The Oyo State Government has initiated stakeholder engagements with estate agents as part of efforts to address rising rent, curb commission excesses, and sanitise the housing sector across the state.

The move was disclosed in a statement issued on Thursday in Ibadan by the Commissioner for Information and Civic Orientation, Dotun Oyelade, following a meeting between government officials and the Estate Rent and Commission Agents’ Association.

According to the statement, the engagement is aimed at protecting tenants from exploitative practices while creating a regulatory framework that promotes fairness and professionalism within the real estate sector.

The Commissioner for Lands, Housing and Urban Development, Mr Williams Akin-Funmilayo, who led the government delegation, said the administration was concerned about increasing complaints over rent hikes, excessive inspection fees, and arbitrary charges imposed by some agents.

Akin-Funmilayo explained that while the government does not intend to fix rent prices charged by property owners, it has the constitutional responsibility to regulate practices that negatively affect residents.

He noted that the Oyo State House of Assembly had recently debated the issue and signalled plans to enact a law regulating the activities of estate agents in the state.

“As a government, we believe regulation is necessary. However, it is important that practitioners in the sector contribute meaningfully to the process so that any law enacted is practical, enforceable, and fair to all parties,” he said.

The commissioner urged the association to submit clear proposals on acceptable commission rates, inspection charges, and ethical standards, which would be reviewed and forwarded to the House of Assembly to guide legislative action.

Responding, the association’s chairman, Mr Mutahir Okekunle, commended the state government for engaging stakeholders rather than imposing unilateral decisions. He acknowledged that some agents had engaged in unprofessional conduct, particularly through excessive inspection fees used to exploit accommodation seekers.

Okekunle assured the government of the association’s readiness to collaborate in flushing out unscrupulous members and strengthening internal discipline to restore public confidence in the profession.

He also called for government support in enforcing compliance and ensuring that only registered and certified agents operate within the state.

The engagement comes amid growing concerns over housing affordability, as rising rents continue to place pressure on low- and middle-income earners across urban centres in Oyo State.

The post Oyo Begins Stakeholder Talks to Curb Rising Rent, Agent Excesses appeared first on Housing TV Africa.

Eko Atlantic City, the ultra-modern metropolis built on reclaimed land from the Atlantic Ocean along Lagos’ Victoria Island coastline, has firmly retained its position as Nigeria’s most expensive residential address, both in property sales and rental values.

Designed as a premium urban enclave with world-class infrastructure, the city has become the preferred destination for multinational corporations, high-net-worth individuals, and investors seeking exclusivity, security, and modern urban living.

Land prices in Eko Atlantic currently average about ₦4.1 million per square metre, significantly higher than other elite locations in Lagos. By comparison, land in Banana Island sells for roughly ₦3.0 million per square metre, Ikoyi for ₦2.2 million, Victoria Island for ₦1.5 million, and Lekki Phase 1 for about ₦1.1 million per square metre.

The premium pricing reflects the city’s extensive infrastructure, including an eight-lane central boulevard, multiple internal bridges, underground utility systems, advanced drainage, and green spaces defined by more than 30,000 trees. The 10-square-kilometre city is modelled after New York’s Manhattan skyscraper district, offering a carefully planned environment rarely found elsewhere in Nigeria.

These advantages come at a steep cost for residents. Renting an apartment in Eko Atlantic now costs more than purchasing a three-bedroom bungalow in many Lagos mainland neighbourhoods.

Annual rent for a studio apartment in the city averages about ₦14.2 million. A one-bedroom apartment costs approximately ₦20.9 million per year, while a two-bedroom apartment goes for about ₦26.6 million. Three-bedroom apartments command rents of roughly ₦35.3 million per annum, placing them well beyond the reach of most middle-income earners.

Market data from Edala Development’s Lagos Residential Market report shows that Eko Atlantic’s rental rates significantly exceed those of other prime island locations, including Banana Island, Ikoyi, Victoria Island, and Lekki Phase 1.

