Property Brokers Face Scrutiny as Rising Markups Push House Prices Higher

Nigeria’s real estate market continues to record soaring property prices, with activities by brokers in short-let apartments, property flipping and speculative investments adding pressure to an already strained market and further weakening housing affordability.

However, experts have differing views on how much influence brokers have over rising prices. While some acknowledge that brokers play a role in pushing prices higher, others point to increasing costs of land, cement, steel, labour, diesel, imported materials, financing, infrastructure and statutory charges as the major factors behind the increases.

For decades, traditional estate agents in Nigeria earned commissions by connecting willing buyers with sellers. But a new category of property brokers is increasingly emerging across Lagos and other major cities, becoming more involved in the property pricing process.

Rather than waiting for property owners to give them houses or plots to market, these brokers search for properties they believe are undervalued, negotiate directly with owners, secure agreements, add their own margins and then look for buyers.

Some acquire properties outright and resell them, while others secure control of properties and sell their interests before the transactions are completed.

Some brokers specialise in distressed properties, while others focus on land in emerging locations, off-plan apartments or houses that can be renovated and repositioned for a higher value.

The business model is straightforward: acquire or control a property at one price and sell or exit at a higher price.

The practice is attracting greater attention as Nigeria’s property market deals with high land prices, rising construction costs, limited housing supply and increasing rents. This has raised questions among property professionals and consumers about whether brokers are simply responding to rising prices or adding another layer of inflation to the market.

The growing interest in this model is partly driven by the returns available from property appreciation. Under the traditional agency model, an estate agent could earn a percentage of a N100 million transaction as commission.

Under the newer brokerage model, a broker who acquires the same property for N85 million and resells it for N100 million could potentially make N15 million before accounting for transaction and holding costs.

This means the incentive is no longer limited to completing transactions. Brokers also have an incentive to identify properties that can be acquired cheaply, controlled and resold at a higher price.

The distinction is becoming more significant in Lagos, where property values have increased sharply in several locations.

The 2026 Lagos Real Estate Industry Report by Agusto & Company estimated that land prices within five kilometres of the Lekki-Epe corridor increased by between 25 and 40 per cent from the first quarter of 2025 to the first quarter of 2026.

In Ibeju-Lekki, land prices reportedly rose from about N15 million per plot in 2024 to as much as N35 million in 2026.

Some locations have recorded even more dramatic increases.

Data from Lagos’ coastal property market showed that land values in the Bluewater-Okunde area increased from approximately N329,000 per square metre in 2021 to between N2.5 million and N2.8 million in 2026. That represents an increase of between 660 and 751 per cent, with the growth linked to major infrastructure and investment projects around the coastline.

Such appreciation can attract speculators, while each transaction may subsequently become a reference point for the next asking price.

For example, a homeowner may be willing to sell a property for N100 million, while an intermediary negotiates the price down to N90 million and subsequently resells it for N105 million or N110 million.

The next buyer may then use the higher resale figure as an indication of the property’s market value.

This can create a chain of mark-ups even when there has been no improvement or development on the property.

The situation is further complicated by limited reliable data on actual property transaction prices. Nigeria does not have a centralised mandatory registry for completed property transactions, while market reports often make a distinction between asking prices and the prices at which properties are actually sold.

Short-lets add another layer

Short-let apartments have introduced another dimension to the pressure on property prices, particularly in Lagos.

A conventional two- or three-bedroom apartment is increasingly being valued not only according to what a long-term tenant can afford to pay annually, but also according to the income it could generate from short-term occupants.

According to the Lagos Short-let Market Report 2025 by Edala Development, the Lagos short-let market generated an estimated N281.03 billion in revenue in 2025.

The report was based on 5,806 listings and projected revenue of approximately N285.5 billion for 2026. It also found that short-let properties can generate returns between three and six times higher than conventional residential leases.

Instead of relying on annual rent, an investor can furnish an apartment and market it for nightly or weekly stays.

For brokers, this provides another selling point because the property can be presented not simply as a home, but as an income-generating hospitality asset.

The calculation is influencing property values in areas including Lekki, Victoria Island, Ikoyi, Ikeja, Yaba and Surulere.

In Banana Island, the average short-let rate reportedly reached about N329,000 per night in 2025.

