Panterra Unveils 2026 West Africa Real Estate Reports and Digital Investment Platform

Real estate firm Panterra has unveiled its 2026 West Africa Real Estate Market Report and Nigeria Construction Market Report, alongside a new digital platform designed to provide access to real estate ownership and investment.

The announcements were made at Panterra’s “Experiencing Panterra: An Evening of Creativity and Insights” event in Lagos, which brought together industry leaders, financial experts and creatives to examine developments across the West African built environment.

The event also featured the launch of Foundations 2026, a creative publication and documentary examining issues affecting the built environment. The publication’s 2026 edition focuses on the theme, “urban dilemmas.”

Panterra Chief Executive Officer, Tayo Odunsi, said the company’s vision is centred on developing integrated real estate ecosystems across the West African sub-region.

The programme began with a fireside discussion moderated by Panterra Group Chief Investment Officer, Ayo Ibaru. The session featured Emmanuel Ilaboya, Head of HBM Ready Mix, who represented Lolu Akinyemi, Chief Executive Officer of HBM PLC.

The discussion focused on material supply, cement prices and broader economic pressures affecting Nigeria’s construction industry.

Ibaru also presented research on the methodology behind Panterra’s Real Estate Investment and Attractive Index as part of the release of the 2026 West Africa Real Estate Market Report.

The research examines factors influencing the attractiveness and performance of real estate markets across the region.

A subsequent discussion involving Ibaru and Jide Benson, founder of CAST Public Relations, considered economic trends and other developments shaping real estate performance across West Africa.

Panterrium digital investment platform

A major feature of the event was the official introduction of Panterrium, Panterra’s new digital platform for real estate ownership and investment.

Fareedah Alaka, Project Lead for Panterrium, presented the platform and its features as the product prepares to enter its regulatory sandboxing phase.

The platform is intended to create a digital channel through which users can access opportunities related to real estate ownership and investment.

The launch was followed by a fireside conversation between Odunsi and Charles Omoera, Chief Executive Officer of Sterling Fi, which examined the integration of capital markets with digital real estate investment platforms.

Research and creative work

The event also marked the launch of Foundations 2026, led by project lead and editor Nancy Sabo.

Contributors to the publication presented their work during the event and received certificates of recognition.

Panterra said the gathering was organised to mark key partnerships and showcase its activities in market research, property technology and creative engagement within the real estate industry.

The company operates across principal investing, asset management, market research, digital real estate investment and building materials distribution in Nigeria.

Findings from the 2026 West Africa report

The newly released West Africa Real Estate Market Report assesses real estate markets using factors including economic activity, investment opportunities, capital-market depth, investor protection and legal frameworks, socio-cultural and political conditions, as well as administrative and regulatory burdens.

A related report published by The Guardian on the findings said Nigeria ranked first in West Africa on the broader market assessment, followed by Ghana, while Côte d’Ivoire ranked first in the region on real estate investment attractiveness, with Nigeria in second place.

The report also identified currency stability, financing depth, Global South partnerships and security as factors increasingly influencing real estate performance across West Africa.

Panterra’s Chief Investment Officer, Ayo Ibaru, said local capital and developers were playing a growing role in financing development across the region, while capital from the Gulf, Turkey and Asia was helping diversify the investor base beyond traditional Western sources.

The report highlighted the $25 billion Dangote Lekki refinery as a development that has contributed to the emergence of the Lekki Free Trade Zone as one of the region’s active industrial corridors.

It also pointed to the $15.6 billion Abidjan-Lagos Corridor, which is expected to connect five countries and serve an urban population projected to reach 173 million by 2050, as a development with implications for future real estate opportunities.

According to Ibaru, the growth of local and Global South capital is supporting infrastructure development and creating opportunities across industrial zones, port cities and logistics corridors.

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Affordable Financing Could Help More Nigerians Become Homeowners, Mixta Africa Says

Access to adequate and affordable financing remains critical to helping more Nigerians overcome the barriers to homeownership, real estate developer Mixta Africa has said.

The company made the observation as it handed over keys to 27 new homeowners at Ibudo Wura, an affordable housing estate located along the Lekki-Epe Expressway in Lagos.

The latest handover brings the total number of completed homes at the development across Phases 1 and 2 to 192, according to the company.

Mixta Africa said the development demonstrates how appropriate financing options can make homeownership more accessible to prospective buyers.

The company noted that the latest handover also builds on its more than two decades of housing delivery across Africa, with more than 30,000 homes delivered to date.

According to the developer, homeowners at Ibudo Wura were able to access financing with as little as 10 per cent equity, payable over six months.

The financing comes with an interest rate of 9.75 per cent per annum and repayment tenors ranging from five to 20 years. Indicative monthly repayments start from N534,785.

The financing is available through the Ministry of Finance Incorporated Real Estate Investment Fund.

Mixta Africa Group Chief Commercial Officer, Tola Akinsulire, described the latest handover as an important milestone for the company and the beneficiaries, marking the point at which buyers move from purchasing their homes to taking possession.

Akinsulire said handing over keys was an important part of the relationship between the developer and its customers because it turns the company’s promise of home delivery into something tangible.

She acknowledged that buying a home represents a major financial and emotional commitment and said customers needed confidence that the homes they had paid for would be delivered.

With the latest handover, 27 additional families have taken possession of homes at the development, she said.

Akinsulire added that the company’s responsibility was to continue earning the trust of its customers through consistent delivery across its housing communities.

One of the new homeowners, Mrs Soprinye Banjo, said Mixta Africa’s track record influenced her decision to purchase a home at the estate.

She also cited the availability of authentic property titles and the prospect of having a seamless transaction as factors behind her decision.

Another homeowner, Tunji Adeyemi, said the quality of construction at Ibudo Wura was one of the main reasons he decided to invest in the development.

Adeyemi said he understood the quality of construction carried out by Mixta Africa and considered it an important factor in his decision.

He also pointed to Lagos New Town, where the development is located, as another attraction.

