Nigeria’s real estate mutual funds delivered a mixed but resilient performance in 2025, with a handful of dominant funds accounting for most assets under management despite wide variations in yields.
The data, compiled from official mutual fund records as of December 24, 2025, shows that real estate funds continued to play a growing role in Nigeria’s collective investment landscape.
This article reviews the best performing real estate funds in Nigeria in 2025, ranking them strictly by net asset value (NAV), yield performance, and investor participation.
What the data is saying
Nigeria’s mutual fund industry closed 2025 with total assets of N7.67 trillion, reflecting the expanding role of pooled investment vehicles in mobilizing long-term capital.
Within this total, real estate investment trust (REITs) recorded a NAV of N483.06 billion, representing 6.30% of industry-wide assets.
- MOFI Real Estate Investment Fund controlled N269.85 billion in assets, accounting for 55.86% of total real estate fund NAV, with a year-to-date return of 10.2%.
- Nigeria REIT followed with a NAV of N163.63 billion, representing 33.87% of sector assets and a YTD yield of 9.30%.
- UPDC REIT held N33.10 billion, or 6.85% of total real estate fund assets, despite being the strongest yield performer of 38%.
Smaller funds collectively accounted for less than 6% of total sector NAV, highlighting a highly concentrated market structure.
Overall, the data shows a sector dominated by a few large funds, with smaller players competing primarily on yield rather than scale.
More Insights
Performance across Nigeria’s real estate funds in 2025 reflected a clear split between large, institutionally driven portfolios and smaller, high-yield-focused vehicles.
Asset size, yield delivery, and investor composition varied significantly across the funds reviewed.
- The MOFI Real Estate Investment Fund, managed by ARM Investment Managers Limited, delivered a year-to-date yield of 10.20% while maintaining a relatively small base of 45 unitholders, underscoring its institutional focus.
- Nigeria REIT, managed by Chapel Hill Denham Management Limited, posted a 9.30% YTD yield and attracted 851 unitholders, indicating broader retail and pension-linked participation.
- UPDC REIT, managed by Stanbic IBTC Asset Management Limited, delivered a standout YTD yield of 38.00% and had 211,092 unitholders, making it the most widely held real estate fund.
- Union Homes REIT and SFS REIT recorded YTD yields of 20.37% and 25.15%, respectively, despite their relatively smaller NAVs and investor bases.
These trends suggest that while large funds prioritized capital preservation and steady income, smaller REITs attracted investors seeking higher yield opportunities.
What you should know
Real estate mutual funds remained a small but important segment of Nigeria’s broader collective investment industry in 2025.
The sector’s performance highlighted both concentration risk and income diversification opportunities for investors.
- Total mutual fund assets stood at N7.67 trillion as of December 24, 2025.
- Real estate funds and REITs accounted for N483.06 billion, or 6.30%, of total industry assets.
- MOFI Real Estate Investment Fund dominated the sector by asset size, controlling more than half of the total real estate NAV.
- UPDC REIT delivered the highest yield at 38.00% YTD, despite its comparatively modest asset base.
As interest rates, inflation, and housing demand continue to influence market dynamics, performance across Nigeria’s real estate funds is likely to remain uneven, with investors balancing scale, yield, and liquidity considerations.
This analysis is as of December 24, 2025, and investors are encouraged to check back for updated data and performance figures as market conditions evolve.
