Developers and property experts call for cheaper land, stronger housing supply, affordable mortgages and improved regulation.

Nigeria’s housing affordability crisis is deepening as rising property prices, escalating rents and increasing construction costs place homeownership beyond the reach of millions of households.

Real estate developers, estate surveyors and investment professionals attributed the challenge to expensive land, costly building materials, infrastructure gaps, high financing costs, statutory charges and weak household purchasing power.

The stakeholders made the observations while highlighting the need for reforms across Nigeria’s housing value chain.

Rising Construction Costs Drive Property Prices

President of the Real Estate Developers Association of Nigeria (REDAN), Oba Akintoye Adeoye, said rising residential property prices and rents had become a major concern for developers, tenants, prospective homeowners and investors.

Adeoye explained that housing costs were increasing faster than the purchasing power of many Nigerians.

He said policymakers must examine land acquisition, construction, infrastructure, finance, transportation, professional services and regulatory charges instead of focusing only on the final price of properties.

“When the cost of producing a house increases, it inevitably impacts the price of the finished property,” REDAN said.

However, the association cautioned developers against using rising production costs to justify arbitrary pricing or consumer exploitation.

It called for measures to reduce the cost of land, infrastructure, building materials and housing finance, arguing that lower production costs would enable developers to offer more affordable homes.

Experts Demand Affordable Mortgage Financing

Adeoye urged greater access to long-term mortgage financing, allowing Nigerians to spread homeownership payments over 15, 20 or 30 years.

REDAN also advocated rent-to-own arrangements, cooperative housing schemes and housing savings programmes.

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) reported in June 2026 that it had delivered ₦128 billion in mortgages to 1,859 families across 25 states.

The mortgages reportedly carried a fixed interest rate of 9.75 per cent, with repayment periods of up to 20 years and a minimum 10 per cent equity contribution.

By August, the State House said MREIF’s disbursements had increased to ₦140 billion, supporting 2,018 mortgages across 27 states. 

Despite these interventions, experts maintained that affordable mortgages alone would not resolve the crisis if housing production remained expensive.

Land Scarcity and Urban Migration

Chief M.I. Okoro, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), identified population growth, urban migration and limited land supply as key drivers of rising property prices.

He pointed to Lagos areas such as Ikoyi, Victoria Island and Lekki Phase One, where developers increasingly construct vertically because of land scarcity and high acquisition costs.

Okoro said rising property values in prime locations were pushing residents towards less expensive communities on the Mainland and outskirts of Lagos.

He called for increased housing supply, social housing programmes and greater involvement by local governments.

“Social housing is not meant to be for profit motive. That is where government comes in,” he said.

Construction Inflation Worsens Affordability

Ayo Ibaru, Chief Investment Officer at housing development company Panterra, described the crisis as the result of interconnected pressures across the housing sector.

He identified rising costs of cement, steel, finishing materials, labour, diesel and imported equipment as major contributors.

According to Ibaru, exchange-rate volatility has also increased the cost of imported materials and technical expertise.

Developers consequently reassess project budgets and may transfer some additional costs to buyers and tenants through higher sale prices, rents and service charges.

However, he noted that developers’ ability to increase prices remains limited by household incomes and effective market demand.

He argued that housing must be affordable to build, finance and maintain.

Land Documentation and Market Transparency

Ibaru also identified inefficient land administration and limited market transparency as factors increasing housing costs.

He called for faster land registration, clearer disclosure requirements for off-plan developments, stronger developer accreditation and appropriate escrow arrangements.

He also advocated better mechanisms for addressing abandoned or poorly constructed projects.

REDAN urged consumers to verify developers and property titles and conduct due diligence before making substantial payments.

Experts Call for Balanced Housing Development

Okoro argued that improving infrastructure and economic opportunities outside major urban centres could reduce migration pressure on cities such as Lagos.

He identified electricity, water, roads and telecommunications as essential investments for smaller cities and rural communities.

The stakeholders agreed that Nigeria’s housing crisis involves multiple factors, including:

• Expensive land and construction materials.
• High financing costs.
• Inadequate infrastructure.
• Weak household purchasing power.
• Limited housing supply.
• Inefficient land administration.
• Gaps in regulation and consumer protection.

The experts said addressing these interconnected challenges would require coordinated action from government, developers, financial institutions, local authorities and other stakeholders.

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REDAN Pushes Private-Sector Action as 2,400-Home Abuja Estate Takes Off

The Real Estate Developers Association of Nigeria has renewed its commitment to supporting initiatives aimed at narrowing the country’s housing deficit and expanding access to decent accommodation.

The commitment was highlighted during the unveiling of “The Embassy,” a proposed 2,400-unit residential development by Crown Allied Global Realty and Homes Limited in Wasa District, Abuja Municipal Area Council.

The estate is planned for approximately 101 hectares and will feature different categories of residential properties, including two-bedroom flats, three-bedroom terrace houses, four-bedroom semi-detached homes, four-bedroom detached houses and five-bedroom detached homes.

