Despite its rising middle class, Africa’s real estate’s assets are still just a drop in the bucket, representing about 1 percent of the global total value, according to a report in BusinessDay.

Taken individually, some African countries like Nigeria are recording healthy real estate sales growth as they struggle to provide enough housing for rural citizens flocking to cities seeking work, BusinessDay reports.

Los Angeles-based CBRE Group Inc., the world’s largest commercial real estate brokerage, reported an 11 percent increase in revenue during the fourth quarter, led in part by thriving property markets in Europe, the Middle East and Africa, the LATimes reports.

The Nigerian real estate sector grew 11 percent in the past year, BusinessDay reports.

Nigeria’s urban population represents 50 percent of the total as of 2012, up from 10 percent of the population in 1960. It is predicted that Lagos will have 20 million people by the 2020, making it one of the biggest cities in the world. The Nigerian real estate sector is worth more than N160 trillion and is expected to take a giant leap in future, according to 3investonline.

Nigeria needs about 16 million homes to accommodate its population of approximately 168 million, according to BGL Research. Only about 30,000 houses are being built a year. More than 50 percent of the Nigerian population is homeless or without adequate shelter, according to BusinessDay. Nigeria has room to create about 1 million homes per year for the next 20 years to meet the housing needs of its people.

Inadequate infrastructure, lack of transparency in land policies, and lack of financing restrict the creation of housing to around 30,000 a year in Nigeria. This resulted in a housing gap — some say it’s a crisis — with the majority of Nigerians living in urban areas. However, growth in low- to medium-income housing is on the rise. Many new developers are addressing the needs of the low- to middle-income groups such as Common Sense Co., which is selling 100 one-bedroom bungalows from $18,360.

Office space, like residential space, is in demand in Nigeria. Property is often sold before construction is complete. Prime office rent in Lagos ($85 per square meter) is among the highest in Africa, second only in Africa to Luanda, Angola ($150 per square meters.)

In 2000, there were no malls in Nigeria. Now there are 30, indicating rising demand for shopping outlets and spaces. However, Lagos has just three “A”-grade shopping malls with its population of over 14 million compared to Johannesburg, with 72 malls and a population of 4 million.

Nigeria is a haven for investment with the real estate industry seeing healthy construction of new-age retail and shopping centers. Actis LLP, a London-based private-equity firm with around $1.7 billion in investments in Africa has initiated many projects in Nigeria, including, the 307,000-square-foot Ikeja City Mall in Lagos. The project, which opened in 2011, cost $100 million and retailers include Shoprite and Samsung Electronics. Actis has invested another $100 million to develop the 19,40,000-square-foot Heritage Place in Lagos, scheduled to open in 2015, BusinessDay reports.