According to him, the area offers a setting where residents could live and work, while also providing an environment suitable for people considering the location for retirement in the future.

Another homeowner, Mrs Yetunde Oyegunle, praised the estate’s appearance, the quality of the finishing and the surrounding environment.

She said the development provided a conducive environment and expressed confidence in recommending it to people interested in purchasing property.

The latest handover highlights the role that accessible housing finance can play in supporting homeownership, particularly as prospective buyers face the challenge of raising large upfront payments for residential property.

Mixta Africa said its financing structure at Ibudo Wura is intended to provide prospective homeowners with a pathway to purchase homes through manageable equity requirements and longer repayment periods.

The post Housing Finance: Mixta Africa Hands Over 27 Homes at Ibudo Wura appeared first on Housing TV Africa.

THE 20 TRICKS: HOW UNSCRUPULOUS REAL ESTATE OPERATORS ARE TAKING BILLIONS FROM NIGERIAN SUBSCRIBERS

By the Research & Economic Unit, Housing Development Advocacy Network (HDAN)

For many Nigerians, buying land or a house is the biggest financial decision they will ever make. Yet the dream of homeownership is increasingly being exploited by unscrupulous operators using sophisticated marketing, unrealistic investment promises and weak contractual protections.

THE 20 TRICKS BUYERS NEED TO WATCH

1. UNREALISTIC HIGH-RETURN PROMISES

One of the most dangerous tactics is inviting members of the public to “invest” in real estate with promises of unusually high returns, sometimes 20%, 30%, 40% or more within short periods.

Some of these schemes are structured so that money from new investors is used to pay earlier investors, creating the appearance of profitability until fresh inflows slow down.

2. SELLING LAND WITHOUT VALID TITLE

Subscribers may be offered land without proper documentation or with titles that cannot be independently verified.

3. DUPLICATE SALE OF THE SAME PLOT

The same piece of land may be sold to multiple unsuspecting buyers, creating disputes that can take years to resolve.

4. COLLECTING FULL PAYMENT WITHOUT ALLOCATION

Some subscribers make full payments but are left waiting indefinitely for their actual allocation.

5. ABANDONED OFF-PLAN PROJECTS

Developers may collect money for off-plan properties that are delayed for years or never completed.

6. HIDDEN AND UNEXPECTED CHARGES

Subscribers may discover additional charges after making payments, significantly increasing the final cost of the property.

7. REFUSING REFUNDS

Some operators make it extremely difficult for subscribers to recover their money when they decide to exit a project.

8. USING NEW PROJECTS TO FINANCE OLD ONES

Some operators launch new estates to raise money to complete older projects.

This creates a dangerous cycle:

Project B finances Project A.

Project C finances Project B.

9. CELEBRITY ENDORSEMENTS

Celebrity endorsements can create an impression of legitimacy and safety, even when buyers have not independently verified the developer or project.

10. AGGRESSIVE SALES AGENTS

Sales agents may pressure prospective buyers to make immediate payments before conducting proper due diligence.

11. “ONLY THREE PLOTS LEFT”

Artificial scarcity is often used to create urgency and discourage buyers from taking time to investigate.

12. “PRICE INCREASES TONIGHT”

Countdown promotions can pressure buyers into paying before they have verified the property, documents and contractual terms.

13. MISUSE OF “REAL-ESTATE-BACKED INVESTMENT”

Subscribers are told their investment is secured by property.

But buyers should ask:

Which specific property secures my money?

Is the title valid?

Does a legal charge exist?

Has the same asset been pledged to other investors?

14. SHOWING ONE LOCATION AND ALLOCATING ANOTHER

Some subscribers are shown one location during inspection but later discover that their allocated property is somewhere else.

15. MARKETING LAND WITH THE WRONG LAND USE

Agricultural or improperly designated land may be marketed as a residential estate.

16. ALLOCATION LETTERS THAT ARE MISTAKEN FOR LEGAL TITLE

Some buyers receive impressive allocation letters, certificates and promotional materials and assume these documents amount to legal title.

They do not.

A developer-issued allocation document cannot replace independent verification of the underlying land title.

17. UNFAIR CONTRACTS

Some agreements impose severe penalties on subscribers for late payment but provide little or no compensation when developers delay delivery for years.

18. CHANGING THE PROPERTY AFTER PURCHASE

A subscriber may buy a particular house design only to discover later that the developer has reduced the size, changed the finishes or substituted cheaper materials without meaningful consent.

19. DELAYED DELIVERY

Projects may be marketed with attractive delivery timelines, only for subscribers to wait years beyond the promised completion date.

20. FAILURE TO DISCLOSE HOW THE PROJECT IS FINANCED

Subscribers deserve to know how their money will be used and whether the project’s financial structure is sustainable.

WHAT NEEDS TO CHANGE?

Nigeria urgently needs stronger protection for real estate subscribers.

Off-plan developers should be required to disclose:

• Verified land title
• Development approvals
• Delivery schedules
• Financing arrangements

This information should be available before substantial funds are collected from the public.

Major subscriber funds should increasingly pass through escrow or controlled project accounts, with releases tied to independently verified construction milestones.

Companies inviting the public to invest for returns should also be required to demonstrate that they possess the necessary regulatory authority to solicit investments.

THE ONE RULE EVERY BUYER SHOULD KNOW

DO NOT INVESTIGATE AFTER PAYING.

INVESTIGATE BEFORE PAYING.

Before transferring money, buyers should independently verify:

• The title
• The company
• Approvals
• The contract
• The developer’s project history
• The exact location of the property

Where a company promises exceptionally high returns, prospective investors should ask the most important question:

Where exactly will the money required to pay those returns come from?

Nigeria needs genuine developers and a strong real estate industry.

But the sector cannot grow sustainably if subscribers increasingly associate property investment with deception, endless delays and lost savings.

Every fraudulent transaction damages not only the victim but also confidence in the entire housing market.

HDAN SPECIAL CONSUMER PROTECTION SERIES

In the next few days, the Housing Development Advocacy Network (HDAN) will begin spotlighting real estate developers and operators involved in documented subscriber disputes, regulatory actions, court cases and alleged fraudulent practices.

