Real estate developers in Lagos have criticised the state government’s plan to shut down 176 housing estates said to have breached planning regulations, warning that the move could unsettle investors and damage confidence in the property market.

The Real Estate Developers Association of Nigeria (REDAN) expressed its concerns following a statement from the Lagos State Ministry of Physical Planning and Urban Development, which announced that the affected estates had 21 days to regularise their layout approvals or face closure.

REDAN President, Akintoye Adeoye, said branding the estates as “illegal” could send the wrong signal to both local and foreign investors. “It sends shock waves to the investing community, especially those in the diaspora. Government officials should choose their words carefully when communicating with the public,” he said.

Adeoye noted that excessive bureaucracy and high approval fees had long been a challenge for developers, calling for reforms to build trust between regulators and industry stakeholders. “There are confidence issues that must be addressed. The government must embrace greater transparency in its dealings with developers,” he added.

The state government had last week listed the estates, located mainly in Eti-Osa, Ajah, Ibeju-Lekki and Epe, as having no approved layouts from the Ministry. Some of the named projects include Adron Homes in Elerangbe, Aina Gold Estate in Okun-Folu, Diamond Estate in Eputu, Prime Water View Garden in Ikate Elegushi and Royal View Estate in Ikota.

When asked how the estates were developed without necessary approvals, the Ministry’s Director of Public Affairs, Mukaila Sanusi, said it reflected a wider disregard for regulations. “That some of them have already been built does not make it right. Government must act in the interest of creating a livable, organised and sustainable environment,” he stated.

Sanusi urged prospective homebuyers to verify layout and planning permits with the Ministry before making payments. The Permanent Secretary, Office of Physical Planning, Engr. Oluwole Sotire, stressed that the enforcement drive was part of routine regulatory work in line with the state’s T.H.E.M.E.S+ Agenda for sustainable urban development.

He also reminded developers to register with the Lagos State Real Estate Regulatory Authority (LASRERA), which oversees the activities of real estate practitioners to ensure order in the sector.

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Adisa laments the shift from the era when trusted developers and firms let their projects speak for themselves, to a time when flashy promotions and social media theatrics have replaced substance. Back then, purchasing property was a thoughtful process grounded in transparency, not a digital spectacle built on empty promises.

His concerns resonate with many Nigerians today, as real estate becomes more about perception than actual value. “We’ve moved from building homes to selling fantasies,” he suggests. This shift, he argues, is not just dangerous it is deeply exploitative.

Adisa paints a picture familiar to many in cities like Lagos, Abeokuta, and Ibadan: overzealous marketers, often without proper training or credentials, aggressively pitching real estate deals that lack basic infrastructure. According to him, these sellers package undeveloped land as prime property, wrapping them in glossy brochures, drone footage, and exaggerated claims of proximity to nonexistent airports or luxury amenities.

In his view, this spectacle is not merely bad business it’s a systemic problem. Many so-called developers operate on shaky legal grounds, offering “pay small-small” schemes that prey on people’s dreams of owning land. For many buyers, the dream ends in disappointment when allocation fails, documentation stalls, and company contacts suddenly vanish.

Adding to the chaos, Adisa highlights the alarming emergence of pseudo-developers running operations that resemble Ponzi schemes. Promising unrealistic returns and luring investors with glitzy events and celebrity endorsements, these entities prioritize noise over actual delivery.

His reflections raise a critical question: what, exactly, are these firms selling? Often, it’s plots located in remote, undeveloped areas, priced at par with prime urban land. In Adisa’s words, they are selling “possibility,” not property and often, that possibility is a lie.

But he doesn’t stop at criticism. Adisa calls for decisive institutional action. He advocates stricter licensing, monitoring, and sanctions for real estate operators. Regulatory bodies like REDAN and LASRERA, he insists, must rise beyond rhetoric and enforce accountability. Fraud in housing, he notes, is not just theft it is an assault on dignity.

