Real estate operators have welcomed the Federal Government’s proposed housing reforms. They say the measures could improve buyer protection, strengthen regulation and build confidence in Nigeria’s property market.

However, developers want the government to add clear systems for checking construction progress. They also want better access to long-term finance to support housing delivery.

Developers Seek Stronger Buyer Protection

Speaking at an industry forum in Abuja, Mixta Africa said licensing and escrow arrangements could help protect property buyers.

Tola Akinsulire, Chief Commercial Officer of Mixta Africa, said the measures could reduce the risks consumers face in the housing market.

He said stronger regulation could also improve trust between developers and buyers.

Akinsulire said the government must also create a clear process for releasing funds held in escrow. He argued that developers should receive funds only after they meet agreed construction milestones.

He called for independent checks by qualified built-environment professionals. These checks should confirm the progress of each project before funds move to the developer.

The process should also include clear certification rules and records that auditors can verify.

Construction Milestones Need Independent Checks

Akinsulire said the key issue goes beyond where a buyer’s money sits.

The system must also show that a developer has completed the required work before receiving the next payment.

Independent project checks could give buyers greater confidence in housing projects. They could also help regulators track progress and identify problems at an early stage.

This approach could become important as more buyers commit large sums to homes before developers complete construction.

A transparent escrow system could link payments to actual progress on a project. It could also improve accountability among developers and professionals involved in housing delivery.

Developers Need Better Access to Finance

Mixta Africa also said regulation should not prevent credible developers from accessing finance.

Developers need funding to buy land, pay contractors and complete construction. Long project timelines can also increase the amount of capital required to deliver housing.

Leadforte Homes and Properties also backed the proposed reforms.

Bamise David, Chief Executive Officer of Leadforte Homes and Properties, said the measures could address several challenges facing Nigeria’s housing sector.

He identified high construction costs, limited access to long-term finance and weak land administration as major concerns.

David also pointed to the country’s housing deficit as another challenge that requires stronger private-sector participation.

Reforms Could Improve Housing Delivery

According to David, the proposed measures could improve transparency across the housing value chain.

He said stronger regulatory oversight could also encourage more private investment in housing development.

The comments from both developers highlight the need for balance in housing regulation. Buyers need stronger protection when they invest in property. At the same time, developers need access to finance to complete projects.

The success of an escrow system will therefore depend on how regulators verify construction milestones. Clear standards could help ensure that developers receive funds when they achieve agreed stages of work.

Wider Impact on Nigeria’s Housing Market

Nigeria needs more housing supply, but the quality and reliability of delivery also matter. Better regulation could help create a market where buyers have more confidence in developers and projects.

At the same time, access to suitable construction finance remains important. Developers cannot expand housing supply without the capital needed to acquire land and fund construction.

Industry stakeholders said effective implementation will determine the impact of the proposed reforms.

They stressed the importance of independent project verification, suitable construction finance and strong regulatory oversight.

If these measures work together, they could improve confidence in Nigeria’s housing market and support the delivery of quality and affordable homes.

The post Housing Operators Back Federal Government Reforms appeared first on Housing TV Africa.