The series will examine:

• The facts of each case
• Complaints made by subscribers
• Responses from the companies involved
• Actions taken by regulators or the courts
• Warning signs prospective buyers and investors should look out for

Where allegations have not been finally determined by a court, HDAN will clearly state that fact.

THE OBJECTIVE IS SIMPLE:

To help Nigerians identify dangerous red flags, avoid questionable property schemes and protect their hard-earned money before it is too late.

The post 20 Real Estate Scams Nigerian Property Buyers Must Avoid appeared first on Housing TV Africa.

REDAN Seeks New Housing Finance Models

The Real Estate Developers Association of Nigeria (REDAN) has called for stronger blended finance structures to increase investment in Nigeria’s housing and infrastructure sectors.

REDAN President, Oba Akintoye Adeoye, made the call at the 2026 Africa Environmental, Social and Governance (ESG) Conference and Exhibition in Lagos.

John Saka, Executive Secretary and Business Development Specialist at REDAN’s national secretariat, disclosed this in a statement issued on Thursday in Abuja.

Adeoye said Nigeria’s housing and infrastructure needs require more than traditional sources of funding. He called for closer cooperation among government, developers, mortgage institutions, commercial banks and development finance institutions.

He also identified institutional investors and other sources of capital as important partners in expanding housing investment.

Blended Finance Could Support Housing Investment

Blended finance combines public, private and development-focused funds to reduce investment risks. It can also help attract private capital to projects that may face funding challenges under normal commercial terms.

Adeoye said this approach could help developers finance more housing projects while improving affordability for Nigerians.

He urged REDAN and the Mortgage Banking Association of Nigeria (MBAN) to promote financing models that support sustainable and affordable housing.

According to him, stronger links between developers and financial institutions could create better conditions for long-term investment in the sector.

The issue is important because housing projects often require significant upfront capital. Developers also need access to financing that matches the long development periods of housing and infrastructure projects.

Better financing structures could therefore support projects that might struggle to secure funding through conventional commercial loans alone.

REDAN Pushes Green Innovation

Adeoye also urged real estate developers to adopt more green technologies and sustainable construction practices.

He said developers could improve efficiency and long-term value through energy-efficient buildings, renewable energy and sustainable construction materials.

He also highlighted water efficiency, waste management, climate-resilient infrastructure and smart technologies as areas with room for greater innovation.

Adeoye said developers should view sustainable real estate as an investment rather than simply an additional cost.

Energy-efficient buildings can reduce operating expenses over time. Sustainable materials and better resource management can also improve building performance and the experience of occupants.

For Nigeria’s housing industry, the shift towards sustainable development could also support buildings that are better prepared for environmental and climate-related pressures.

Governance Remains Critical

The REDAN president also stressed the need for stronger governance across the real estate sector.

He identified transparency, accountability, ethical business practices and responsible leadership as key elements of a credible property market.

Adeoye said good governance can strengthen consumer confidence and improve investor trust. It can also support access to finance and improve the credibility of real estate businesses.

Strong governance remains important to both developers and consumers. Clear business practices can help protect buyers while creating greater confidence among financial institutions and investors.

ESG Conference Focuses on Practical Solutions

The 2026 Africa ESG Conference and Exhibition focused on the theme, “ESG as a Competitive Advantage: Blended Finance, Green Innovation, and Governance for Nigeria’s Real Estate Future.”

REDAN and the Mortgage Banking Association of Nigeria jointly organised the conference. The Nigeria Mega Project Expo 2026 partnered with both organisations for the event.

The conference provided a platform for stakeholders to discuss how environmental, social and governance principles can influence Nigeria’s real estate sector.

Adeoye urged participants to move beyond discussions and focus on practical solutions and partnerships.

For Nigeria’s housing market, the discussion highlights the close link between finance, sustainability and good governance. Expanding access to suitable funding, encouraging efficient building practices and improving industry standards can help create stronger conditions for housing and infrastructure investment.

The wider significance lies in bringing developers, lenders, government agencies and investors closer together. Such cooperation can help the sector develop financing models and business practices that support a more sustainable and accessible real estate market.

The post REDAN Urges Blended Finance to Unlock Nigeria’s Housing Potential appeared first on Housing TV Africa.

The housing affordability crisis confronting Nigeria and many African countries cannot be solved merely by increasing the number of houses constructed.

Housing becomes affordable when the entire financial architecture supporting its production, purchase and rental is deliberately structured for affordability.
Experience from the United States, United Kingdom, Canada, Singapore and Malaysia demonstrates that governments rarely expect low- and middle-income households to purchase homes produced entirely with expensive commercial land, commercial infrastructure, commercial development finance and commercial mortgages.

Instead, governments intervene at different points in the housing value chain.
They subsidise land.
They provide capital grants.
They supply infrastructure.
They offer low-interest development finance.
They guarantee mortgages.
They provide tax incentives to private investors.
They support social and affordable rental housing.
They give direct assistance to qualifying households.
They leverage government resources to attract much larger volumes of private and institutional capital.
The central finding of this report is therefore:
Affordable housing is created by affordable finance.
The United States relies heavily on tax credits, federal housing programmes, rental assistance and a sophisticated private housing-finance market.

The United Kingdom combines large-scale government grants with housing associations, local authorities, borrowing and private institutional capital.
Canada uses federal funding, concessional finance and partnerships with provinces, territories and municipalities.

Singapore integrates public land management, public housing development, household grants, compulsory savings and specialised housing loans.
Malaysia combines direct public housing programmes, construction subsidies, government-backed housing credit guarantees and public-private delivery mechanisms.
Nigeria does not need to copy any single country.

The stronger strategy would be to combine suitable elements from each model into a Nigeria Affordable Housing Finance Framework adapted to the country’s income structure, federal system, large informal economy and housing deficit.

