Housing experts have attributed the rising cost of homes in Nigeria to rapid population growth, limited access to land, and weak government policies that fail to support affordable housing initiatives.
Speaking at the 2025 International Real Estate Conference and Exhibition (IRECE) in Abuja, the convener, Ajayi Franklin, said that demand for housing has outpaced supply due to Nigeria’s expanding population, leading to a steady increase in property prices.
“The demand for housing continues to grow with the population. As more people seek accommodation and land becomes scarcer, the value of property naturally goes up,” Franklin explained. He added that the high cost of building materials and bureaucratic hurdles in land acquisition further worsen the situation.
Also speaking, Binta Ibrahim, who represented the National Women Developers Committee of the Real Estate Developers Association of Nigeria (REDAN), revealed that the association is negotiating with building material producers, including cement companies, to reduce prices.
She called for stronger collaboration among developers, the government, and financial institutions to improve access to affordable housing. According to her, “Addressing housing challenges requires coordinated action and supportive policies that reduce the burden on both developers and buyers.”
Industry stakeholders also urged the government to introduce incentives, subsidies, and reforms in land administration to make home ownership easier for low- and middle-income Nigerians.
They noted that the real estate sector, which contributes significantly to Nigeria’s GDP, has the potential to drive economic growth if key barriers are addressed.