As his piece powerfully concludes, shelter is not a luxury it is a human right. In today’s Nigeria, buying land has become less a transaction and more a test of discernment. He urges buyers to remain vigilant: verify every claim, scrutinize every offer, and look beyond the surface of seductive sales pitches.

Folorunso Fatai Adisa’s essay serves not only as a critique but also as a warning and one the public can no longer afford to ignore.

The post Unmasking Nigeria’s Real Estate Illusion: A Cautionary Look Inspired by Folorunso Fatai Adisa’s appeared first on Housing TV Africa.

The project, developed by IFT Realty Limited, showcases modern housing but Oshikanlu says access to such homes remains out of reach for many citizens.

 High Land and Building Costs Driving Prices Up

Oshikanlu explained that rising costs especially for land and building materials are a major reason many Nigerians cannot afford to buy homes. He noted that prices for essentials like cement and sand have surged. For example, a truckload of sand now costs around ₦165,000, while a bag of cement is ₦11,000.

These soaring prices, he said, make it nearly impossible to build affordable homes. Developers have no choice but to pass on the extra cost to buyers, making even small homes too expensive for middle- and low-income earners.

 The Mortgage System Is Broken

He also emphasized that real estate in Nigeria operates like a “cash-and carry business, which is unsustainable. Without affordable mortgages, only the wealthy can buy property.

“Give Nigerians a 30-year mortgage at a 6% interest rate and remove the cost of land, permit delays, and security expenses,” he said. “Then we can deliver homes at ₦20 million, with a profit margin of just ₦5 million.”

 Government Must Lead Housing Development

Oshikanlu called on the government to intervene directly in the housing sector. He urged federal and state authorities to acquire land, build infrastructure, and work with developers to deliver affordable housing. According to him, no private investor can solve the 28 million housing unit deficit alone.

“Low-cost housing doesn’t happen without government support anywhere in the world,” he said. “It’s too difficult and too expensive.”

He suggested that each state could build 10,000 homes, especially since state governors control the land. All that’s needed is political will and the right policy framework.

 Diaspora Funds Driving Growth  But Creating a Gap

Interestingly, Oshikanlu praised the role of the Nigerian diaspora in driving real estate growth. He described remittances as the “real foreign direct investment” keeping the market alive.

“Millions of dollars, pounds, and euros come in every day,” he said. “Diaspora buyers are even reviving towns like Epe, Ijebu Ode, and Ogbomosho, which were previously abandoned.”

However, he warned that this growth has made things worse for Nigerians living at home. As diaspora buyers spend more, housing prices rise, pushing locals further out of the market especially with inflation and bank lending rates now above 30%.

A National Housing Strategy Is Needed

To fix the system, Oshikanlu called for a coordinated housing policy that includes developers, unions, cooperatives, and government agencies. “We need collaboration at all levels,” he said. “Housing should be treated as a national project.”

The post Why Nigerians Can’t Afford Homes: Developer Blames Land Costs, Lack of Support, and Broken Mortgage System appeared first on Housing TV Africa.

Despite clear provisions in the Lagos State Tenancy Law mandating monthly and quarterly rent payments, many landlords and property agents across the state continue to demand one-year and even 18-month upfront payments from tenants, in open defiance of the law.

While the state’s policy aims to ease rent burdens and promote housing affordability, investigations reveal that both landlords and even some tenants still prefer lump-sum payments, citing stability of income, investment recovery, and convenience.

Why Monthly Rent Still Struggles to Take Hold

The monthly rent model was introduced to relieve tenants from the financial stress of bulk annual payments and to create a more inclusive and flexible rental market. However, old habits persist.

For landlords and facility managers, annual payments provide predictable cash flow and reduce exposure to payment defaults. “It’s easier to manage a property when your income is assured for a full year,” said one landlord in Yaba.

Meanwhile, some tenants say they prefer annual payments to avoid the pressure of monthly bills, particularly in a city where household expenses already stretch incomes thin.

