Anambra Sets December 31 Deadline for Landowners to Update C of Os

The Anambra State Government has given landowners until December 31, 2026, to recertify their old Certificates of Occupancy (C of Os) or risk losing access to key land-related transactions through the Ministry of Lands.

The directive was contained in a public notice dated September 1, 2026, and signed by the Permanent Secretary of the Anambra State Ministry of Lands, Mrs Nkeiru Mokwe.

The ministry said the existing land administration system would be shut down indefinitely after the December 31 deadline.

It explained that holders of old Certificates of Occupancy who fail to recertify their documents and have their records captured in the Anambra State Geographic Information System, ANAMGIS, will no longer be able to process certain transactions through the Ministry of Lands.

The ministry urged titleholders who have not yet started the recertification process to submit their applications without further delay.

According to the notice, holders of old C of Os are required to have their documents recertified and their records integrated into the ANAMGIS database before they can continue accessing the affected services under the state’s new land administration system.

The ministry stated that after the old system is shut down on December 31, holders of unrecertified C of Os would be unable to process transactions including mortgages, Deeds of Assignment, Certified True Copies and registration of Powers of Attorney through the Ministry of Lands.

The notice also affects other transactions that require processing through the ministry.

Only titleholders whose land records have been updated and captured in ANAMGIS will be able to carry out the affected transactions under the new system.

The recertification exercise is part of the state’s move to update existing land records and integrate them into its current digital land administration system.

Landowners with old Certificates of Occupancy who have not commenced the process are therefore expected to submit their applications before the December 31 deadline.

The ministry advised affected titleholders to complete the recertification process ahead of the deadline to protect their property interests and avoid difficulties when accessing land administration services.

The exercise specifically involves the recertification of existing Certificates of Occupancy and the capture of the associated land records in the ANAMGIS database.

Landowners who fail to complete the process will not be able to access the specified transactions through the Ministry of Lands once the old system is shut down.

However, the public notice does not state that an old Certificate of Occupancy will automatically become invalid after December 31.

Instead, the restriction concerns access to transactions that require processing through the Ministry of Lands under the old land administration system.

This means the December 31 deadline is primarily a requirement for landowners to update and integrate their existing records into the state’s current system, rather than an automatic cancellation of their Certificates of Occupancy.

The recertification exercise comes amid wider efforts to formalise land ownership and improve land records in Nigeria.

For landowners, updating existing documentation and ensuring that property records are properly captured in the state’s digital database can help facilitate future transactions involving their properties.

The Anambra Ministry of Lands has therefore encouraged holders of old C of Os who have yet to begin the recertification process to act before the December 31, 2026 deadline.

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Nigeria Forecast to Outpace Major African Property Markets Through 2029

Nigeria’s real estate sector is projected to record the fastest annual growth among several major African property markets between 2025 and 2029, according to a new continental investment report.

The Real Estate Investment in Africa report forecasts that Nigeria’s property market will expand by approximately 6.9 per cent annually during the period.

This places the country ahead of Kenya, which is projected to grow by 5.1 per cent, Rwanda at 3.6 per cent, Ghana at 3.4 per cent and South Africa at 3.0 per cent.

The report estimates the value of Nigeria’s real estate market at about $2.6 trillion, making it the largest among the African countries examined. Egypt follows at approximately $1.6 trillion, while Ethiopia and South Africa are valued at $1.3 trillion and $1.2 trillion respectively.

Nigeria’s large and growing population, rapid urbanisation and continued expansion of cities such as Lagos and Abuja are among the major factors supporting demand for residential, commercial and industrial properties.

Across the continent, the real estate market is expected to grow by an average of 5.58 per cent annually through 2029. This is higher than the projected growth rates of 3.39 per cent in North America, 2.86 per cent in Europe and 2 per cent in Asia.

Despite the projected expansion, Africa represents only a small share of global property value. The report estimates the continent’s market at approximately $17.6 trillion, equivalent to about 2.7 per cent of the projected $650.4 trillion global real estate market in 2025.

Affordable housing, purpose-built student accommodation, build-to-rent developments, logistics facilities, warehouses, data centres, short-let apartments and green-building retrofits were identified as important investment opportunities.

Nigeria’s estimated gross rental yield of about 8 per cent also strengthens its appeal to investors. The figure is higher than the estimated returns in Kenya, Morocco, Egypt and Ghana but remains below those recorded in South Africa, Zimbabwe and Cameroon.

Demand for student housing is particularly strong. Accommodation developments around some university communities in Lagos reportedly recorded occupancy rates ranging from 88 to 96 per cent in 2026.

