2
Demand insist on $600/m
Contractor YF Construction
Name of Property KANTI TOWERS
Location Adetokunbo Ademola Street, Victoria Island.
6,662m
treatment plant, Water treatment plant, 2
Power generating sets of 725KVA each,
and 1 power generating set of 365KVA.
Parking on 1st to 5th Floor for 100 cars.
water sprinklers.
Rental
2
$800/M /P.A (Asking)
Contractor Cappa D’alberto
14

Name of Property THE WINGS
Location Walter Carrington crescent, Victoria
Island. (Waterfront Property).
Total Leasable Space 2
13, 500m
treatment plant, Water treatment plant,
2 Power generating sets of 1000KVA
each. Parking for 700 cars. Plug n play
water sprinklers.
Rental
2
$900/M /P.A (Asking).
Year Constructed Under Construction. To be completed by
Q4 2016
Contractor Cappa D’alberto Plc
Name of Property LANDMARK TOWERS
Location Water corporation drive, Victoria Island.
(Waterfront)
1,200m
treatment plant, Water treatment plant, 2
units of 1.1 MVA generator, 1 unit of 700
KVA generator, and 1 unit of 350 KVA
generator. Parking for 145 cars. Plug n play
water sprinklers.
Rental $900-$1000/m2/P.A (Asking). $700-
$800/m2/P.A (Achieved).
Contractor Nahman Construction
15

In2016 irrespectiveof thedownturnintheeconomy, weanticipateandforecast that thoughthepremiumreal estatesectorwill
respond toboth negative and positive economic sentiments this year, there will still be some measured activities with sustained
developments andinvestments
Globally, Grade 'A' buildings command premium rentals, reflective of the costs associated with meeting these international
standards. In a business environment like ours where there is pressure on costs and where corporate leadership is focused on
reducing overhead, one couldwell ask howan individual orcompanycan justifythe move toa premierandapparentlyhigh cost
facility? The efficiency, sustainability and competitive advantage premium residences and Grade A facility delivers overtime,
makes thedifference.
Inourquarter1 report for2016, wewill beexpounding moreontheimpact of thecurrent economicandpolitical climateonreal
estate in 2016, the drivers forchange in the premium space; shedmore light on the opportunities that aboundforinvestors and
look at thecritical factors that will transformtheNigerianReal Estatespaceandfinallydeep diveintowhat top notchexperts in
the industry feel will be the winning strategies that will shape the sector and sustain the momentum in premium real estate
developments.
To get a copy of the report, kindly send a mail to research@fineandcountryng.com,
Disclaimer
This report is published by FINE COUNTRYWest Africa and it is meant for general information only. While we have deployed high standards in its preparation, we do
not accept any legal responsibility for any loss or damage resulting from the contents of this report. As an all-purpose report, this material does not represent the total
advisory of FINE COUNTRY for premium developments. For full advisory and reproduction of this report in whole or in part please contact our Head office @ 13
AdetokunboAdemola Street, Victoria Island, Lagos. TEL: 01-2710723, 08096000042; victor.nkwocha@fineandcountryng.com www.fineandcountryng.com
REAL ESTATE OUTLOOK 2016
The Proposed Eko Atlantic Development, Victoria Island, Lagos.
08096000042
16
Call: 08096000042 for inquiries

Best Real Estate Agency
2014
Gold Category for Quality Leadership,
Technology Innovation
2014
Best Real Estate Advisory Team
2015
Cﬁ.co Real Est.Awards
The Residences, Asokoro Abuja - Call 08096000042 for inquires.

Premium Property Outlook: 2015 in Retrospect (Nigeria)

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