1. INTRODUCTION: WHY AFFORDABLE HOUSING IS REALLY A FINANCE QUESTION
Governments frequently announce affordable housing programmes by stating the number of houses they intend to construct.
But the more important questions are:
Who finances the land?
Who pays for infrastructure?
At what interest rate does the developer obtain construction finance?
How much equity must the developer contribute?
At what interest rate does the eventual purchaser borrow?
What happens to households that cannot qualify for conventional mortgages?
How are low-income households that should rent rather than purchase supported?
If these questions are not addressed, calling a development “affordable housing” does not make it affordable.

A developer who:
* purchases land commercially;
* finances infrastructure;
* borrows construction money at high interest;
* purchases expensive building materials;
* pays taxes and development charges;
* bears approval delays; and
* must recover capital and earn a reasonable return
cannot simply reduce the selling price because government labels the project affordable.
The countries examined in this report demonstrate a different approach.
They intervene before the house reaches the household.

2. UNITED STATES: USING TAX POLICY AND PRIVATE CAPITAL
The United States provides an important example of how government can stimulate affordable housing without directly constructing every home.
One of the country’s most significant affordable rental housing instruments is the Low-Income Housing Tax Credit, or LIHTC.
HUD describes LIHTC as the most important resource for creating affordable rental housing in the United States. State and local allocating agencies currently receive the equivalent of approximately US$12 billion in annual budget authority to issue credits supporting the acquisition, rehabilitation or construction of rental housing targeted at lower-income households. (HUD User⁠)
How the tax-credit mechanism works
Instead of government paying the entire construction cost:
Government creates a tax credit.
The credit is allocated to an eligible affordable housing project.
Investors provide equity to the project in return for the tax benefits.
The developer therefore needs less conventional debt.
Lower debt reduces the amount of rental income required to service financing.
That makes lower rents more financially feasible.
The important lesson is:
Government can finance affordable housing through the tax system, not only through direct budget expenditure.
This is particularly relevant to Nigeria.
Rather than depending entirely on annual housing appropriations, government could provide carefully designed tax incentives to pension-backed investment vehicles, banks, insurance companies, REITs and other qualified investors financing certified affordable rental projects.

3. THE AMERICAN MODEL ALSO SUPPORTS THE HOUSEHOLD
The United States demonstrates another important distinction in housing policy:
Supply subsidy versus demand subsidy.
A supply-side subsidy makes housing cheaper to produce.
A demand-side subsidy increases the household’s ability to pay.
America uses both.
Rental assistance programmes help eligible households meet rental costs, meaning government does not assume that every low-income household should immediately become a homeowner.
This is a critical lesson for Nigeria.
An effective national housing policy needs:
homeownership housing;
affordable rental housing;
social rental housing;
student and youth housing;
elderly housing;
worker housing;
and other tenure options.
Homeownership cannot be the only measure of housing success.

4. UNITED KINGDOM: CAPITAL GRANTS PLUS HOUSING PROVIDERS
The United Kingdom provides a strong example of using public money to reduce the capital cost of affordable housing.
Housing policy is devolved, so arrangements differ among England, Scotland, Wales and Northern Ireland. This report focuses principally on England.
The government’s Social and Affordable Homes Programme 2026–2036 is a ten-year programme valued at £39 billion. (GOV.UK⁠)
Homes England is responsible for at least £27 billion of this funding outside London. (GOV.UK⁠)
The programme provides grant funding to support the capital cost of developing affordable housing for rent or sale. (GOV.UK⁠)
Why capital grants matter
Consider an illustrative affordable housing development costing £100 million.
If government provides £35 million as capital grant, the housing provider does not need to finance the entire £100 million through commercial borrowing.
It may finance the balance through:
* its own capital;
* bank borrowing;
* bonds;
* institutional investment;
* rental income; and
* other funding.
Reducing debt requirements makes lower rents economically sustainable.
This represents a fundamental principle:
Affordable rent often begins with lower-cost capital, not rent control.

5. HOUSING ASSOCIATIONS: AN IMPORTANT INSTITUTIONAL LESSON
The British system also demonstrates the importance of specialised housing providers.
Government does not necessarily have to become:
the developer,
the contractor,
the property manager,
the landlord,
the mortgage lender,
and the maintenance company.
Instead, government can create policy, provide subsidy, regulate affordability and work through qualified delivery institutions.
Nigeria could significantly expand the role of:
* housing cooperatives;
* nonprofit housing organisations;
* state housing corporations;
* private affordable housing providers;
* pension-backed rental housing companies; and
* professionally governed housing associations.
The objective should be to develop institutions capable of holding affordable housing assets for decades, not merely developers interested in selling units immediately after construction.

6. CANADA: FEDERAL GOVERNMENT, PROVINCES AND MUNICIPALITIES WORKING TOGETHER
Canada’s approach is particularly important for Nigeria because both countries operate federal systems.
Canada’s National Housing Strategy is currently a 10-plus-year programme exceeding C$115 billion . (Canada Mortgage and Housing Corporation⁠)
By July 2026, official CMHC reporting indicated that more than C$82 billion had been committed toward supporting the creation, acquisition or repair of hundreds of thousands of housing units. (Canada Mortgage and Housing Corporation⁠)
A major feature of the Canadian model is the participation of different levels of government.
The federal government provides financing.
Provinces and territories participate through bilateral agreements and matching arrangements.
Municipalities influence:
* land use;
* planning;
* permitting;
* density;
* development charges;
* infrastructure; and
* housing approvals.
The lesson for Nigeria is significant.
Affordable housing should not be treated as the responsibility of the Federal Ministry of Housing alone.
The Federal Government cannot solve Nigeria’s housing challenge if states control important land and planning functions but affordable housing policy is not integrated across levels of government.

7. A NIGERIAN VERSION OF FEDERAL-STATE COST SHARING
Nigeria could establish a framework in which access to federal affordable housing funds is conditional upon state participation.
For example:
Federal Government provides:
* affordable housing capital grant;
* long-term financing;
* mortgage guarantee;
* tax incentives.
State Government provides:
* land;
* title;
* planning approval;
* reduction or waiver of development charges;
* part of infrastructure.
Local Government provides:
* local infrastructure coordination;
* community integration;
* local planning support.
Private developer or housing provider provides:
* equity;
* technical delivery;
* construction;
* project management.
Financial institutions provide:
* development debt;
* mortgage finance;
* rental housing finance.
This allows government money to leverage other people’s money rather than becoming the only source of housing finance.