State Government Still Pushing Policy Forward

The Commissioner for Housing, Moruf Akinderu-Fatai, insists that the policy is still on course. He stressed that monthly and quarterly options give Lagosians breathing space and reduce the difficulty of sourcing large upfront rent sums.

“We’re engaging landlords, agents, and developers to resolve enforcement bottlenecks before full rollout. This initiative is designed to protect tenants, improve affordability, and sanitize the sector,” he said.

He also reiterated that real estate agents, brokers, and developers must register with LASRERA or face legal consequences. The aim is to rid the sector of quacks and bring about transparency in real estate dealings.

Mixed Reactions from Stakeholders

The Estate Rent and Commission Agents Association of Nigeria (ERCAN) has thrown its weight behind the new rent system. Its president, Godwin Aleke, assured that members would promote monthly and quarterly rent structures and support the government’s efforts to reform the rental market.

Yet, opinions remain divided. Real estate developer Olawale Babatunde expressed concern that staggered rent payments could weaken property owners’ ability to recover investments. He warned of possible default risks and income instability for landlords.

Concerns Over Housing Supply and Investment

Gbenga Ismail, a principal partner at Ismail & Partners, said that while the policy helps tenants, it may discourage new property investments. According to him, supply shortages could worsen if property owners lose confidence in the market.

He called on the government to back the rent policy with broader reforms, including access to affordable land, cheaper building materials, and supportive infrastructure to make the housing sector more resilient.

The Law vs. Reality

Under the Advance Rent Section of the Lagos State Tenancy Law, it is illegal for a landlord or agent to demand more than three months’ rent from a sitting tenant. Offenders face fines of up to ₦100,000, three months’ imprisonment, or other legal sanctions.

However, enforcement remains weak. Without concrete action from regulatory bodies, the gap between policy and practice continues to widen.

Until the law is actively enforced and matched with strong housing support policies, monthly rent in Lagos may remain more of a theory than a reality.

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The call was made at the African Environmental, Social and Governance (ESG) Conference and Exhibition held in Lagos, themed: “Sustainable Real Estate Value Chain: The Era of Green Initiative in Africa.” Organized by the Real Estate Developers Association of Nigeria (REDAN), the Mortgage Banking Association of Nigeria (MBAN), and the Nigeria-UK Real Estate Society, the event brought together stakeholders across public and private sectors, academia, and civil society.

Chairman of Lagos Building Investment Company (LBIC), Hakeem Ogunniran, in his keynote address, highlighted the urgent need to shift from linear development models to circular systems that prioritize material reuse, energy efficiency, and environmental responsibility.

“The real estate sector contributes about 42 percent of global carbon emissions. If we continue to build, use, demolish, and dump, we will only deepen the climate crisis,” Ogunniran said. “We must rethink how we design, build, and operate our spaces by integrating green principles at every stage.”

He advocated for developers and architects to incorporate sustainable features—such as natural ventilation, efficient orientation, and recyclable materials—even when client briefs do not request them. Though green construction may raise initial costs by up to 15 percent, Ogunniran noted that the long-term savings and resilience outweigh the upfront investments.

Lagos State Commissioner for Housing, Hon. Moruf Akinderu Fatai, represented by Mrs. Olufunke Fosudo, described the conference as timely, noting that the Sanwo-Olu-led administration has taken steps toward a greener future. These include the adoption of renewable energy sources, sustainable planning, and continued sponsorship of the Lagos Climate Change Summit.

“We need partnership-driven solutions to confront climate challenges,” Fatai said. “Lagos has set a model that other African cities can learn from in shaping environmentally responsible urban development.”

President of REDAN, Prince Akintoye Adeoye, warned that climate disruptions—ranging from erratic rainfall to desertification—are already impacting housing resilience. “ESG isn’t a Western buzzword; it’s a development imperative for Africa,” he said. “Real estate actors must take responsibility in designing and delivering climate-conscious projects.”

