Nigeria’s real estate investment trust (REIT) market reached $600 million in 2024, positioning the country ahead of Kenya but well behind South Africa’s $8.5 billion sector, according to the Knight Frank Africa Horizons 2025/26 Report, cited by Nairametrics.

The figures underline Nigeria’s emerging role in Africa’s REIT landscape. While South Africa remains the dominant force, Nigeria is beginning to carve out a regional leadership position, driven by a handful of active funds and growing investor interest.

The report highlights that other African countries, including Ghana, Morocco, and Egypt, have established legal frameworks for REITs but are yet to launch operational funds, underscoring the importance of both regulation and market readiness.

Nigeria’s REIT market is currently led by a small number of players. UPDC REIT, the nation’s first trust, invests in both residential and commercial properties, with total assets valued at 33.47 billion Nigerian naira ($21.8 million) and a market capitalisation of 16.1 billion Nigerian naira ($10.5 million). Skye Shelter Fund, focused on affordable housing, manages 3.47 billion Nigerian naira($2.3 million) in assets and holds a market capitalisation of 12 billion Nigerian naira ($2.7 million).