Nigeria’s five Real Estate Investment Trusts have a combined market capitalisation of about $230 million, representing a small share of Africa’s estimated $30 billion REIT market.
A report by Fortren & Company identified Nigeria as an emerging REIT market, with the sector operating since 2008. The market initially featured UPDC REIT, SFS REIT and UHREIT before Chapel Hill Denham NREIT and MOFI Real Estate Investment Fund joined in 2025.
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South Africa remains the largest REIT market on the continent, accounting for about 92% of Africa’s total market value with more than $27 billion. Morocco has about $700 million, while Kenya and Zimbabwe have approximately $250 million and $130 million respectively.
The News Chronicle reports that the biggest threat to Nigeria’s real estate investment trust (REIT) market development is government securities, which offer higher yields of up to 15%, compared to those on property. This decreased attractiveness resulted in a reduced institutional participation in the Nigerian REITs market.
Nevertheless, the pension fund ownership of REITs increased by 168% to $50.9 in March 2025, the data reported on Wednesday shows. The article stated that diversification efforts, including growing institutional interest, eased regulatory barriers, and a broader market offer, from healthcare and student housing to logistics, will contribute significantly to the development of the market.
