Nigerian Real Estate Sector Peaked By 9.15% In Q4 –NBS

Real estate straightnews
Real estate

National Bureau of Statistics says that Nigerian real estate sector grew by 9.15 per cent in the fourth quarter of 2020.

NBS stated in its Gross Domestic Product report for Q4 that the sector contracted by 3.55 per cent in the full year 2020.

The report reads, “In nominal terms, real estate services in the fourth quarter of 2020 grew by 9.15 per cent, or 6.64 per cent points higher than the growth rate reported for the same period in 2019 and 17.21 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 27.34 per cent, while the annual growth rate stood at –3.55 per cent for 2020 compared to 4.23 per cent in 2019.”

It stated that the contribution to nominal GDP in Q4 2020 stood at 6.4 per cent as against 6.45 per cent recorded in the fourth quarter of 2019 and higher than the 5.6 per cent recorded in the third quarter of 2020.

For 2020, it stated, the sector’s contribution to nominal GDP stood at 5.7 per cent.

According to the report, real GDP growth recorded for Q4 2020 stood at 2.81 per cent, higher than the growth recorded in Q4 2019 by 6.25 per cent points, and 16.21 per cent points higher relative to Q3 2020.

Quarter-on-quarter, the real estate grew by 25.45 per cent in the fourth quarter of 2020.