Such potential returns can encourage investors to value apartments based on their short-let earning capacity rather than conventional rental income, creating additional pressure on both property values and rents.

The growth of short-lets also has implications for housing supply.

Every conventional apartment converted into short-let accommodation potentially removes a unit from the long-term rental market.

A June 2026 report by The Guardian cited concerns from industry stakeholders that the conversion of residential properties into short-lets in Lagos and other major cities is contributing to the decline in conventional rental stock and rising housing costs.

Technology changes the brokerage market

Technology is also transforming the way property brokers operate.

Online listing platforms, digital advertising, social media, property mapping tools and faster access to market information allow brokers to circulate properties to thousands of prospective buyers within a short period.

While these tools can encourage greater professionalism in the sector, they can also create perceptions of scarcity and competition.

Brokers can advertise properties aggressively, circulate listings through WhatsApp groups and social media, generate multiple expressions of interest and create a sense of urgency that may encourage prospective buyers to increase their offers.

Registered estate agents, however, have differing views about the extent of brokers’ influence on property prices.

While some acknowledge that brokers contribute to rising prices, others attribute the increases largely to the rising costs of land, cement, steel, labour, diesel, imported materials, financing, infrastructure and statutory charges.

Vice Chairman, International, of the Association of Estate Agents in Nigeria (AEAN), Dr Adeniyi Tinubu, said brokers contribute to the rapid increase in Lagos property prices but described them more as “price amplifiers” than price-setters.

According to him, land scarcity, inflation and exchange-rate pressures remain the fundamental forces behind the market’s price increases.

“Property brokers, flippers and speculative investors are not simply passive observers of Lagos’ property boom. They can actively accelerate it. But they operate on top of powerful fundamental forces rather than creating the entire increase themselves,” Tinubu said.

Tinubu, who is also the Chief Executive Officer of Hudders Field Property Agency, said brokers contribute to property price inflation through expectation-driven pricing.

He explained that asking prices are often based on the prices at which neighbouring properties are listed rather than what those properties actually sold for.

He also pointed to multiple agency commissions, information gaps between property owners and buyers, and expectations of future appreciation as factors contributing to the trend.

“This creates an important distinction between asking prices and transaction prices,” he said.

“A market can appear to be appreciating rapidly because advertised prices are repeatedly marked upward, even when actual completed transactions have not increased by the same magnitude.”

Tinubu said property flippers have a more direct impact on prices, while land speculation represents the strongest inflationary mechanism.

According to him, investors who purchase land solely in anticipation of future appreciation effectively remove the land from productive supply while waiting for its value to increase.

“The more concerning phenomenon is speculative land holding combined with aggressive asking-price benchmarking. It can create a market in which anticipated future prices become the basis for today’s prices, rather than today’s prices being determined primarily by rental income, replacement cost and genuine end-user demand,” he said.

He added that buying properties for quick resale, particularly off-plan units and land in emerging areas, could push prices beyond underlying incomes, reduce access to homeownership, increase unaffordability and distort the rental market.

However, Tinubu cautioned against viewing every property investor as harmful.

He noted that speculative capital can provide early-stage funding for developers, help bring neglected land into the formal market, accelerate infrastructure and development, reduce financing risks, improve distressed properties and increase liquidity in the market.

“The critical distinction is between productive investment and purely extractive speculation,” he said.

“An investor who buys off-plan, holds the property, rents it out or develops it contributes to housing supply. An investor who simply buys scarce land, does nothing with it and resells it at a substantial markup contributes much less to housing supply while potentially increasing the acquisition cost for the eventual user.”

The National Chairman of AEAN, Olugbenga Ismail, also said speculation can amplify an already rising property market.

“Where properties and plots are repeatedly resold over short periods without any corresponding improvement, development or value addition, each transaction may introduce another layer of expected profit,” Ismail said.

He explained that the issue becomes more pronounced in emerging areas where investors buy properties largely on the expectation that another buyer will later pay more.

When speculation begins to outpace housing production, genuine homebuyers have to compete not only with other prospective homeowners but also with investors seeking capital appreciation.

Ismail, who is Principal Partner at Ismail and Partners, acknowledged that short-lets can reduce conventional rental supply in particular neighbourhoods.

However, he cautioned against attributing rent increases across Lagos entirely to the short-let sector without stronger empirical evidence.