The expansion of Nigeria’s digital economy is also increasing demand for data centres and specialised industrial properties. The country’s operational data-centre capacity is projected to rise from approximately 86 megawatts to more than 218 megawatts by 2030.

However, the size and projected growth of the market do not automatically translate into affordable or investable properties.

High construction costs, expensive credit, weak mortgage access, infrastructure shortages, currency volatility and difficulties surrounding land titles continue to affect developers, buyers and investors.

Nigeria’s ability to realise the projected growth will therefore depend on improving land administration, expanding housing finance, investing in infrastructure and creating a more transparent regulatory environment.

The post Nigeria’s $2.6tn Real Estate Market to Outpace Africa Through 2029 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.

The Lagos State Government has unveiled plans to introduce a new tenancy law aimed at curbing arbitrary rent increases, illegal charges and exploitative practices in the real estate sector.

The State Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this during the 2026 Ministerial Press Briefing held in Alausa, Ikeja.

According to the commissioner, the proposed legislation is currently before the Lagos State House of Assembly and seeks to address growing concerns over excessive rent hikes, arbitrary agency fees and fraudulent activities by unregistered estate agents.

Akinderu-Fatai explained that the bill is presently at the committee stage and is expected to introduce reforms capable of sanitising the housing and real estate sector in Lagos.

One of the major provisions of the proposed law would make registration with the Lagos State Real Estate Regulatory Authority mandatory for all estate agents operating within the state.

He noted that operating without LASRERA registration would become a punishable offence once the bill is passed into law.

The commissioner stated that the move was designed to tackle the activities of unregistered agents accused of exploiting tenants through excessive charges, fraudulent transactions and multiple sales of properties.

Akinderu-Fatai further revealed that the proposed law would introduce weekend and public holiday sittings for tenancy-related disputes in a bid to accelerate justice delivery.

He added that the law would apply across all parts of Lagos State without exemption.

Under the proposed framework, tenants seeking legal action against landlords would also be required to present evidence of rent payment and updated utility bills before initiating court proceedings.

The commissioner stressed that the Lagos State Government remains committed to restoring transparency, accountability and sanity within the real estate sector.

He disclosed that LASRERA intensified enforcement against fraudulent operators and recovered over N270 million from fake estate agents between 2025 and 2026.

Akinderu-Fatai also reiterated the state government’s position that estate agency fees should not exceed 10 per cent of the total rent payable by tenants.

According to him, the administration of Governor Babajide Sanwo-Olu is focused on making housing transactions more transparent, affordable and investor-friendly across Lagos State

The post Lagos Govt Proposes New Law to Control Rent and Estate Agency Fees appeared first on Housing TV Africa.

Nigeria’s real estate sector entered 2025 with strong optimism, driven by rapid urbanisation, renewed infrastructure investment and rising demand for housing across major cities.

However, as the year unfolded, chronic funding shortages emerged as the defining challenge, reshaping the pace, structure and outcomes of property development nationwide.

Despite sustained demand from a growing population and expanding urban centres, access to affordable capital remained a major constraint for developers and investors.

High interest rates, delayed mortgage disbursements and limited long-term financing slowed construction activities, stalled projects and forced many developers to scale back ambitious plans.

Medium- and large-scale developers, in particular, struggled to balance rising costs with tightening credit conditions, eroding profitability and dampening investor confidence.

The funding squeeze was worsened by sharp increases in the cost of building materials. Inflation, import dependence and logistical bottlenecks pushed prices higher, significantly raising construction expenses. Industry estimates show that building materials account for between 30 and 50 per cent of total project costs and influence up to 80 per cent of construction timelines.

With most materials—aside from cement—imported, developers were exposed to exchange rate volatility and escalating landing costs, further straining budgets.

Private control of the building materials market also amplified price instability, as supply-and-demand pressures and the activities of middlemen drove up costs.

Experts argue that treating building materials purely as market commodities ignores housing’s status as a basic social need, calling for stronger government intervention to stabilise prices and improve local production capacity.

Location-related costs added another layer of complexity. Construction in peri-urban and rural areas proved significantly more expensive due to transportation challenges and limited proximity to manufacturing hubs.

This disparity discouraged development outside major cities, reinforcing congestion in urban centres and deepening regional housing inequalities.

The combined effect of limited funding and rising costs had far-reaching implications. Affordable housing projects suffered setbacks, project completion timelines were extended, and the risk of abandonment increased. In some cases, cost pressures encouraged the construction of substandard buildings, while rent prices surged as housing supply lagged behind demand.

Government interventions offered some relief but fell short of resolving structural financing challenges. While federal and state initiatives focused on affordable housing delivery, mortgage access remained uneven.

Stakeholders raised concerns about delays and bottlenecks in mortgage disbursement under existing schemes, warning that weak oversight could undermine long-term housing finance reforms.