In Banana Island, where rental prices have risen sharply over the past five years, a studio apartment rents for an average of ₦5.1 million per annum. One-bedroom apartments go for about ₦10 million, two-bedroom units for ₦15.5 million, while three-bedroom apartments rent for around ₦27.5 million annually.

According to Samuel Olatunde, co-founder and chief operating officer of Edala Development, Banana Island’s rental market has experienced sustained growth driven by strong demand for luxury living and heightened security.

“Between 2020 and 2025, rental values for family-sized homes increased significantly,” Olatunde said. “A three-bedroom apartment that rented for ₦11 million in 2020 now goes for about ₦27.5 million, while four-bedroom homes have risen from ₦18 million to ₦30.5 million.”

He explained that luxury properties with waterfront views often attract premium rents, while factors such as quality of finishing, modern fittings, and smart home technology increasingly influence final rental prices in high-end neighbourhoods.

Ikoyi’s rental market also reflects its status as one of Nigeria’s most prestigious residential districts. Data from Edala Development indicate strong and consistent rental growth between 2020 and 2025, underpinned by limited supply and steady demand.

A one-bedroom apartment in Ikoyi, which rented for an average of ₦2 million in 2020, now commands about ₦8 million annually, representing a 300 percent increase over five years. Two-bedroom apartment rents rose by about 150 percent within the same period, while three-bedroom apartments—popular among families—now rent for an average of ₦25.5 million, up from ₦8.5 million in 2020.

Olatunde noted, however, that actual rental values in Ikoyi and similar locations vary widely depending on factors such as the age of the building, architectural design, property type, and amenities. Prices differ markedly between block apartments, high-rise towers, terraces, semi-detached houses, and penthouses.

As Lagos continues to evolve as Africa’s leading commercial hub, Eko Atlantic City stands out as a symbol of luxury urban development—one that underscores both the opportunities and widening affordability gap within Nigeria’s real estate market

The post Eko Atlantic City: What It Really Costs to Rent and Live in Nigeria’s Most Expensive Neighbourhood appeared first on Housing TV Africa.

In Awka, the Anambra State capital, the story is typical. A 3-bedroom apartment that once cost between ₦150,000 to ₦250,000 annually now goes for as high as ₦700,000. For many like civil servant Augustine Okeke, the escalation was too steep to manage. “I had to move my family from the city to the outskirts in Nibo,” he said, noting the increased cost of commuting and declining quality of life. “I even had to withdraw my children from private school. The rent increment broke us.”

The rent pressure, many residents say, has been compounded by the influx of wealthy individuals, including suspected internet fraudsters, popularly known as “Yahoo Boys,” who pay any amount demanded without negotiation. “They are driving the market up,” said a housing agent in Umuahia who identified herself as Blessing. “They pay two years upfront, and landlords now want similar deals from everyone.”

In cities like Owerri, the Imo State capital, landlords cite the rising cost of building materials and maintenance as justification for rent hikes—even for properties constructed decades ago. “There is no amount of rent that can cover what it takes to build or renovate now,” said Osita Maduka, a landlord in Awka, whose flats remain unoccupied despite reduced rent offers.

Meanwhile, the regional governments are beginning to respond. In Enugu State, the House of Assembly has taken steps to regulate housing rents through the proposed Landlord and Tenant (Amendment) Bill, 2025. Sponsored by Hon. Okey Mbah, the bill aims to limit agency fees, eliminate caution fees, and regulate arbitrary annual increases. “We want to stabilize the rent system and protect tenants from exploitation,” said Speaker Uche Ugwu, noting the bill had passed public hearing and was now under committee review.

In Ebonyi State, where rents in Abakaliki have soared to as much as ₦1.3 million annually, the House of Assembly has also introduced an executive bill seeking to regulate landlord-tenant relations and reduce housing-related financial pressures. Similarly, Anambra and Abia residents continue to call on their state governments to follow suit with affordable housing programs and improved urban planning.