“There is also evidence that landlords and investors have converted conventional rental accommodation into short-lets because of potentially higher returns and different tenancy-risk considerations,” he said.

“But the evidence is more nuanced than simply saying, ‘short-lets are increasing everywhere and therefore rents are rising.’”

Ismail called for greater transparency, professionalism and increased housing supply rather than direct price controls.

“The ultimate solution to housing affordability is not simply stopping somebody from selling property at a profit. It is ensuring that Lagos continually produces enough properly titled, serviced and appropriately priced housing to meet demand,” he said.

“Our long-term goal must therefore be greater supply, better data, stronger professional standards and a more transparent property market,” he added.

The Chairman of the Lagos State Chapter of AEAN, Abiodun Adelaja, attributed the steady increase in property prices largely to the rising cost of construction materials and general inflation.

He said landlords and developers determine property prices based on prevailing construction costs, making it difficult for them to sell properties at prices comparable to those charged several years ago.

Adelaja called for measures to reduce construction costs and greater government intervention through the development of public housing estates that would provide more affordable alternatives to privately developed estates.

The post Rising House Prices: Brokers, Flippers and Short-Lets Under the Spotlight appeared first on Housing TV Africa.

FirstBank, in collaboration with the MOFI Real Estate Investment Fund (MREIF), has highlighted opportunities for Nigerians to access affordable mortgage financing as part of efforts to reduce the country’s housing deficit and improve access to homeownership.

The financial institutions made this known during a home loan webinar themed, “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

The webinar was aimed at informing Nigerians in both the formal and informal sectors about available mortgage opportunities and how they can use the scheme to finance homeownership.

Under the FirstBank-MREIF home loan scheme, eligible applicants can access mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, subject to applicable terms and eligibility requirements.

The webinar also highlighted the broader opportunities provided through MREIF, an initiative of the Ministry of Finance Incorporated, which seeks to expand access to long-term mortgage financing and address Nigeria’s housing deficit.

The fund ultimately aims to mobilise up to N1 trillion to expand mortgage access and support housing development across the country.

Speaking during the webinar, FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said the partnership was designed to broaden access to mortgage financing and contribute to closing Nigeria’s housing deficit.

Okonkwo said FirstBank’s extensive branch network and digital lending platforms provided the bank with the capacity to support Nigerians seeking to own homes.

He said the bank had also established partnerships with developers across several states after conducting research to identify properties that qualify for mortgage financing.

According to him, the bank intends to extend the mortgage opportunity to Nigerians in the diaspora and provide an end-to-end homeownership solution.

He said the partnership with MREIF would help ensure that the scheme reaches Nigerians across several states.

FirstBank’s Head of Security Documentation and Transactional Support, Legal Services, Uzoamaka Ihegazie, also explained the measures the bank takes to protect customers through proper property documentation.

She said the bank verifies property ownership and land documentation before financing is provided.

According to her, the process includes obtaining the Certificate of Occupancy, charting the survey plan to establish that the land is properly allocated for residential purposes and conducting title verification.

She said these documentation and verification processes were necessary to protect customers and prevent ownership-related problems after they take possession of their properties.

Also speaking, Executive Director, Sales and Investment, Leadway Pensure, Oluwafemi Adebayo, commended FirstBank for providing Nigerians with an opportunity to access mortgage financing.

He said access to homeownership was particularly important for Nigerians preparing for retirement, while also highlighting the possibility of using Retirement Savings Account pension schemes to procure property and create wealth.

The National Coordinator of MREIF, Sani Yakubu, said the fund was established to address Nigeria’s housing deficit by making long-term, low-cost mortgages available to average citizens while also stimulating activity in the construction sector.

Yakubu said many Nigerians had already benefited from the initiative and encouraged more eligible Nigerians to apply.

The post FirstBank, MREIF Promote Long-Term Mortgages to Help Nigerians Own Homes appeared first on Housing TV Africa.

Joint ventures between governments and private developers are helping to increase Nigeria’s housing supply. However, experts say many of these projects still fail to reach low- and middle-income Nigerians.

Under a typical joint venture, government provides land and sometimes infrastructure. The private developer provides funding, construction skills and project management.

The model can reduce the burden of land acquisition. Yet the commercial structure of many projects often pushes house prices beyond what ordinary workers can afford.

