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.

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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.

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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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Nigeria’s urban housing sector continued to face mounting pressures in 2025, as rising construction costs, inflation, and high mortgage rates exacerbated an already severe housing deficit.

Major cities such as Lagos, Abuja, Port Harcourt, Enugu, and Abeokuta remain hardest hit, with homeownership increasingly beyond the reach of the average Nigerian household.

Despite efforts to ease inflation, which dipped to 16.05% in October 2025 from 18.02% the previous month, housing affordability remained out of reach for those earning the national median income of around N70,000 per month.

Rising material and labor costs, coupled with elevated interest rates, have driven up property prices and rents, particularly in metropolitan areas where annual rents for two-bedroom apartments can now exceed N2.5 million.

Housing Affordability Crisis Deepens

Industry reports indicate that Nigeria’s real estate market is projected to reach N2.25 trillion by the end of 2025, reflecting sustained investor interest.

However, affordability challenges have made homeownership unattainable for many, leading to an increasing reliance on rental properties. With a housing deficit estimated in the tens of millions, the demand for new units far outpaces the limited supply.

High costs of imported building materials, including cement, steel, and tiles, have further escalated construction expenses, worsened by currency fluctuations. The combination of supply constraints, bureaucratic hurdles in building approvals, and multiple taxes has discouraged development, widening the gap between demand and supply.

Government Housing Initiatives Face Limitations

The Federal Government’s flagship housing programs, such as the Renewed Hope Housing Programme, have struggled to make a significant impact due to high unit costs and accessibility challenges.

The newly introduced Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) offers mortgages at 9.75% interest with repayment plans of up to 20 years. While promising, uptake remains limited.

Experts stress that broader reforms are necessary to make housing accessible. Suggestions include stabilizing lending rates, boosting local production of construction materials, enhancing digitalisation and proptech adoption, and improving transparency and regulatory enforcement across the sector.

Sector Resilience and Future Outlook

Despite these challenges, Nigeria’s housing sector demonstrated resilience in 2025. Analysts project a market valuation of $2.61 trillion by year-end, driven by continued housing demand, infrastructure development, diaspora investments, and government support programs such as Federal Mortgage Bank of Nigeria (FMBN) loans.

Industry leaders emphasize the importance of professional oversight, including engagement with town planners, architects, and engineers, to ensure sustainable, safe, and affordable housing.

Professional involvement in planning and project execution can prevent costly demolitions, promote efficient land use, and address the housing deficit more effectively.

Rising costs, inflation, and regulatory challenges have intensified Nigeria’s urban housing deficit, pushing homeownership further out of reach for many citizens.

While government initiatives and market resilience offer hope, experts argue that a combination of policy reforms, professional oversight, and targeted financing will be crucial to addressing the nation’s ongoing housing crisis.

Without decisive action, rental pressures will continue to rise, deepening inequality across Nigeria’s urban centres.

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The Nigerian Institute of Quantity Surveyors (NIQS) has urged the Federal Government and the National Assembly to introduce clear policy guidelines to address the rising cost of house rent across major cities, especially Abuja.

NIQS President, QS Kene C. Nzekwe, made the appeal at a press conference held in Abuja as part of activities marking the 31st Biennial General Meeting and National Conference of the Institute.

Nzekwe said the persistent surge in rental prices is worsening the housing affordability crisis, stressing that only the government has the authority to set a policy direction that will protect citizens from exploitative rental demands.

“It is unacceptable for anyone to demand five million naira for a two-bedroom apartment in Abuja,” he said. “We are calling on policymakers and legislators to enact laws that regulate rent demands and ensure fairness in the housing market.”

The NIQS President also encouraged industry players across the construction and built environment sectors to embrace digital technologies and adopt standardised practices to enhance transparency and operational efficiency. According to him, such improvements will strengthen professionalism and attract more private sector investment into the housing and construction industries.

Speaking on professional ethics, Nzekwe warned against quackery and the growing trend of individuals taking on roles outside their areas of competence. He said the Institute will sanction members involved in unqualified practices, adding that improper handling of construction cost management poses significant risks to project delivery and public safety.

He appealed to the media to support the Institute’s efforts in curbing professional encroachment and promoting the value of properly trained construction professionals.

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Lagos is witnessing an unprecedented construction boom, with new estates and luxury developments springing up across the city. Along the Lekki–Epe Expressway alone, more than 120 new estates have emerged in 2025, reshaping the skyline and transforming the coastline.

The state’s coastal geography is also being redrawn. Massive sand-filling projects are creating new land and entire islands, such as Eko Atlantic, Orange Island, Shoreline, and Cowrie Creek – exclusive enclaves catering to the wealthiest Lagosians. Banana Island and Eko Atlantic City are being expanded, while several estates along the Chevron-Lekki axis are also undergoing reclamation.

Government efforts to improve water transport include building new jetties to connect these rapidly developing areas, offering alternatives to Lagos’ congested roads. The newly completed sections of the Lagos–Calabar Coastal Highway have further opened up the corridor from Victoria Island to Eleko, adding more land to Eko Atlantic and spurring even more development.

But the boom comes with a price. Landmark Beach, once a popular hangout, has vanished in just over a year, swallowed by new land reclamation works. Environmentalists warn that many coastal areas remain vulnerable to flooding, with some communities already seeing their homes collapse into the sea.

Authorities have begun cracking down on illegal reclamation and construction. At a recent Lagos conference, developers were served demolition orders for unauthorized projects along the coastline.

Meanwhile, existing waterfront communities like Makoko – home to an estimated 250,000 residents – are under scrutiny. Rather than demolish the iconic “floating city,” government officials are exploring ways to improve living conditions while preserving its unique way of life.

Inside the city, the building trend is upward. Ikoyi and Victoria Island now boast skyscrapers that have radically altered the skyline. Eko Atlantic is filled with 12-storey-plus buildings, while some of Ikoyi’s latest luxury towers rise 24 floors high. Kingsway/Alfred Rewane Road and Ozumba Mbadiwe Road are fast becoming corridors of towering glass structures.

Despite the building frenzy, most new developments remain out of reach for average Lagosians. Housing affordability continues to be a pressing issue, with rental prices soaring and demand far outstripping supply. Observers are urging the government to focus on inclusive housing policies to ensure the city’s growth benefits all residents – not just the elite.

By: Caroline Akinlotan
Source: Business Day

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