South Africa’s Dominance of Africa’s REIT Market: Implications and Lessons for Nigeria’s Real Estate Sector | Gidi

South Africa controls roughly 95% of Africa’s Real Estate Investment Trust (REIT) market, while Nigeria, Africa’s largest economy by GDP and population, accounts for only a marginal share, estimated at about $600 million as of 2024. This disparity reflects fundamental differences in market structure, capital formation, regulatory clarity, and investor confidence. For Nigeria’s real estate sector, South Africa’s dominance is both a warning and a reference point.