8. SINGAPORE: INTERVENING ACROSS THE ENTIRE HOUSING VALUE CHAIN
Singapore provides perhaps the most integrated example among the countries examined.
Its housing system is not based simply on subsidising mortgage interest.
Government intervention extends across:
* land;
* planning;
* development;
* pricing;
* household grants;
* housing finance;
* retirement savings; and
* resale conditions.
The Housing & Development Board plays a central role in public housing development.
Eligible first-time families may currently receive an Enhanced CPF Housing Grant of up to S$120,000 toward qualifying new or resale flat purchases. (HDB⁠)
Additional CPF housing grants exist for eligible resale purchases, including grants of up to S$80,000 under relevant family arrangements. (HDB⁠)
The lesson is not simply that Singapore gives people money.
The more important lesson is that Singapore addresses affordability systemically.

9. WHY LAND POLICY MATTERS
Housing affordability begins with land.
Where land prices become highly speculative, the cost ultimately appears in the selling price or rent.
Singapore demonstrates how strategic public control of land can support long-term housing objectives.
Nigeria’s public land should similarly be treated as an economic development instrument, not merely a revenue-generating commodity.
When government contributes land to an affordable housing project, that contribution should be valued transparently.
If land worth ₦5 billion is contributed, government has effectively invested ₦5 billion.
The public should receive a measurable affordability benefit in exchange.
That benefit could be:
* reduced selling prices;
* controlled rents;
* permanent affordable housing;
* shared ownership;
* rent-to-own housing;
* worker housing.
Public land should never be transferred cheaply for “affordable housing” and subsequently converted into luxury housing without the public recovering the value of its subsidy.

10. SINGAPORE’S SECOND LESSON: LINKING SAVINGS AND HOUSING
Singapore’s housing framework also demonstrates the power of connecting long-term household savings with housing finance.
This raises an important question for Nigeria:
Can the country’s enormous pools of long-term institutional savings play a greater role in housing without compromising the safety of contributors?
The answer should not be reckless withdrawal of retirement savings.
Instead, Nigeria should explore secure structures through which long-term capital can finance:
* mortgage-backed assets;
* affordable rental portfolios;
* infrastructure;
* housing bonds; and
* professionally managed residential investment.
The key requirement is strong regulation and appropriate risk management.

11. MALAYSIA: DIRECT SUBSIDY AND GOVERNMENT GUARANTEES
Malaysia offers highly relevant lessons for Nigeria because it combines support for low-income households with mechanisms to extend housing finance to people who may struggle to qualify under conventional banking rules.
Under Malaysia’s Program Perumahan Rakyat — PPR, qualifying low-income households can access public rental housing, with official information indicating rents as low as RM124 per month, excluding maintenance. (KPKT⁠)
This demonstrates that governments must sometimes accept that the poorest households cannot pay the full economic cost of housing.
Trying to solve extreme low-income housing solely through mortgages is unrealistic.

12. MALAYSIA’S RUMAH MESRA RAKYAT MODEL
Malaysia’s Rumah Mesra Rakyat programme is designed for qualifying households with low incomes who have suitable land but lack adequate housing.
The official programme currently lists a RM20,000 construction subsidy, with repayment arrangements extending over 16 to 25 years and estimated payments around RM300 monthly under the programme structure. (SPNB⁠)
This concept has considerable potential for rural Nigeria and smaller cities.
Millions of Nigerians may have access to family land or community land but lack sufficient capital to complete a decent home.
Rather than constructing entirely new estates everywhere, Nigeria could consider a properly controlled programme of:
Serviced Plot + Core Housing + Incremental Expansion Finance
Households could receive a structurally sound starter home that can be expanded as income improves.

13. MALAYSIA’S MORTGAGE GUARANTEE MODEL
Perhaps one of Malaysia’s most relevant innovations for Nigeria is the housing credit guarantee system.
SJKP explicitly aims to help Malaysians—including people without fixed incomes or conventional payslips—obtain housing finance from participating financial institutions. (SJKP⁠)
Under the SJKP MADANI scheme, mortgage financing can reach RM360,000, with financing periods of up to 35 years. The guarantee may cover financing up to a maximum of 120% of the residential property’s purchase price when specified ancillary costs are included. (SJKP⁠)
This addresses one of Nigeria’s biggest housing finance problems:
Millions of Nigerians have income, but they do not have payslips.
An entrepreneur may earn ₦800,000 monthly.
A trader may turn over millions of naira annually.
A driver may have reliable daily income.
A consultant may earn irregular but substantial income.
Yet conventional mortgage underwriting may reject them because their income does not resemble a traditional monthly salary.
Nigeria therefore needs to move from:
Salary-based mortgage assessment
toward:
Verified-income mortgage assessment.
Evidence could include:
* bank statements;
* verified business transactions;
* tax filings;
* rent-payment history;
* cooperative savings;
* digital payment records;
* audited business cash flow;
* verified contracts.
Government guarantees could absorb part of the lender’s credit risk while maintaining prudent underwriting.

14. COMPARING THE FIVE MODELS
Financing Instrument United States United Kingdom Canada Singapore Malaysia
Direct capital subsidy Yes Strong Strong Strong Strong
Tax incentives Very strong Used Used Less central Used
Government-supported loans Yes Strong Strong Very strong Yes
Mortgage guarantees Strong system Available through wider system Important Public finance structure Very relevant
Rental assistance/social housing Strong Strong Strong Strong Strong
Public/strategic land intervention Local/state Important Provincial/local Very strong Important
Household purchase grants Various Various Various Very strong Various
Private capital mobilisation Very strong Very strong Strong Complementary Strong
Dedicated affordable housing providers Yes Very strong Strong HDB Government agencies/PR1MA
Informal-income mortgage support Limited applicability Conventional market Conventional market Structured system Particularly relevant

TEN LESSONS FOR NIGERIA
Lesson One: Stop Measuring Housing Policy Only by Units Built
Government should measure:
* affordability;
* household income-to-housing-cost ratios;
* mortgage accessibility;
* rental burden;
* land cost;
* infrastructure cost;
* financing cost;
* occupancy;
* beneficiary income.
A million houses that intended beneficiaries cannot afford do not represent successful affordable housing policy.