High costs push up house prices

Private developers need to recover their construction and financing costs. They also need to make a profit. Government may also expect financial returns from the public land contributed to the project.

These costs eventually affect the selling price of the homes.

Rising construction costs have made the situation more difficult. Cement, steel, fittings and other building materials now account for a large share of development costs.

High financing costs add another burden. Developers who cannot access cheaper funds often depend on commercial bank loans. They then pass part of the financing cost to buyers.

Mortgage access remains a major barrier

Access to mortgages also limits the reach of JV housing projects.

Many low-income Nigerians work in the informal sector. Some have irregular incomes and cannot meet the requirements of formal mortgage providers.

Even when they qualify for loans, high interest rates and short repayment periods can make monthly payments too expensive.

As a result, many homes described as affordable eventually attract middle- and high-income buyers, investors and Nigerians living abroad.

Government support needs to go beyond land

Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria (AHCN), said the growing reliance on JVs had weakened social housing delivery.

According to Eniola, private developers naturally focus on recovering their investments and making profits. That approach makes higher-income markets more attractive than low-income housing.

He also said government-backed projects often face delays because of disagreements between partners and difficulties in securing funds.

Eniola argued that government must support social housing through land, infrastructure and cheaper finance. He also raised concerns about delays in accessing funds through housing finance institutions and government-backed programmes.

Construction costs squeeze developers

Olajide Dosunmu, Managing Director of Noble Grounds Limited, described JVs as a useful model but said high construction costs remained a major challenge.

He noted that cement plays an important role in several stages of construction. Dosunmu said the price of cement had increased from about N9,500-N10,000 to an average of N13,000-N14,000 over the six months referenced.

The higher costs make it harder for low-income buyers to meet mortgage payments.

Dosunmu said developers often prefer middle- and higher-income areas because homes sell faster in those markets. This allows developers to recover their costs more quickly.

He also warned that efforts to reduce construction costs in low-income areas could create pressure to lower building standards. Such compromises, he said, could affect the structural quality of housing.

Infrastructure subsidies could reduce costs

Dosunmu urged governments to provide infrastructure in areas selected for JV housing projects.

Roads, drainage, water supply and other basic infrastructure can add significantly to development costs. Government investment in these areas could reduce the amount developers need to spend before selling the homes.

He argued that government could also benefit from increased economic activity and tax revenue as new communities develop.

JVs still help unlock land

Rogba Orimalade, former Chairman of the Lagos branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), said JVs remained an important tool for property development.

He noted that developers can use partnerships to gain access to land and create more housing units.

However, Orimalade said high land and development costs continue to exclude low-income households from many JV projects.

He called for lower development charges, approval fees and consent costs. Reducing these expenses, he said, could encourage developers to increase housing supply.

Clearer rules needed for affordable housing

Experts say successful JVs require clear agreements between government and private partners.

Such agreements should define each party’s responsibilities, project timelines, funding arrangements, risks and profit-sharing terms. Clear rules can also reduce disputes that delay construction.

However, affordability must remain a central part of the arrangement. Government land and other public incentives should come with clear targets for the number and price of affordable homes.

Nigeria needs more housing, but supply alone will not solve the affordability problem. If JV projects continue to focus mainly on buyers who can pay market prices, low-income households will remain excluded.

A stronger approach would combine public land with infrastructure support, cheaper finance, lower development charges and workable mortgage arrangements. Such measures could help government-private partnerships serve not only the property market, but also Nigerians who need affordable homes most.

The post Why Government JVs Struggle to Deliver Affordable Housing in Nigeria appeared first on Housing TV Africa.

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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The Federal Mortgage Bank of Nigeria (FMBN) has said its newly developed National Mortgage Registry will strengthen transparency, improve access to mortgage information, and restore confidence in Nigeria’s real estate market. The digital platform, which has been approved by the National Council on Housing, is designed to serve as a central repository for mortgage transaction records across the country.

Speaking at a stakeholders’ workshop on the validation of the National Housing Data Programme Report and the proposed National Housing and Built Environment Regulation Policy in Abuja, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, disclosed that the registry has reached a major milestone and is ready for deployment. He explained that stakeholder engagement, data collection, cleansing, and validation are currently underway before the system becomes fully operational.