Housing experts and civil society actors have described the situation as a looming crisis. “We are witnessing an exodus of workers from city centers to rural fringes. It’s unsustainable,” said Dr. Tony Ekwe, a former university dean in Imo. “Unless the state steps in with deliberate housing policies, we will see a collapse in the urban economy.”

Tenants also fault estate agents for fueling the hikes. Theophilus Nwaoga, a civil servant in Owerri, accused some agents of manipulating rents to increase their commission. “I spent over ₦700,000 just to secure a moderate two-bedroom apartment after adding agency and legal fees. My salary cannot sustain this yearly.”

Some landlords, however, blame macroeconomic conditions. Chimaobi Njoku, a retired civil servant and property owner in Aba, said: “We’re also trying to survive. The cost of living has gone up. If rent doesn’t go up, we can’t meet our own needs.”

With the pressure mounting, attention is now turning to governments and lawmakers across the region to enforce regulations and expand access to affordable housing, particularly for vulnerable populations. Analysts say failure to act could deepen urban poverty, widen inequality, and strain already stretched infrastructure in suburban areas.

“The housing issue is not just about buildings; it’s about dignity, economic survival, and stability for families,” said Chinonso Eze, a fashion designer in Umuahia. “People are choking, and something must give.”

The post Soaring House Rents Push South-East Residents to the Brink as Governments Move to Intervene appeared first on Housing TV Africa.

The collaboration was announced during a stakeholder meeting convened by the Commissioner for Housing, Hon. Maruf Akinderu Fatai, who stated that the initiative seeks to curb excessive charges by property agents and bring order to the real estate sector.

“This partnership is about reducing exorbitant legal and agency fees and restoring transparency in the housing market,” Fatai said. “The goal is to ensure decent housing is not only a necessity but an accessible reality for every Lagosian.”

The Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, reinforced the government’s commitment to reform. She emphasized that agency fees must be capped between zero and ten percent — a measure aimed at curbing exploitation and fostering affordability.

“Our long-term goal remains the implementation of monthly rent payment models. We are determined to shift away from the burdensome annual rent system that has excluded many residents,” Odunuga-Bakare added.

She further urged residents to engage only with LASRERA-accredited agents and developers, warning that unregistered practitioners pose significant risks to both tenants and landlords. The agency assured that mechanisms are in place to verify agent credentials and file complaints through its official platform.

The move to involve council chairmen in regulatory oversight marks a decentralization of housing reforms, ensuring that local communities are directly involved in shaping a more affordable and transparent property market.

Residents are encouraged to visit www.lasrera.lagosstate.gov.ng to confirm agent registrations and report any violations.

This grassroots-driven initiative signals a renewed commitment by the Lagos State Government to tackle housing challenges and expand access to secure, affordable accommodation across the state.

The post Lagos Moves to Cut Rent, Regulate Housing Costs Through Grassroots Partnership appeared first on Housing TV Africa.

A new academic study examining the city’s rental market shows that these flats are not only the most preferred by property managers but also boast the highest occupancy rates, likely thanks to their affordability and convenience.

The study, conducted by researchers from Bells University of Technology in collaboration with Hong Kong Polytechnic and Chicago State University, draws insights from professionals managing properties across both the Mainland and Island.

Their feedback reveals a market leaning heavily toward compact, multi-unit flats as the dominant structure for short-term stays. Other property types such as terraces, bungalows, and semi-detached houses are still in use but don’t match the demand or performance of flats—bungalows, in particular, rank the lowest in rental use and occupancy.

What’s also shifting the game is lifestyle. Swimming pools have emerged as the top amenity driving guest decisions, with renters willingly paying a premium for properties offering this leisure feature. Indoor game options and outdoor chill zones like courtyards follow close behind. This signals a clear move toward experience-based renting, where comfort and recreation are just as important as the stay itself.