Lesson Two: Establish a National Affordable Housing Finance Framework
Nigeria needs a coordinated financing architecture connecting:
Federal Government
State Governments
FMBN
FHA
NMRC
commercial banks
mortgage banks
pension funds
insurance companies
developers
housing cooperatives
institutional investors
development finance institutions
and households.

Lesson Three: Create a Nigerian Affordable Housing Tax Credit
Drawing inspiration from the American model, qualifying investors in approved affordable rental housing could receive tax incentives linked to:
* number of units delivered;
* duration of affordability;
* household income served;
* rents charged;
* location;
* energy performance.
The incentive should be performance-based.
No affordable unit delivered should mean no affordable housing tax benefit.

15. CREATE AN AFFORDABLE HOUSING CAPITAL GRANT
Nigeria could adopt elements of the British model.
Instead of government constructing everything itself, qualifying projects could compete for capital grants.
The grant could be calculated according to affordability.
For illustration:
Market housing
No grant.
Workforce housing
Limited incentive.
Affordable housing
Moderate grant.
Social housing
Larger grant.
Housing for extremely vulnerable households
Highest subsidy.
The lower the household’s ability to pay, the larger the subsidy required.
This is more economically rational than pretending that every household can pay the same price.

16. CREATE A NATIONAL HOUSING CREDIT GUARANTEE CORPORATION
Nigeria should strongly consider a large-scale housing credit guarantee mechanism.
It should target:
* informal-sector workers;
* SMEs;
* self-employed professionals;
* young entrepreneurs;
* first-time homeowners;
* household

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Nigeria is moving to strengthen its off-plan housing market through proposed regulatory reforms designed to improve transparency, protect homebuyers, and rebuild investor confidence in property transactions. Industry stakeholders believe the reforms could unlock greater homeownership opportunities while attracting more domestic and international investment into the real estate sector.

Off-plan housing, where buyers purchase properties before construction is completed, has become an increasingly popular financing model for developers. The approach enables developers to raise capital during construction while allowing buyers to spread payments over time. However, the market has also faced persistent challenges, including delayed project delivery, abandoned developments, and cases of fraud that have weakened public confidence.

To address these concerns, the Federal Government is proposing reforms that would require property developers to operate under stricter regulatory oversight. Among the measures being considered are mandatory licensing of developers, stronger consumer protection standards, and the introduction of regulated escrow accounts, where buyers’ funds would be securely held and released only as construction milestones are achieved.

Industry experts say these safeguards would significantly reduce the risk faced by homebuyers while encouraging greater accountability among developers. They argue that improving trust in off-plan transactions will make it easier for more Nigerians to purchase homes through flexible payment plans and provide developers with more reliable financing for new housing projects.

Stakeholders also believe the reforms could stimulate private investment by creating a more transparent and predictable real estate market. A well-regulated off-plan housing system is expected to attract institutional investors, mortgage providers, and members of the Nigerian diaspora seeking secure opportunities in the country’s property market.

Beyond consumer protection, experts say the reforms could help address Nigeria’s housing deficit by accelerating residential construction and expanding access to affordable homeownership. Improved regulation may also encourage developers to adopt better project management practices, meet delivery timelines, and maintain higher construction standards.

The proposed reforms align with the Federal Government’s broader efforts to modernise Nigeria’s housing sector through improved regulation, expanded housing finance, and increased private sector participation. Housing professionals maintain that restoring confidence in off-plan property transactions will be essential to creating a more resilient and sustainable real estate market capable of meeting the country’s growing housing demand.

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DARS Group, Partners Unveil Elite City Abuja, Redefining Smart Living with Tech, Wellness and Affordable Housing

By: Folorunsho Adegoke, Housing TV Africa

In a bold move that signals a new chapter in Nigeria’s real estate landscape, DARS Group of Companies, in partnership with leading property developers, has officially unveiled Elite City Abuja, a premium smart city project designed to integrate technology, wellness, sustainability and affordability into modern urban living.

Strategically located in Ketti, Abuja, near the City Walk landmark, the ambitious development was launched before an audience of real estate investors, developers, financial institutions, government representatives and prospective homeowners, all eager to witness what stakeholders described as one of the Federal Capital Territory’s most innovative residential projects.

Speaking during the unveiling, Chairman of DARS Group, Chief Dr. Ronald Ogochukwu Ezaka, said the vision behind Elite City Abuja was inspired by his extensive international travels and exposure to technologically advanced residential communities across the world.

According to him, the company decided it was time to replicate such world-class living standards in Nigeria by creating a city where innovation, wellness and technology converge to improve residents’ quality of life.

“It’s a smart city, it’s a wellness city and a tech hub,” Ezaka said, noting that Elite City represents the first of several similar developments the company intends to build across the country. “We have seen what is possible in other parts of the world, and we believe Nigerians deserve the same standard of living.”

Managing Director of Standard Rank Properties Limited, a subsidiary of DARS Group, Prince Emmanuel Chukwudi Nwafor, described Elite City as one of the company’s largest ongoing developments, emphasizing that although it bears the name “Elite City,” the project is designed to be inclusive.

He explained that the development offers a wide range of housing options, including two-bedroom, three-bedroom and four-bedroom terrace duplexes, as well as mansions and mansionettes, ensuring accommodation for different income categories.

To further promote accessibility, Nwafor disclosed that prospective subscribers can acquire plots within the estate from as low as ₦3.6 million, reinforcing the company’s commitment to making quality housing available to more Nigerians.

