Business Community has said that Nigeria will continue to account for the largest share of new housing units in Africa and the Middle East regions, due primarily to its large population and fast urbanisation rate. The report noted that the fastest gains were projected for Nigeria, South Africa, and Iraq, as these markets rebound from weak performances posted during the 2014-2019 period.
It further revealed that homebuilding activity in the Africa/Mideast region would continue to be driven by urban population growth, increased standards of living, and – aside from 2020, when the region will see a recession brought on by COVID-19 – healthy economic expansion. The number of existing dwellings in the Africa/Mideast region totaled 398 million units in 2019, accounting for 18 per cent of the global housing stock.
The report observed that some trends are common among national housing sectors throughout the region. In the first instance, over 72 per cent of the regional housing stock consists of single-family dwellings, reflecting the large rural population, especially in sub-Saharan Africa…
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