Africa REIT report shows Nigeria's $230m market lags behind SA, Morocco, Kenya

Africa's REIT market includes 49 operational trusts worth about $30 billion, with a listed market value of roughly $21 billion, according to the Fortren & Company report. South Africa dominates, accounting for more than $27 billion—or about 92%—of the continent's total REIT value. Morocco follows with around $700 million, while Kenya and Zimbabwe are valued at about $250 million and $130 million respectively.

Nigeria's five REITs have a combined market capitalisation of $230 million, placing the country below South Africa, Morocco and Kenya. The largest Nigerian REIT is Chapel Hill Denham Nigeria Real Estate Investment Trust (NREIT), a Shariah-compliant, closed-ended fund domiciled in Nigeria and denominated in naira. NREIT focuses on income-producing commercial real estate across the office, retail and industrial sectors and is managed by Chapel Hill Denham Management. Edem Lassey serves as Director of Nigeria REIT at Chapel Hill Denham, and Bolaji Balogun is the CEO of the management firm. NREIT's market capitalisation stands at $110 million.

Other country leaders highlighted in the report include Watumishi Housing in Tanzania ($30 million), Rangoon REIT in Ghana ($40 million), REIZ in Zambia ($80 million), Acorn in Kenya ($130 million), Tigere Property Fund in Zimbabwe ($130 million), Bonyan in Egypt ($160 million), Aradei Capital in Morocco ($580 million) and Growthpoint in South Africa ($3.39 billion).

Given the size gap, will you consider REITs as part of your investment portfolio, explore the Chapel Hill Denham NREIT for naira-denominated exposure, or look toward larger regional markets for diversification?

SOURCE: https://nairametrics.com/2026/09/30/africas-biggest-reit-markets-in-2026-ranked-by-value/