NorthCourt: Lagos top spot for luxury residential development

West Africa's real estate market is experiencing a mixed bag of economic recovery and infrastructure growth, with Lagos emerging as the top destination for luxury residential development. According to NorthCourt's 2024 West Africa Real Estate Outlook, cities like Cote d'Ivoire, Nigeria, and Ghana are witnessing a surge in demand for residential and commercial real estate. Ayo Ibaru, Chief Operating Officer and Director of Real Estate Research at Northcourt, highlighted the importance of implementing reforms to simplify property registration and enhance transparency of transactions. The region faced challenges in 2023, including political instability and a record number of coups, but managed to end the year on a stable note. In the midst of various elections and geopolitical shifts, countries like Cote d'Ivoire and Senegal are leveraging their economic momentum and international investments to drive real estate growth. Cote d'Ivoire's successful bond raising and infrastructure investments are fueling optimism for the real estate market, while Senegal's government stability and DFIs presence bode well for future growth. However, challenges like lengthy land registration processes and transparency issues persist across the region. Lagos stands out as a beacon for luxury real estate development, with the Lagos State Government recently launching an e-center for land titling and registration. The key to sustained growth in the real estate sector lies in efficient reforms and improved governance.