Pan-African real estate development company, Mixta Africa, has called for a balanced regulatory framework that protects homebuyers while ensuring that credible developers retain access to sustainable construction finance.

The company expressed support for the Federal Government’s proposed National Housing and Built Environment Regulation Policy and the planned establishment of a National Housing Industry Regulatory Commission.

Mixta Africa said the reforms could improve transparency, strengthen consumer protection and restore confidence in Nigeria’s housing market if they are supported by clear and enforceable implementation standards.

Speaking to journalists in Lagos, the company’s Chief Commercial Officer, Tola Akinsulire, described the proposed licensing and escrow requirements as important measures for reducing the risks faced by Nigerians purchasing homes, particularly through off-plan arrangements.

He, however, cautioned that keeping buyers’ payments in escrow accounts would not be sufficient unless the release of funds was tied to independently verified construction progress.

According to Akinsulire, qualified building professionals should certify that developers have completed agreed project milestones before money is released. The verification process, he added, should be governed by clear standards and supported by an auditable record.

“Independent verification creates a clear link between construction progress, fund release and accountability,” he said.

The company noted that off-plan payments have traditionally provided a significant portion of the working capital used by legitimate developers to execute housing projects. Consequently, restricting access to such payments without creating alternative financing arrangements could affect housing delivery.

Akinsulire explained that although escrow arrangements could safeguard subscribers’ money, they could not independently provide the capital required to undertake construction.

He urged the government and financial institutions to develop appropriately structured and competitively priced construction finance products for credible developers operating under the proposed regulatory framework.

“Escrow can protect the homebuyer, but escrow on its own does not finance construction,” he said.

Mixta Africa warned that reforms designed to protect consumers must be carefully implemented to avoid slowing down the development of new homes or worsening Nigeria’s housing supply challenges.

The firm called for sustained consultations involving the Federal Government, financial institutions, property developers, professional bodies and other housing industry stakeholders.

It said collaboration among these groups would help establish a framework that combines strong consumer protection, responsible project management, effective regulatory oversight and adequate construction financing.

Mixta Africa maintained that the success of the proposed reforms would ultimately depend on whether the government could translate them into practical and enforceable standards.

According to the company, a properly designed regulatory system could make Nigeria’s housing sector more transparent, sustainable and attractive to investors while protecting buyers and supporting the continued delivery of new homes.

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

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

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

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

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

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

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

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