According to Osidi, the registry will provide a reliable digital database of mortgage transactions, enabling financial institutions, regulators, and other stakeholders to verify mortgage information more efficiently. He said the initiative is expected to strengthen risk management, improve transparency, reduce fraud, and increase investor confidence in Nigeria’s housing finance sector.

The FMBN boss noted that the success of the mortgage registry will depend on collaboration among federal and state governments, land registries, financial institutions, mortgage banks, developers, professional bodies, and other industry stakeholders. He added that the project complements the National Housing Data Programme by providing credible information to support housing policy, investment decisions, and mortgage financing.

Osidi reiterated that reliable housing and mortgage data are essential to addressing Nigeria’s housing deficit and expanding access to affordable homeownership. He maintained that a transparent mortgage system will improve confidence among investors, lenders, developers, and prospective homeowners while supporting sustainable growth in the real estate sector.

Industry stakeholders described the National Mortgage Registry as a significant step towards modernising Nigeria’s housing finance ecosystem. They believe the platform will improve mortgage documentation, enhance property transaction security, strengthen consumer protection, and promote greater accountability across the real estate industry.

The post FMBN’s National Mortgage Registry Set to Boost Trust in Nigeria’s Real Estate Market appeared first on Housing TV Africa.

Nigeria has been ranked among the top 15 African countries with the highest luxury residential rents, with prime four-bedroom homes in Lagos and Abuja commanding an average monthly rent of $3,000.

The ranking was contained in The Africa Report 2026/27 (7th Edition) titled The Ultimate Guide to Africa’s Real Estate Markets, which analysed average monthly lease rates for prime four-bedroom residential properties across selected African countries using data from Knight Frank and Emerging Markets.

According to the report, Nigeria’s luxury rental market is anchored by high-end neighbourhoods in Lagos, including Ikoyi, Banana Island and Eko Atlantic City, as well as Abuja’s premium districts of Maitama, Asokoro and Wuse.

The report noted that demand for luxury homes in Nigeria continues to be driven by high-net-worth individuals, expatriates and corporate executives seeking premium accommodation in secure locations.

Despite challenges in the wider housing market, the report observed that demand for residential properties remains strong due to a persistent shortage of formal housing supply.

It added that although inflation has moderated, rental prices have continued to rise as limited housing stock and increasing demand push more Nigerians towards smaller and relatively affordable homes.

Across Africa, the Democratic Republic of Congo topped the ranking, with prime four-bedroom homes averaging $8,000 per month, driven largely by demand from expatriates, diplomats, mining executives and international organisations in Kinshasa.

Senegal followed with average monthly luxury rents of $7,900, while Côte d’Ivoire recorded $5,200.

South Africa, Morocco and Zambia each posted average luxury rents of $4,500 per month, while Cameroon, Ethiopia and Ghana recorded average monthly rents of $4,000.

Tanzania followed with $3,500, while Kenya recorded $3,100. Egypt and Mauritius matched Nigeria with average monthly rents of $3,000, while Tunisia had the lowest figure among the ranked countries at approximately $2,500.

The report attributed the strong performance of Africa’s luxury rental market to growing tourism, business travel, cross-border investment, expatriate demand and increasing interest from diaspora investors, particularly in major commercial and diplomatic hubs.

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COPEN Group has unveiled a 2,000-unit housing development project and launched a new digital platform aimed at simplifying access to housing finance and property ownership for Nigerians.

The announcement was made during the COPEN Brand Showcase, Stakeholder Appreciation and Strategic Housing Engagement 2026, held at the Amadeo Event Centre in Enugu under the theme, “A Home for Every Dream… A House for Every Pocket.”

The event attracted government officials, housing sector stakeholders, financial institutions, faith-based organisations and members of the public.

Speaking at the event, the Group Managing Director of COPEN, Dr. Ugochukwu Chime, unveiled the flagship Spring City Housing Development located at Umuchigbo, Iji Nike, Enugu.

Chime said the project forms part of the company’s long-term strategy to deliver affordable, structured and sustainable housing communities across Nigeria.

According to him, the development will be executed in phases, beginning with the delivery of 400 housing units in the first phase to ensure quality construction and accessibility for prospective homeowners.

He explained that the project is designed to help individuals and families achieve sustainable homeownership while contributing to broader socio-economic development.

The COPEN chief executive acknowledged the support of the Enugu State Government and host communities in facilitating the successful take-off of the housing initiative.