The development is already witnessing significant infrastructure work as Project Surveyor, Johnson Oche, disclosed that comprehensive site surveys had been completed across the entire 57-hectare first phase, with engineering considerations carefully incorporated to prevent erosion and ensure proper drainage.

He revealed that construction of the estate’s perimeter fencing and security gatehouses is already underway, adding that the layout has received approval from the Federal Capital Development Authority (FCDA) and will feature two major access roads for improved accessibility.

One of the project’s strategic development partners, PeakNova Limited, has also committed substantial investment to the city. Its Managing Director, Victor Egede, announced that the company had acquired 15 hectares within Elite City and intends to develop an eco-friendly residential community capable of accommodating about 250 residents.

Beyond smart infrastructure, he said residents should expect premium lifestyle facilities including a swimming pool, lawn tennis courts, resort facilities and other high-quality social amenities.

“We don’t just make promises; we build,” he said, pointing to the company’s existing developments as evidence of its delivery capacity.

Similarly, CEO of Great Home Properties Limited highlighted the investment opportunities embedded in the project, noting that buyers can either build homes or acquire land for future capital appreciation.

He also disclosed that residents would enjoy recreational facilities including football and tennis courts, among other lifestyle amenities.

The host community has also welcomed the project as District Head of Ketti Community, Chief Alex Akata, expressed optimism that the development would stimulate employment opportunities, improve social infrastructure and strengthen collaboration between developers and the local community.

He described the investment as a catalyst for economic growth and youth empowerment within the district.

For the Group Managing Director of DARS Group, Stephen Augustine Egbe, Elite City represents the future of urban living. He explained that the project combines affordability with comfort while integrating smart technologies that position the development ahead of conventional residential estates.

According to him, innovation will remain central to future phases of the project as the company continues to embrace emerging technologies and evolving housing trends.

Industry stakeholders also praised the collaborative development model adopted for the project. Managing Director of Squarehead Consult Limited, Jude Ashang, observed that partnerships among developers help reduce infrastructure costs while improving project quality. He argued that shared investment in infrastructure ultimately contributes to lowering housing costs and delivering better value for homeowners.

“This is one of the ways to reduce the cost of real estate because several companies working together can share infrastructure costs and achieve greater efficiency,” he said.

Another development partner, Managing Director of Forth Urban Limited, Barr. Eze Victor Kelechi, described Elite City as Nigeria’s first integrated premium tech and wellness city, stressing that one of its defining features is inclusiveness.

He disclosed that the flexible payment structure introduced for the project was influenced by discussions at the Africa International Housing Show (AIHS), with deliberate provisions made to enable low-income earners to participate.

According to him, “low-income earners also deserve to live like elites,” underscoring the project’s commitment to expanding access to quality housing.

From a youth perspective, Managing Director of Vestage Limited, Nelson Okezie, said technology is increasingly shaping modern lifestyles, making smart cities inevitable. He noted that Elite City Abuja has the potential to become a model for future developments in the Federal Capital Territory by providing residents with technology-driven services that simplify daily living while creating more time for work, family and recreation.

Developers say the development is being conceived as more than a conventional housing estate. Plans include reliable electricity infrastructure capable of supporting both residential and commercial activities, sustainable water supply systems, a modern security architecture, recreational parks and green spaces that promote healthy living, all consistent with the city’s branding as a Premium Tech and Wellness City.

According to DARS Group, the development has been carefully planned to combine modern infrastructure, security, accessibility and sustainable urban planning while creating long-term investment opportunities for homeowners and investors alike.

As demand continues to rise for well-planned communities within the Federal Capital Territory, the developers believe Elite City Abuja is strategically positioned to become a benchmark for the next generation of smart, sustainable and inclusive residential developments in Nigeria.

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Nigeria’s Real Estate Investment Trusts (REITs) are emerging as a stronger alternative to direct property ownership in Lagos, with some listed real estate investment vehicles recording significant gains despite high interest rates and economic uncertainty.

According to market data, Union Homes Real Estate Investment Trust recorded a year-to-date return of more than 35 per cent as of the end of June 2026, while UPDC REIT gained over 41 per cent. The performance reflects growing investor interest in listed property assets and their potential to provide exposure to Nigeria’s real estate market without the financial and operational demands of owning physical property.

The report noted that infrastructure development is also influencing property values and rental returns in Lagos. Properties located within the operational catchment areas of the Lagos Blue Rail Line have reportedly generated gross rental yields of between six and seven per cent, compared with approximately four to 4.5 per cent for similar properties outside the rail corridor.

The growing value of properties around major transport infrastructure highlights the potential of transit-oriented development to reshape Lagos’ housing market. With the Blue Line and Red Line already operational and the proposed Green Line expected to expand the city’s rail network, investors are increasingly paying attention to locations that could benefit from improved accessibility and rising property demand.

However, the article noted that some high-end residential properties in Lagos may offer relatively low rental returns when compared with government securities. For example, luxury properties in Lekki Phase 1 were estimated to generate net yields of about three per cent, while Treasury bill yields remained significantly higher as of June 2026. This suggests that some premium property investments depend heavily on future capital appreciation and protection against naira depreciation rather than rental income alone.

REITs provide investors with an opportunity to participate in the property market without directly purchasing land or managing tenants. The investment vehicles also offer greater accessibility, with some available at entry levels as low as ₦5,000, while their income-distribution requirements make them attractive to investors seeking regular returns.

The report concluded that Nigeria’s listed property investment instruments could provide a more accessible and liquid route into the country’s growing housing market. However, stronger market research, improved investor awareness, and better connections between infrastructure development, housing demand, and capital market investments will be necessary to unlock the sector’s full potential.

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Lagos State’s growing housing crisis is being driven not only by inflation and rising construction costs but also by a complex web of permits, levies and regulatory charges that developers say are making housing increasingly expensive and inaccessible.

As Nigeria’s commercial capital continues to attract thousands of new residents annually, demand for accommodation has far outpaced supply. Estimates place Lagos’ housing deficit at about 3.4 million units, while rising inflation has significantly increased the cost of cement, iron rods, labour and other building materials.