Meanwhile, 2025 also witnessed a surge in demolitions, particularly in Lagos and parts of the Federal Capital Territory, further tightening housing supply.

The removal of allegedly illegal structures, combined with slow project delivery, intensified accommodation shortages and pushed property values higher in high-demand areas such as Lekki, Ikoyi, Victoria Island and prime districts in Abuja.

Yet, amid the constraints, the sector showed resilience and adaptation. Developers increasingly turned to technology, with smart home features and virtual property tours becoming more common, especially in upscale estates.

Mixed-use developments gained traction, while logistics hubs, data centres and residential properties continued to attract investment interest. Government efforts to digitise land registries and improve transparency also signalled gradual progress.

Industry leaders described 2025 as a transitional year—one marked by innovation and survival rather than rapid expansion.

While the sector continued to contribute significantly to employment and GDP, stakeholders agreed that sustainable growth hinges on improved access to long-term, low-cost financing, clearer land policies, stronger regulation and continued infrastructure investment.

As Nigeria looks ahead to 2026, experts believe that sustained reforms, better mortgage supervision and deliberate government intervention in land and infrastructure provision could help unlock institutional capital and restore confidence.

Until then, funding shortages will remain the central force that reshaped Nigeria’s property market in 2025, defining both its struggles and its cautious resilience.

The post How Funding Shortages Redefined Nigeria’s Property Market appeared first on Housing TV Africa.

Nigeria’s real estate sector closed 2025 on a paradoxical note—posting impressive economic figures while millions of citizens remain locked out of home ownership.

Fresh data shows a market expanding in value and relevance, yet constrained by deep-rooted structural weaknesses that continue to limit access to decent and affordable housing.

Following the rebasing of Nigeria’s Gross Domestic Product by the National Bureau of Statistics (NBS), real estate emerged as one of the country’s fastest-rising economic contributors.

The sector’s value jumped significantly, placing it among the top three drivers of economic activity, ahead of long-established sectors such as telecommunications and construction.

Analysts say the revised figures reflect better data capture, rising urbanisation and the growing formalisation of property-related services.

Despite these gains, the lived reality for many Nigerians tells a different story. The country’s housing deficit remains estimated at over 20 million units, with demand far outstripping supply—particularly in major urban centres such as Lagos, Abuja and Port Harcourt.

Population growth, rural-urban migration and a youthful demographic continue to fuel demand, even as affordability declines.

One of the most persistent challenges facing the sector is the high cost of construction. Developers have repeatedly pointed to inflation, exchange rate volatility and heavy reliance on imported building materials as key cost drivers.

Although there have been efforts to stabilise the foreign exchange market, many developers say prices of cement, steel and finishing materials remain unpredictable, forcing higher costs onto buyers and tenants.

Access to finance has also remained a major bottleneck. Mortgage penetration in Nigeria is still among the lowest globally, leaving most home buyers dependent on personal savings or informal arrangements.

With commercial bank lending rates hovering above 30 per cent, long-term financing for housing development remains largely out of reach for both developers and prospective homeowners.

Land acquisition and titling continue to slow down investment. Industry players argue that Nigeria’s land administration system is complex, costly and prone to delays, increasing project timelines and legal risks. The absence of transparent and efficient land registries has further discouraged large-scale developments, particularly from foreign investors.

Infrastructure gaps have compounded these challenges. Many potential development areas lack access to roads, power and water, forcing developers to shoulder additional costs that ultimately reflect in property prices. As a result, affordable housing projects struggle to achieve commercial viability without strong government support.

Still, experts say opportunities exist beneath the strain. The massive housing deficit presents a long-term investment window, especially in low- and middle-income housing. Government initiatives such as public-private partnerships and social housing schemes are seen as steps in the right direction, though stakeholders insist that implementation must be scaled and sustained.

As 2025 ends, Nigeria’s property market stands at a crossroads. The numbers suggest growth and rising economic relevance, but until financing, land administration and infrastructure challenges are addressed, the struggle for affordable housing is likely to persist—keeping home ownership beyond the reach of millions.

The post Nigeria’s Property Market: Big Numbers, Bigger Struggles appeared first on Housing TV Africa.

Location continues to be the most powerful factor influencing home prices in Nigeria, with neighbourhood quality, accessibility, and proximity to economic hubs shaping property values more than architectural design or building size.

Real estate experts say geography and urban context now play an even stronger role as cities expand and infrastructure gaps widen.

Location as the strongest price determinant

For decades, professionals in the sector have noted that location is the biggest driver of real estate value. In today’s volatile market—challenged by inflation, rising construction costs, and a depreciating naira—the influence of location has become even more pronounced.