He noted that beyond providing homes, the project is expected to stimulate economic growth, create jobs, support infrastructure development and enhance community development within the area.

As part of efforts to expand access to housing, Chime also unveiled the “Brother-Sister Help Me Own a House” initiative, which encourages collective support and cooperative financing for aspiring homeowners.

The initiative is being supported by key institutions, including the Ministry of Finance Incorporated (MOFI), the Federal Mortgage Bank of Nigeria (FMBN) and AG Mortgage Bank.

Stakeholders, including the Enugu State Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) and the Ministry of Environment and Climate Change, commended the company’s efforts to deepen mortgage access and promote affordable housing delivery.

A major highlight of the event was the launch of the Urban Home Front Application, a digital platform developed to simplify property subscriptions, documentation processes and mortgage applications through collaboration with partner institutions.

According to COPEN, the platform is expected to reduce bottlenecks in property acquisition and improve access to housing finance for Nigerians.

Participants at the event praised the company’s growing contribution to housing delivery and investment facilitation, citing its record in developing structured residential estates targeted at middle-income earners.

Several partners and clients also shared testimonials, describing the company as credible and reliable in project execution and housing development.

COPEN reaffirmed its commitment to expanding access to affordable housing and promoting inclusive homeownership opportunities in line with its vision of providing “A Home for Every Dream and a House for Every Pocket.”

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Housing experts in have raised fresh concerns over the rising cost of building materials, warning that increasing construction expenses are making housing less affordable and pushing rents higher across the country.

The (NIESV) has called on federal and state governments to urgently address the issue to prevent further pressure on the nation’s housing market.

Rising Construction Costs Driving Up Rent

Speaking ahead of the association’s annual NIESV Week in , the chairman of the Ondo State branch, , said the soaring prices of cement, steel, and other construction materials are significantly increasing the cost of building homes.

According to him, developers often pass these costs directly to tenants and property buyers, resulting in higher rents and property prices.

Experts note that Nigeria already faces a severe housing deficit estimated at over 22 million units, making it increasingly difficult for many citizens to afford decent accommodation.

Local Production of Materials Key to Reducing Costs

The estate surveyors stressed that promoting local production of construction materials could help stabilise prices and improve housing affordability.

They explained that Nigeria’s reliance on imported materials and expensive conventional construction inputs has contributed to rising development costs.

The association also encouraged the use of traditional building materials such as mud blocks and stone foundations, which can provide durability and natural insulation when properly produced.

According to the group, increased government support for locally manufactured materials in infrastructure projects could strengthen the domestic construction industry and reduce costs.

Government Urged to Treat Housing as a Social Service

Beyond reducing material costs, NIESV urged authorities to prioritise housing as a social service rather than leaving it entirely to market forces.

The association believes stronger government investment in public housing projects would help increase supply and ease pressure on rental prices.

Industry analysts also highlighted the importance of improved access to financing for developers, noting that high interest rates and limited credit options remain major obstacles to large-scale housing development.

Economic Pressures Affecting Nigeria’s Construction Sector

The rising cost of building materials has been linked to broader economic challenges such as inflation, currency volatility, and supply chain disruptions.

These factors have increased the prices of critical construction inputs like cement and reinforcement steel, slowing housing development and making new homes more expensive.

Experts warn that without targeted policy reforms, housing affordability in major cities could continue to deteriorate.

Outlook for Nigeria’s Housing Market

Nigeria’s housing sector remains vital to economic growth, urban development, and job creation. However, experts believe solving the country’s housing deficit will require coordinated policies that reduce construction costs, boost housing supply, and expand access to affordable financing.

Estate surveyors say tackling the high cost of building materials is a crucial step toward making housing more accessible for millions of Nigerians.

The post Nigeria’s Housing Crisis Deepens as Surveyors Demand Cheaper Building Materials appeared first on Housing TV Africa.

In 2025, Nigeria and the UK presented contrasting scenarios in their housing markets, highlighting a unique paradox. While the UK experienced a rise in property listings, Nigeria continued to grapple with a severe shortage as demand far outstripped supply.

According to the Nigerian Property Market Index, total property listings in Nigeria were valued at approximately $2.61 trillion as of September 2025.

