The real estate sector hit positive growth rate of 3.85% in second quarter, according to the latest Gross Domestic Product (GDP) figures from the National Bureau of Statistics (NBS). This stands out against the -22% drastic decline in 2020.
In the 2021 second quarter GDP report, growth increased by 5.01% in real terms.
Data mined from the NBS showed that returns of tax in the real estate firms importing of foreign building materials put pressure on foreign reserves during the Q2 of 2020 which contributed to the sharp decline in the real estate sector.
Excluding 2019 real estate report as seen in the NBS website, there was negative growth rate in the sector between Q1, 2016 and Q3 of 2020.
The new report on the real estate sector Q2 2021 has put in good light that the sector might just be hitting bars as it recorded positive growth rate.
The country is beginning to recover from the drastic fall recorded in the Q2, 2020 and the economy is performing better after the challenges triggered by COVID-19.
Prime Business Africa reported on Monday that the office market was beginning to regain normalcy despite COVID-19 effect on the economy.
Positive GDP growth will have positive effect on the office market.
Support Investigative Journalism and Mentorship
Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.