Nigeria’s economy is facing tough times as the price of the country’s main revenue generator, oil, remains low on the international market. The ripple effect of this cash crunch as been a depreciating local currency in the largest economy in Africa.

While most sectors of the Nigerian economy are strained under these challenges, the real estate sector is seen by analysts as the one industry that has potential for investors looking for a good return in Nigeria.

According to Ruth Obih, chief executive at Lagos-based real estate consultancy firm 3Invest, the economic down turn offers the best opportunity for investors looking to buy in the west African nation.

“There has been an increase in interest because if you understand real estate, the best time to invest in real estate is during a downturn. So this is actually a good time,” Obih told CNBC Africa.

“It hasn’t really affected the new investors. But for existing investors looking to sell, this is not really a good time to sell,” she added.

Last week, Obih’s company hosted developers and investors at an event in Lagos dabbed Real Estate Investors Networking (REIN), which aimed to kick-start investment in the sector, Bella Naija reported.

The real estate market in Lagos, Nigeria’s most populous city, is estimated by the Central Bank of Nigeria to be worth $46 billion and contributes 8 percent to the country’s GDP.

The cities expanding population offers demand for both residential and commercial properties.

“We have 20 million people by some estimates living in Lagos state and 600,000 growing per year – over the past five years growth has been driven by relatively high oil prices,” Jonathan Millard, Chief Operating Officer of Troloppe Property Services, told The Guardian.

The World Bank estimates  that Africa’s largest economy would require a minimum of 700,000 housing units annually to meet its housing deficit. Currently, the country has a housing deficit of about 16 million.