In Lagos, for example, a three-bedroom apartment in Lekki Phase 1 can cost up to ten times the price of a similar unit in Abijo or Sangotedo. The same pattern exists in Abuja, where a two-bedroom apartment in Maitama can be ten times more expensive than one in Lugbe. These price gaps highlight deep differences in infrastructure, security, and access to economic opportunities.

Proximity to jobs and business districts

Homes located near major job centres or commercial hubs consistently attract higher prices. Properties in Victoria Island, Ikoyi, Lekki, and parts of Abuja’s Central Area remain in high demand among executives, expatriates, and multinational organizations.

A Lagos-based estate valuer noted:
“People will always pay more to live close to work. As traffic worsens, central locations become even more valuable.”

The same trend is seen in Abuja, where Asokoro, Wuse II, Maitama and Central Area command premium prices.

Infrastructure as a value booster

Stable infrastructure—good roads, multiple access routes, drainage systems, and public transit—can increase property value by 15–40% depending on the city.

Examples include:

• Lekki–Epe Expressway: its completion sparked a surge in property prices from Lekki Phase 1 to Awoyaya.

• Abuja Airport Road corridor: better roads boosted demand in Lugbe, Kuje, and Idu.

• Ikorodu, Ajegunle & Alaba: these remain relatively low-value due to congestion and inadequate infrastructure.

Where infrastructure fails—through flooding, erosion, or bad roads—values stagnate or decline. Even new estates in Lekki Phase 2 and Ajah have seen rental values flatten due to worsening traffic and flood risks.

Security and neighbourhood perception

Security remains a top concern for Nigerian homebuyers. Areas with private security, estate gates, surveillance, street lighting, and controlled access draw higher demand. Examples include Magodo, Ikeja GRA, Omole, and in Abuja, Jabi and Gwarimpa.

Importantly, both actual security and perceived safety influence pricing. Neighbourhoods known for calmness, orderliness, and exclusivity tend to appreciate faster than those with rising crime or recurring unrest.

Amenities as demand multipliers

Access to good schools, hospitals, grocery stores, recreation centres, and utilities significantly boosts home value. Locations near reputable private schools or international institutions attract families seeking convenience.

Lagos estates near major malls in Oniru, Ikeja, and Sangotedo often outperform similar districts lacking strong amenities.

Environmental risks now shape buyer decisions

Climate change is influencing property buying behaviour. Flood-prone zones in Lekki–Eti-Osa, Isheri North, parts of Port Harcourt, and communities along the Ogun River increasingly face buyer resistance. Even well-built homes lose value if flooding is frequent.

Conversely, high-elevation areas or properties with waterfront views—Ikoyi, Banana Island, Osborne, and parts of Enugu and Jos—retain strong appeal.

Impact of government policies and urban planning

Urban planning decisions—zoning, building approvals, land titles, and development control—have a major impact on property values. Predictable planning frameworks attract investors, while inconsistent policies or sudden demolition exercises erode confidence.

Locations like Eko Atlantic, Alaro City, GRA zones in Ibadan, and New Bodija benefit from clear masterplans.

The prestige effect

Prestigious neighbourhoods such as Ikoyi, Banana Island, Asokoro, GRA zones, and Maitama carry brand value. For many buyers, the address itself is an asset, offering social status and perceived quality of life.

Neighbourhoods that attract specific professions, income groups, or cultural communities also tend to reinforce pricing patterns.

Expert insights: Location still rules the market

First Vice President of NIESV, Muhammad Bature, said market behaviour continually proves that location remains the strongest determinant of home value. He noted that:

• Two identical buildings can have vastly different prices based solely on location.

• In Kaduna, a four-bedroom duplex in Unguwar Rimi GRA almost doubles the price of a similar one in Rigasa due to infrastructure, security, schools, and neighbourhood perception.

• Flood-prone areas along River Kaduna show signs of structural damage and dampness, requiring downward valuation adjustments.

Bature added that valuers now integrate environmental risks—soil stability, flood history, climate impact—into pricing across major cities.

Past FIABCI president Chudi Ubosi echoed this, stressing that even properties on the same street can differ in value depending on their exact placement, proximity to commercial hubs, and exposure to environmental risks.

Former NIESV Lagos chairman Gbenga Ismail highlighted that accessibility, road quality, traffic patterns, centrality, and security are the biggest value drivers. He emphasised the need for:

• Better title registration,

• Predictable taxation,

• Urban renewal programmes,

• Reliable infrastructure and utilities.

These, he said, boost investor confidence and neighbourhood desirability.

The post How Location Shapes Home Value and Real Estate Investment in Nigeria appeared first on Housing TV Africa.