However, industry stakeholders argue that beyond market forces, regulatory costs have become a major contributor to the affordability challenge.

Data from Lagos State’s budget performance reveals that agencies responsible for planning approvals and building regulation generate revenues that rival or exceed government spending on housing. In 2024, planning and building-related agencies were assigned revenue targets of about N151 billion, compared to the N55.92 billion budgeted for housing development.

Reports further indicate that Lagos generated approximately N80 billion from building approval fees between January and May 2025 alone, highlighting the scale of revenue derived from the approval process.

Developers say securing approval for construction projects involves navigating multiple agencies, paying various fees and complying with numerous regulatory requirements before a single block is laid.

Lagos-based developer, Olaoluwa Awolaja, described the process as lengthy and costly, noting that obtaining planning approval is only the beginning.

“Once you submit your drawings, that is where the real journey starts. You must secure approvals, structural certifications, inspections and stage certifications before construction can progress smoothly,” he said.

According to him, developers are often required to obtain environmental clearances, fire service approvals, survey verifications and title documentation, depending on the size and nature of the project.

Another developer, Bukola Ojo, recounted how a simple renovation project became delayed for months after officials demanded additional documentation and levy payments during construction.

She said the interruption increased project costs and created uncertainty, forcing contractors to leave the site while awaiting further approvals.

Industry stakeholders estimate that regulatory compliance alone can account for between 15 and 25 per cent of total project costs before construction expenses are considered.

The burden is ultimately transferred to buyers and tenants.

Across Lagos, residents continue to grapple with rising rents as landlords and developers adjust prices to reflect increasing development costs.

A tenant in Idimu, Blessing Adebayo, said her one-bedroom apartment rent increased from N450,000 to N1.5 million within two years, reflecting the growing pressure on housing affordability.

Experts say approval delays further worsen the situation by extending project timelines and increasing financing costs.

Sources familiar with the approval process disclosed that administrative restructuring and digitisation efforts have created a backlog, with some applications reportedly awaiting final approval for up to three months.

Real estate professionals argue that the combination of multiple levies, duplicated regulatory functions and prolonged approval timelines is discouraging investment in housing delivery.

The General Secretary of the Association of Real Estate Developers of Lagos State (AREDOLS), Ahmad Sanni, noted that developers face numerous charges, including planning fees, stage certification fees, emergency management levies, waste management charges and other statutory payments.

Similarly, President of the Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye, criticised what he described as excessive approval requirements and high regulatory costs.

Legal experts have also raised concerns over overlapping charges imposed by different agencies, warning that some fees appear to cover similar regulatory functions under different names.

Stakeholders are now calling for comprehensive reforms, including a one-stop approval platform, consolidation of overlapping levies, transparent fee structures and full digitisation of permit processing.

They argue that simplifying the approval system would reduce delays, lower development costs and encourage greater investment in affordable housing.

With Lagos continuing to experience rapid urbanisation, experts warn that addressing regulatory bottlenecks may be essential to improving housing supply, stabilising rents and making home ownership more attainable for millions of residents.

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Stakeholders in Nigeria’s real estate sector have called for accelerated urban redevelopment across Lagos State to tackle increasing population pressure, housing demand and infrastructure challenges.

The call formed the focus of discussions during a real estate forum organised by Exclusive Estate in partnership with BusinessDay in Lagos. The event, themed “Exploring Redevelopment Investment Opportunities in Lagos Mainland Real Estate Sector,” examined the future of urban renewal and housing investment opportunities within the state.

Industry experts warned that without strategic redevelopment efforts, Lagos may struggle to cope with its rapidly expanding population and changing housing demands.

Lagos Mainland Becoming More Attractive

Chairman of Exclusive Estate, Peter Adobamen, noted that Lagos Mainland remains strategically positioned because of its accessibility and proximity to key commercial districts.

According to him, nearly 85 percent of Lagos residents currently live on the mainland, making redevelopment efforts increasingly important.

He explained that many residents who moved to areas such as Lekki and Sangotedo due to housing expansion are gradually reconsidering mainland locations because of traffic challenges and proximity to business hubs.

According to Adobamen, locations such as Yaba offer easier access to Marina and Victoria Island compared to longer commuting times experienced by residents in outer districts.

Housing Preferences Are Changing

Adobamen also observed a major shift in housing preferences among younger residents.

According to him, demand is gradually moving away from large residential buildings toward smaller and more practical housing units.

He explained that younger professionals increasingly prefer compact apartments that suit modern lifestyles and work arrangements.

As a result, many old buildings across Lagos Mainland are now being demolished and replaced with smaller modern residential developments.

High Financing Costs Slow Redevelopment

Despite growing investment opportunities, stakeholders identified financing constraints as a major challenge affecting urban redevelopment projects.

High interest rates and rising development costs continue to create obstacles for investors and developers.

Adobamen stressed the need for government policies that balance urban growth with social considerations, particularly concerns surrounding displacement of low-income communities.

He warned that redevelopment initiatives should avoid creating hardship for vulnerable populations.

Experts Seek Lower Documentation Costs

Also speaking at the event, Director of the Centre for Housing and Sustainable Development at the University of Lagos, Prof. Timothy Nubi, urged authorities to reduce costs associated with land documentation and approvals.

He argued that expensive approval processes discourage development and contribute to illegal construction practices.

According to him, many developers avoid proper approval channels because of high regulatory costs, resulting in substandard construction methods.

Nubi warned that reducing approval costs could stimulate development and generate long-term revenue through land-use charges.

Population Growth Raises Concerns

Nubi further warned that Lagos could face enormous population pressure over the coming decades.

According to him, about 900 people migrate into Lagos daily, with security challenges in other parts of Nigeria potentially increasing migration levels.

He projected that Lagos could approach a population of 60 million within the next 25 years if current trends continue.

Experts say understanding changing demographics and housing preferences will be critical for future urban planning efforts.

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