Despite this robust market growth, the country struggled to meet housing needs, with only 50,000–100,000 units supplied annually against a projected demand of 700,000 units. Rapid urbanization, infrastructure development, and population growth continue to fuel demand in key cities like Lagos and Abuja, intensifying affordability challenges.

In contrast, the UK housing market saw supply exceed demand. PropertyWire reported that listings increased by 7 percent in 2025, totaling nearly 1.7 million properties. However, buyer activity slowed in the final quarter of the year, with closed sales down 9 percent and demand 12 percent below the previous year.

Analysts attributed this slowdown to budget uncertainty and seasonal market trends, suggesting a modest dip in total sales in early 2026.

Nigeria’s rental market remained resilient despite the shortage. The Property Market Index recorded strong rental demand at 46.2 percent, with an overall price growth of 15 percent.

Hotspots like Ibeju Lekki benefited from federal government initiatives, including faster title processing and anti-fraud measures, which enhanced investor confidence and strengthened the real estate sector.

Experts emphasize that reliable, data-driven insights are critical for Nigeria’s housing development. With 73 percent of Nigerians wary of fraud in property transactions, transparent policies and digital infrastructure could help bridge the supply-demand gap.

Meanwhile, in the UK, gross sales reached near-record levels, with 74 percent of advertised properties sold in 2025. Yet, declining buyer activity in late 2025 reflected caution amid economic and fiscal uncertainties, contrasting sharply with Nigeria’s persistent demand pressure.

This housing paradox underscores the importance of tailored policy approaches in both countries. For Nigeria, expanding supply, enhancing regulatory transparency, and leveraging urban planning can help meet growing demand. In the UK, managing oversupply and stimulating buyer engagement are key priorities to stabilize the market.

Conclusion
The divergent trends in Nigeria and the UK illustrate how demographic, economic, and policy factors shape housing markets differently. While Nigeria battles chronic shortages and high demand, the UK faces challenges linked to oversupply and moderating buyer activity—highlighting the complex dynamics of real estate markets worldwide.

The post Housing Paradox: Nigeria’s High Demand Meets Shortage While UK Sees Rising Property Listings appeared first on Housing TV Africa.

Nigeria’s heavy dependence on imported building materials is placing the country’s housing market at serious risk, according to the State of Lagos Housing Market Report (Volume 3). The report reveals that 70% of construction inputs are imported, leaving the sector highly vulnerable to global supply disruptions and currency fluctuations.

Despite Nigeria’s abundant raw materials, local processing remains insufficient to meet domestic demand.

The report calls for a multi-pronged strategy to strengthen the market, including: boosting local manufacturing, optimising supply chains, enforcing consistent policy reforms, adopting sustainable construction practices, and attracting both domestic and foreign investment. These measures aim to stabilise material costs, improve housing affordability, and address Nigeria’s persistent housing deficit.

Lagos, Nigeria’s most populous state and economic hub, reflects the broader national trends in the housing and construction sector. With rapid urbanisation and a growing population, demand for housing units, commercial spaces, and infrastructure is intensifying. Government investments in major projects, such as the Lagos Rail Mass Transit and road expansions, are also driving property values upward.

However, the report highlights ongoing challenges, including rising material costs, persistent inflation, bureaucratic delays, and high financing expenses. These factors are limiting the efficiency and affordability of housing development, even as the construction industry experiences robust growth. The sector is projected to expand at an annual rate of 8%, reaching NGN 25.72 trillion by 2025, and is expected to grow further to NGN 35.38 trillion by 2029.

Between 2015 and 2025, the cost of essential building materials in Lagos surged dramatically. For instance, prices of reinforcement steel (iron rods) nearly doubled from 2023 to 2025. A 12mm iron rod that cost N8,000 in May 2023 rose to N19,000 by May 2024, while a 16mm rod jumped from N4,800 to N11,500 in the same period. By 2024–2025, iron rods and aluminium products had almost doubled in price, placing significant strain on construction projects and home affordability.

The report underscores that addressing Lagos’s housing and construction challenges can serve as a blueprint for national reforms. By promoting local production, stabilising supply chains, and implementing policy and investment interventions, Nigeria can improve efficiency, reduce costs, and foster sustainable housing development.

Published by the Roland Igbinoba Real Foundation for Housing and Urban Development, the State of Lagos Housing Market Report, 3rd Edition, builds on insights from the first and second editions released in 2009 and 2016.

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