MBAN President, Ayo Olowookere, added that integrating ESG into Nigeria’s financial and housing sectors is key to building sustainable cities. “This platform allows us to align with international standards while addressing local realities. It’s about creating a future where housing is not only affordable and accessible but also environmentally sound.”

The forum concluded with a collective agreement on the need for policy support, public-private partnerships, and investor education to scale green infrastructure and mainstream sustainability across Nigeria’s real estate value chain.

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The Female Lawyers in the Real Estate Practice Association of Nigeria (FELIREP) is set to hold its 2nd Annual Real Estate Conference on Thursday, June 26, 2025, at Four Points by Sheraton, Victoria Island, Lagos, by 9:00 a.m., with the theme: “Closing the Gap in the Nigerian Real Estate Sector: Advocacy, Compliance, Monitoring and Enforcement of Existing Legal Frameworks.”

FELIREP President, Peace Anomneze described the conference as a crucial follow-up to the landmark 2024 maiden edition titled “The Missing Gap: Absence of Revised Laws, Rules, Policies, Regulations, and Effective Monitoring of Emerging Market Trends in the Nigerian Real Estate Sector.”

She said the conference promises to be a high-powered gathering of Nigeria’s real estate legal minds and stakeholders committed to reforming and strengthening the nation’s real estate sector through the rule of law.

According to her, while previous conversations successfully highlighted the systemic lapses in the real estate legal ecosystem, the 2025 edition is focused squarely on solutions: getting existing laws to work through robust advocacy, professional compliance, consistent monitoring, and enforcement that protects both investors and developers.

The event this year will bring together legal, financial, and government institutions to forge a pathway toward a more transparent, inclusive, and enforceable legal system for Nigeria’s real estate market.

A stellar list of confirmed speakers and special guests includes Hon. Akinderu Fatai, Commissioner for Housing, Lagos State; Madam Toke-Benson Awoyinka, Lagos State Commissioner for Tourism and Hospitality; and Festus Adebayo, Convener of the Africa International Housing Show.

Also confirmed are Mazi Afam Osigwe, President of the Nigerian Bar Association; Barr. Barakat Odunuga-Bakare, Special Adviser on Housing to the Lagos State Governor; Jumoke Akinwunmi, CEO of Alitheia Capital; Dr. Tony Aspire Kolawole, Lagos State Chairman of REDAN; Barr. Labake Adetunmbi, REDAN Legal Adviser and CEO of Legal Properties; and several Honourable Judges of High Courts among others.

FELIREP, which was created as a pioneering platform for women in real estate law, continues to position itself as a vital voice in the push for industry reform. The group focuses on mitigating investment risks through legal education, empowering women in leadership within the real estate ecosystem, and influencing regulatory policy.

President Anomneze called on professionals across the real estate value chain including surveyors, engineers, developers, agents, and investors to attend, share perspectives, and be part of this national movement to strengthen legal and institutional frameworks in the sector.

The association also added that the outcomes of the conference are expected to shape ongoing policy discussions and legal implementation across the country’s housing and property development sectors.

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At a high-level stakeholders’ engagement, representatives of government ministries, REDAN, and professional unions in the healthcare sector discussed the implementation framework for this Public-Private Partnership (PPP) initiative, which aims to roll out the housing units within 24 months. The plan includes 1,000 units in the Federal Capital Territory (FCT) and 250 units in each state capital.

President of REDAN, Prince Akintoye Adeoye, highlighted the importance of the initiative, stating, “Shelter ranks just after food in the hierarchy of human needs. This initiative is not just about housing, it is a strategic intervention to retain talent in the health sector by giving our medical professionals access to safe, decent, and affordable homes.”

He reaffirmed REDAN’s commitment to supporting the government in delivering on this national priority.

National Coordinator of the programme, Dr. Abubakar Sadiq, revealed that the planned housing units will range from one-bedroom and two-bedroom apartments to three-bedroom flats and semi-detached duplexes, with initial rollouts in Abuja, Lagos, and Port Harcourt.

