September 23, 2023

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Real Estate Sector Sustains Growth in Q2 2022


CEM REPORT | The Nigerian Real Estate sector has sustained its growth I the second quarter of 2022 having grown in nominal terms, by 12.81%, higher by 5.44% points than theĀ  growth rate reported for the same period in 2021 and higher by 1.98% points compared to the 10.84% recorded in preceding Quarter.

This is according to the second quarter report on Nigerian Gross Domestic Product released recently by the Nigerian Bureau of Statistics

The contribution to nominal GDP in Q2 2022 was negative at 4.95%, relative to 5.05% recorded in the second quarter of 2021 but higher than the 4.92% accounted for in the first quarter of 2022.

[READ ALSO] Real Estate Transformation: Impact of Land Based Taxation

Real GDP growth recorded in the sector for the second quarter of 2022 stood at 4.42%, higher than the growth recorded in the second quarter of 2021 by 0.57% points, and lower by 0.02% points relative to Q1 2022. Quarter-on-quarter, the sector grew by -0.74% in the second quarter of 2022.

It contributed 5.33% to real GDP in Q2 2022, higher than the 5.28% it recorded in the corresponding quarter of 2021.

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