RETAIL REAL ESTATE PRICE APPRECIATION

RETAIL SPACE PRICE APPRECIATION IN LAGOS RETAIL MARKET Like "packing of balls" in the game of football, Lagos is leading the retail real estate (strip and highstreet malls) price appreciation. Price per square metre of retail space leapfrogged from N750,000 ($1,899.12) in December 2020 to N950,000 ($2,258.30) in December 2021, a 26.67% increase on 2020 levels and a record high. Growth was driven by multi-locating activities of the retailers to reach out to more customers and draw in more incomes; particularly in the essential retailing and fashion. Early year report of growth and price appreciation from retail main streets of Victoria Island, Lekki, Yaba, Ogudu-Ojota, Ikeja and Amuwo axis recorded a price jumped of N1,250,000 ($3,009.37) price per retail space. Indicating a growth of 66.67% and 31.58% above 2019 and 2021 levels, due to positive sentiments and market confidence that led to retailers preference to buy than leasing. With positive and strong growth in the macro-economics and the increase in retail profits per square according to data obtained from the NBS and akinABRAHAM & ASSOCIATES Research; we are in for stable and incremental growth in 2022. For more market insights, call +2348068774629 and www.akaa-ng.com #realestate #retail #football #retailrealestate #retailleasing #retailspace #retaildevelopment #strips #highstreets #priceappreciation #rentalgrowth #retailproperty #nigeriarealestate #nigerianinvestors #nigeriansindiaspora #akinabrahamandassociates #lagosrealestate #propertyvaluation #valuations #valuationservices