From 2018 to 2023, short-term rental prices steadily climbed across all property types in Lagos. While detached homes saw sharp price hikes, flats stood out for their steady growth, sustained by consistently high demand and widespread availability. The dominant investment strategy has been repurposing standard residential properties into rental units rather than building from scratch a move that speeds up supply but raises concerns about long-term housing availability.

Despite the market’s rapid expansion, it’s still flying under the radar. Not one of the surveyed properties is listed on major platforms like Airbnb, and the entire sector remains largely unregulated. The study suggests that this early-stage informality could become a risk if left unchecked, potentially leading to housing shortages and rising rents.

With rising interest from middle-income travelers and leisure seekers, short-term rentals in Lagos show no signs of slowing. But as demand surges, researchers caution that unchecked growth may come at the expense of housing access. For now, though, the formula is simple: a flat with a pool is the hottest ticket in town.

The post Flats and Pools Take Over Lagos as Short-Term Stays Soar appeared first on Housing TV Africa.

As the cost of rent continues to rise, particularly in the capital city of Umuahia, the government is working closely with private developers. This collaboration seeks to create sustainable solutions that will balance the housing market and ease the burden on tenants.

Government’s Commitment to Housing Expansion

Commissioner for Lands and Housing, Mr. Chaka Chukwumereije, emphasized at a press conference in Umuahia that the administration of Governor Alex Otti is fully committed to expanding the state’s housing capacity. He acknowledged that the skyrocketing cost of rent is driven by the fundamental forces of demand and supply. More people are seeking accommodation than the available housing stock can support.

Rather than attempting to regulate rent prices directly, which would likely be ineffective in a free-market economy, the government has opted for a strategic approach. It plans to increase the supply of homes through the construction of new estates.

A Surge in Migration and Property Demand

Abia has gained a reputation as an attractive destination for businesses and individuals looking to relocate. As a result, the state has seen a significant influx of people. The administration has successfully fostered a business-friendly environment, leading to a surge in investments and migration.

This increased demand has inevitably put pressure on available housing and driven up property values. Chukwumereije emphasized that the government’s response is to create more opportunities for homeownership and rental options. To achieve this, it is working with reputable private developers to establish modern housing estates across different locations.

Providing Affordable Housing Options

The estates will cater to various income levels, with a strong focus on providing low-cost housing for those in need of affordable accommodation. By addressing the housing deficit from the supply side, the government aims to create a more balanced market. As more options become available, rents are expected to stabilize naturally.

Enforcement of Land Title Recertification and Rent Demand Notices

In addition to unveiling new housing initiatives, the Abia State government is intensifying its enforcement of land title recertification and rent demand notices. Chukwumereije announced that property owners who have not yet complied with the recertification process, which began in May 2024, will now face legal action.

Multiple grace periods have already been granted. However, the government has set a firm deadline of 14 days for property owners to submit their title documents. Failure to do so will result in full legal enforcement.

Regulating Real Estate Transactions for Transparency

The commissioner stressed that the enforcement process applies to all existing housing estates in Abia. This includes key locations such as IBB Phase I, Agbama, Ehimiri, Isieke, and the World Bank Estates in both Umuahia and Aba.

This move is part of a broader effort to streamline property ownership, eliminate irregularities in land documentation, and ensure that real estate transactions in the state remain transparent and properly regulated.

A Promising Future for Housing in Abia

As the government pushes forward with these initiatives, residents and investors can look forward to improved access to quality housing. The administration remains committed to creating an environment where businesses and individuals can thrive without the constant struggle of finding suitable accommodation.

With a clear strategy focused on expanding housing supply, enforcing property regulations, and maintaining a strong partnership with private developers, Abia is positioning itself as a model for sustainable urban growth in Nigeria.

The post Abia Takes Bold Steps to Tackle Soaring Rent Prices with New Housing Estates appeared first on Housing TV Africa.

