The Nigeria Real Estate Medical Sector Series
The Nigeria Real Estate medical sector has been driven by the government and private sector participants.
Over the years there has been concerns about the inadequacy and ill-equipped nature of hospitals and health care facilities in Nigeria.
The perceived lack of adequate quality facilities in the country has prompted those who can afford to it, to seek treatment abroad.
According to the Nigerian Sovereign Investment Authority, Nigerians spend as much as $1bn per annum on outbound medical tourism which accounts for 11.33% of its total health expenditure of over $14trn.
However in recent times there as been rising interest in the healthcare sector by institutional investors looking to plug into this supply gap of medical expertise and inadequacy by developing hospitals with state of the art facilities that meets international standards
One of such development is the Duchess Hospital which is a 7 story private hospital that is currently under construction in Ikeja GRA. It is located on the corner of Harold Shodipo Crescent and Joel Ogunnaike Street.
Once completed, the hospital will provide approximately 7,200sqm of floor area, which indicates that it will have around 72 beds.
According to the main contractors, additional parking is provided at basement level and the building is serviced with power generation, fresh water and sewage treatment plant.
This medical real estate development commenced in 2017 with an estimated 24-36 months to completion, the hospital is set to be completed sometime this year and will finally be open to provide excellent medical services to all.