To ensure affordability, the Federal Mortgage Bank of Nigeria (FMBN) will provide a subsidized mortgage scheme at 6% per annum, alongside a rent-to-own option, both with repayment periods of up to 30 years, a significant improvement over the higher interest rates offered by commercial lenders.

Dr. Sadiq added that further stakeholder engagements will take place at hospital and institutional levels across the country. He stated that union leaders and healthcare professionals will soon begin the collation the necessary documentation to ensure early access and smooth participation in the scheme.

The Renewed Hope Medic Cities Initiative is part of the broader Renewed Hope Housing Programme championed by the Tinubu administration, aimed at providing inclusive, affordable, and sustainable housing for all sectors of society starting with those at the frontline of national service.

Ubong Usoro

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The Federal Ministry of Health, and the Federal Mortgage Bank of Nigeria, this project aims to provide affordable and decent housing for healthcare workers nationwide. Housing Minister Ahmed Dangiwa made the announcement during a meeting with the leadership of the Nigerian Association of Resident Doctors in Abuja, highlighting the pressing need to improve the living conditions of medical professionals, particularly in urban areas where accommodation challenges are prevalent.

Dangiwa underscored the importance of addressing these housing difficulties, noting that adequate housing significantly impacts productivity, stability, and quality of life. He called for collaboration between the government and professional bodies to achieve these goals. The initiative is part of the broader Renewed Hope Housing Programme, which seeks to expand access to affordable housing across Nigeria. Dangiwa revealed that over 10,000 housing units are under construction across 14 locations, including major developments in Abuja, Lagos, and Kano. Additional efforts include 12 Renewed Hope Estates, each comprising 250 units, being built in 12 states, with plans to extend the initiative to all 36 states.

Healthcare workers were encouraged to explore various homeownership options, such as long-term National Housing Funds mortgage loans, rent-to-own schemes, instalment payments, and outright purchases. An online portal has been established to facilitate applications for these housing units. Dangiwa stated that the initiative demonstrates the government’s dedication to enhancing the welfare of healthcare workers, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Dr. Tope Osundara, National President of NARD, commended the government’s efforts to address the housing challenges faced by doctors. He stressed that affordable housing would help curb the emigration of Nigerian doctors in search of better opportunities abroad. Osundara also proposed a pilot project in the Federal Capital Territory, involving 1,000 housing units, to serve as a model for other states. He emphasized the importance of locating these housing units near hospital premises to facilitate timely responses to medical emergencies.

Dr. Suleiman Sadiq, a representative of REDAN and NARD, explained that the project involves collaboration between the Ministries of Housing and Health, the Federal Mortgage Bank of Nigeria, and private-sector partners. Construction is expected to begin in early 2025. Sadiq expressed confidence that the initiative would enhance the living standards of healthcare workers, boost their productivity, and contribute to the overall improvement of Nigeria’s healthcare system.

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This alarming figure underscores the growing struggle of a nation where the population has surged to 220 million, with an annual growth rate of 2.5%. As urbanization accelerates, the United Nations has sounded the alarm: by 2030, 60% of Nigerians could find themselves crammed into cities, adding immense strain to an already burdened housing sector.

Across the country, vast estates stand eerily empty, their high prices making them inaccessible to the average citizen. Meanwhile, abandoned housing projects dot the landscape, grim reminders of promises unfulfilled by both the government and private developers. Real estate experts estimate that bridging this housing gap will require nothing short of a miracle—N5 trillion annually to build 2.7 million homes every year for the next decade.

At the recent Africa International Housing Show in Abuja, stakeholders painted a sobering picture. They revealed that the housing shortfall, which requires at least 550,000 new units annually, could grow even more dire without urgent intervention. For investors, this challenge also presents a golden opportunity—a N5.5 trillion market waiting to be tapped. But the stakes are high, and the clock is ticking.

Nuel Osilama, Vice President of the Real Estate Developers Association of Nigeria (REDAN) for North Central, provided a stark assessment. He argued that if the country is to bridge this gap within a decade, each state must commit to producing a minimum of 56,000 housing units annually. While this vision seems ambitious, Osilama insists it’s achievable if state governments create the right environment and embrace forward-thinking strategies.