The relocation of the Federal Capital Territory from Lagos to Abuja by the military administration of General Ibrahim Babangida on December 12, 1991, has contributed immensely to the population density of the Federal Capital Territory and its over twenty districts, sprawling satellite towns, resettlement schemes, and slums.

The Apo Resettlement scheme, Garki New Town, Abuja, like every other settlement within the Federal Capital Territory, has witnessed a massive inflow of low-income earners, the middle class, and, in recent times, the bourgeoisie seeking accommodation within the area.

The Apo Resettlement was initially designed to accommodate displaced aboriginal Abuja indigenes displaced by the construction and implementation of the Abuja City Master Plan, but it has now become home to different classes of people as the original inhabitants sold their properties to willing buyers.

With the dualization of the ever-busy Apo/Waru/Wasa road and other developmental projects within the area, property prices and rents have increased astronomically by over fifty percent. This has forced residents to either resort to sharing apartments, especially among low-income earners, or relocating to other nearby suburbs such as Apo Primary, Wasa, Waru, and Takushara.

Reacting to this development, a resident in Zone C of the area who pleaded anonymity opined that his rent for a studio apartment (self-contained) is nine hundred and fifty thousand naira, compared to six hundred thousand naira he was paying for the same apartment in 2023. He complained that the increase might not be unconnected with the ongoing Apo road dualization work.

In the same vein, another resident in the area, Mr. Velly Melshiach, who lives in a one-bedroom apartment, lamented the sharp increase in rent, attributing it to bad government policies and pervasive inflation within the country.

“My landlord buys fuel at one thousand two hundred naira, rice at over one hundred thousand naira, school fees for his kids have doubled, and the prices of building materials have risen by over fifty percent. Where do you want him to transfer that additional cost to? Of course, it’s his real estate business, and it’s unfortunate the tenants are at the receiving end,” a visibly angry Mr. Melshiach told our correspondent.

Housing TV Africa can authoritatively report that the prices of land, houses, and house rent within the quiet, pristine Apo Resettlement have surged in the last two years by over forty-five percent. A studio apartment has moved up from an average of five hundred thousand naira in 2023 to nine hundred and fifty thousand naira in 2025; rent for a one-bedroom flat, popularly called ‘Gwari’ house, has increased from eight hundred thousand naira to one million five hundred thousand naira; a two-bedroom flat from one million five hundred thousand naira to two million five hundred thousand naira; a three-bedroom flat from two million five hundred thousand naira to three million five hundred thousand naira.

Aside from the astronomical rise in house rentals within the area, the prices of land, houses, and even market stalls within the boisterous Apo Fish Market and Apo Urban Market have equally risen and doubled in price over the years under review.

A plot of 100 ft by 50 ft in the area was valued at around twelve million naira in 2023 but has now surged to twenty-five million naira and more. Houses in the area are valued from fifty million naira and above, depending on the land size and structure.

A landlord in the area who spoke to our correspondent about the perpetual increase in house rent within the area blamed the sharp increase on building materials and the demand for housing in the area as causative factors of the crisis.

He said, “Here in Apo Resettlement, the demand for accommodation is higher than the supply. In Economics, when demand is more than supply, prices rise. This is the exact scenario playing out in Apo Resettlement. Everyone wants to stay here now because of the dualization of the road that leads here. When the project is completed, it will take you eight minutes to get to the central business district from Apo.”

The surging rents in Apo Resettlement reflect a broader challenge in Abuja’s housing market, where infrastructure developments and economic pressures are driving property values beyond the reach of many residents. The dualization of the Apo/Waru/Wasa road has transformed the area into a highly sought-after location, but this progress comes with the unintended consequence of making housing increasingly unaffordable.

As low-income earners and even middle-class residents struggle to cope with skyrocketing rents, the disparity between housing demand and supply exacerbates the situation. Without strategic interventions to address these issues, the dream of affordable housing in the Federal Capital Territory may remain elusive for many.

The post Apo Resettlement Residents Groan As House Rent Surges appeared first on Housing TV Africa.