Nigeria’s Commercial Real Estate Set to Reach $362.27 Billion by 2025 according to Statista Market Insights.

This forecast, which factors in diverse market trends and drivers, further anticipates a steady compound annual growth rate of 2.40 percent from 2025 to 2029—pushing the market volume to an impressive $398.33 billion by 2029.

The current surge in demand is largely fueled by foreign investors capitalizing on Nigeria’s burgeoning economy. Across the country, a range of commercial developments are underway, spanning office spaces, retail centers, industrial parks, multifamily units, hotels, and warehouses.

A prime example is the recent inauguration of the N80 billion Purple Lekki Mall by Messrs Purple Real Estate. This eight-story, mixed-use retail center occupies 10,000 square meters on Freedom Way in Lekki, Lagos.

Designed to integrate retail, residential, office, and entertainment zones, the project is setting a new benchmark in creating vibrant, walkable communities.

Olaide Agboola, CEO of Purple Real Estate Plc, highlighted that the development is the first of its kind in Nigeria to be “retail-infused.” The building hosts 50 retail outlets, modern offices, 206 studio apartments, various configurations of one- to four-bedroom residences, as well as fitness and entertainment facilities.

Initiated just before the COVID-19 pandemic and completed last October, the project now serves as a one-stop destination in the neighborhood. Agboola also noted that the property, which boasts top-tier EDGE certification for its environmental and sustainability credentials, is valued at well over N80 billion as of December 2024—excluding third-party interests.

Governor Babajide Sanwo-Olu, who officiated the ribbon-cutting ceremony, urged the expansion of such innovative developments across Lagos. He assured investors of a supportive business environment, emphasizing a commitment to eliminating bureaucratic hurdles and fostering economic activity. “By streamlining processes and collaborating with the private sector, we can ensure that investments thrive and contribute to urban regeneration,” the governor affirmed.

As urbanization and population growth continue to drive demand, Nigeria’s dynamic real estate landscape is set to benefit from both government backing and private sector innovation.