Yet, the realities on the ground tell a different story. The value of the Naira has plummeted, driving up the cost of construction materials, most of which are imported. Projects that were initially budgeted at N1 billion now require more than double that amount to complete. This economic volatility has left countless housing projects abandoned. Osilama advocates for government intervention, urging support for local manufacturing of building materials and innovations from bodies like the Nigerian Building and Road Research Institute (NIBRI). Without such support, he warns, Nigeria’s housing sector may remain trapped in a cycle of stagnation.

Adding to the complexity is the paradox of empty luxury homes amid a sea of homelessness. These high-end properties, often built as investments or status symbols, are far beyond the reach of ordinary Nigerians. Festus Adebayo, an advocate for affordable housing, laments that developers are building for those who already own multiple homes, leaving the real needs of the population unmet. He highlights the high vacancy rates in cities like Lagos, Abuja, and Port Harcourt, where abandoned estates have become a common sight.

Government efforts to address the crisis, though commendable, fall woefully short. The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, announced plans to deliver 50,000 housing units, but this barely scratches the surface compared to the 550,000 units needed annually. While initiatives like the Online Housing Portal and the proposed National Social Housing Fund offer hope, their impact remains to be seen.

Pastor Matthew Ashimolowo, speaking at the same housing show, emphasized the need for innovative financing solutions. Citing the World Bank’s recommendation for Nigeria to build 700,000 units annually over 20 years, he pointed out that achieving this goal would require a staggering N59 trillion investment. Ashimolowo, a seasoned real estate investor, stressed that housing is a “financing game,” with developers needing capital to build and buyers requiring affordable mortgage options.

Insecurity further compounds the problem, particularly in states like Imo, where kidnappings and violence deter investors and developers. Estates that once promised modern living now lie abandoned, overtaken by weeds and serving as hideouts for criminals. Developers plead for improved security and better infrastructure to encourage investment in rural areas, which could help ease the pressure on urban centers.

The story of Nigeria’s housing crisis is not new, but its urgency has never been greater. From abandoned estates in Imo to the dilapidated Shagari Housing Estate in Ondo, the evidence is clear: the nation must act swiftly and decisively. Whether through public-private partnerships, innovative financing, or policy reforms, the time for bold action is now. For millions of Nigerians, a safe and affordable home remains not just a dream but a fundamental human right—one that the country cannot afford to ignore any longer.

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The Real Estate Developers Association of Nigeria (REDAN) has applauded the Economic and Financial Crimes Commission (EFCC) for its unprecedented recovery of 753 duplexes and other properties in Lokogoma District, Abuja.

In a statement issued by REDAN President, Prince Akintoye Adeoye, the association praised the EFCC for its relentless efforts in addressing economic crimes, money laundering, and terrorism financing within Nigeria’s real estate sector.

“This recovery underscores the EFCC’s robust approach to tackling corruption and serves as a deterrent to unscrupulous activities in the industry,” Adeoye said.

He described the milestone as a record-breaking achievement, highlighting the EFCC’s steadfast dedication to combating corruption and reclaiming assets acquired through illicit means.

REDAN also commended EFCC Chairman, Mr. Ola Olukoyede, and his team for advancing the anti-corruption agenda of President Bola Ahmed Tinubu. The association urged the Federal Government to sell the recovered properties and allocate the proceeds to recapitalize the Federal Mortgage Bank of Nigeria (FMBN), enhancing its capacity to address the nation’s affordable housing needs.

Meanwhile, he also lauded Justice Jude Onwuegbuzie for granting the final forfeiture of the assets, reinforcing public confidence in the judiciary.

The association reaffirmed its commitment to fostering a real estate sector rooted in integrity, transparency, and sustainable development, while advocating for the passage of the Real Estate Regulation Bill to promote accountability in the industry.

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