Nigeria has emerged as the leading market for real estate investment opportunities in Africa, particularly in the residential and commercial subsectors, according to a new report by Panterra Real Estate Group.

The group, in its latest 2026 West Africa Real Estate Market Report, assessed market attractiveness using six pillars: economic activity; real estate investment opportunities; depth and sophistication of capital markets; investor protection and legal framework; socio-cultural and political environment; and administrative burdens and regulatory limitations.

Nigeria ranked first in West Africa, followed by Ghana, based on institutional property estimates, urbanisation, urban population growth, infrastructure quality and the development of the services sector.

However, in the real estate investment attractiveness ranking, Côte d’Ivoire placed first in the region, followed by Nigeria, Ghana, Senegal and Cabo Verde.
Nigeria also ranked first in the economic pillar, which assesses GDP size and growth, GDP per capita, workforce, inflation and innovation.

The capital market pillar evaluates stock market liquidity, initial public offering (IPO) activity, mergers and acquisitions, debt and credit markets, access to private capital and the Real Estate Investment Trust (REIT) market.

Cabo Verde led in investor protection, security and property rights, legal enforcement and regulatory quality, while its administrative burden assessment covered taxation and capital gains, construction permits, property registration, ease of starting and closing businesses, and foreign exchange controls.

Côte d’Ivoire ranked first in the socio-cultural and political environment pillar, which considers human development indicators, crime, bribery and corruption, and political systems.

Speaking on the report, the Chief Investment Officer of Panterra Real Estate Group, Ayo Ibaru, said currency stability, financing depth, Global South partnerships and security were increasingly shaping real estate performance in West Africa.

He said local capital and developers were increasingly financing the region’s growth, while rising self-financing and capital from the Gulf, Turkey and Asia were diversifying the investor base beyond traditional Western sources.

According to Ibaru, the $25 billion Dangote Lekki refinery has helped make the Lekki Free Trade Zone one of the region’s most active industrial corridors.

It signals growing confidence in Nigerian infrastructure among indigenous investors.

He added that the $15.6 billion Abidjan-Lagos Corridor, which will connect five countries and an urban population projected at 173 million by 2050, would create significant opportunities for real estate development.

Despite the risks, Ibaru said local and Global South capital was financing infrastructure at scale, creating opportunities across industrial zones, port cities and logistics corridors.