Managing Director and Chief Executive Officer of Crown Allied Global Realty, Gbadewole Amos Kayode, said the development was conceived as part of the private sector’s contribution to increasing Nigeria’s housing supply.

Kayode, who is also a vice chairman of REDAN’s Abuja chapter, cited Nigeria’s housing deficit at approximately 14.98 million units and stressed the need for developers, government institutions and housing-finance providers to collaborate on large-scale delivery.

The figure represents the estimated national housing shortfall and not the number of homes REDAN or the developer intends to construct.

Official data released by the Federal Government’s National Housing Data Technical Committee placed Nigeria’s housing deficit for 2025 at 14.925 million units.

The committee attributed the shortage to rapid population growth, urbanisation, inadequate housing supply, land and title constraints and limited access to long-term housing finance.

Kayode said Crown Allied Global Realty planned to introduce flexible payment arrangements for buyers, including an option allowing subscribers to make an initial payment and spread the outstanding balance over six months.

Mortgage financing is also expected to be available for some of the housing units, particularly the blocks of flats, with the Federal Mortgage Bank of Nigeria identified as a potential financing partner.

Land and property options within the development are expected to begin from approximately ₦7.5 million, while a 1,000-square-metre plot was advertised at about ₦50 million.

The affordability of the housing units will, however, depend on their final prices, mortgage terms, repayment periods and the income levels of prospective buyers.

Beyond residential buildings, approximately 20 hectares of the estate will be reserved for commercial activities. The proposed commercial district is expected to accommodate shops, hotels, pharmaceutical businesses, electronics outlets and other services required by residents.

The developer said the estate would rely substantially on solar energy and incorporate electric-vehicle charging facilities into the residential buildings.

Kayode explained that Wasa was selected because of its potential to develop into a major residential and commercial centre within the Federal Capital Territory.

He added that the district had access to essential infrastructure, including roads, electricity and water, while the company reportedly secured a Certificate of Occupancy issued by the Federal Capital Development Authority for the project site.

More than 3,000 direct and indirect employment opportunities are expected to be created during the project’s development.

The jobs are projected to benefit engineers, builders, artisans, suppliers, consultants, property professionals and other workers within the construction value chain.

REDAN maintained that reducing Nigeria’s housing shortage would require consistent government policies, improved land administration, affordable construction finance, accessible mortgages and stronger collaboration with credible private developers.

Successful delivery of the proposed Wasa estate will depend on regulatory compliance, infrastructure provision, access to financing and adherence to the developer’s construction schedule.

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REDAN Seeks New Housing Finance Models

The Real Estate Developers Association of Nigeria (REDAN) has called for stronger blended finance structures to increase investment in Nigeria’s housing and infrastructure sectors.

REDAN President, Oba Akintoye Adeoye, made the call at the 2026 Africa Environmental, Social and Governance (ESG) Conference and Exhibition in Lagos.

John Saka, Executive Secretary and Business Development Specialist at REDAN’s national secretariat, disclosed this in a statement issued on Thursday in Abuja.

Adeoye said Nigeria’s housing and infrastructure needs require more than traditional sources of funding. He called for closer cooperation among government, developers, mortgage institutions, commercial banks and development finance institutions.

He also identified institutional investors and other sources of capital as important partners in expanding housing investment.

Blended Finance Could Support Housing Investment

Blended finance combines public, private and development-focused funds to reduce investment risks. It can also help attract private capital to projects that may face funding challenges under normal commercial terms.

Adeoye said this approach could help developers finance more housing projects while improving affordability for Nigerians.

He urged REDAN and the Mortgage Banking Association of Nigeria (MBAN) to promote financing models that support sustainable and affordable housing.

According to him, stronger links between developers and financial institutions could create better conditions for long-term investment in the sector.

The issue is important because housing projects often require significant upfront capital. Developers also need access to financing that matches the long development periods of housing and infrastructure projects.

Better financing structures could therefore support projects that might struggle to secure funding through conventional commercial loans alone.

REDAN Pushes Green Innovation

Adeoye also urged real estate developers to adopt more green technologies and sustainable construction practices.

He said developers could improve efficiency and long-term value through energy-efficient buildings, renewable energy and sustainable construction materials.

He also highlighted water efficiency, waste management, climate-resilient infrastructure and smart technologies as areas with room for greater innovation.

Adeoye said developers should view sustainable real estate as an investment rather than simply an additional cost.

Energy-efficient buildings can reduce operating expenses over time. Sustainable materials and better resource management can also improve building performance and the experience of occupants.

For Nigeria’s housing industry, the shift towards sustainable development could also support buildings that are better prepared for environmental and climate-related pressures.

Governance Remains Critical

The REDAN president also stressed the need for stronger governance across the real estate sector.

He identified transparency, accountability, ethical business practices and responsible leadership as key elements of a credible property market.

Adeoye said good governance can strengthen consumer confidence and improve investor trust. It can also support access to finance and improve the credibility of real estate businesses.

Strong governance remains important to both developers and consumers. Clear business practices can help protect buyers while creating greater confidence among financial institutions and investors.

ESG Conference Focuses on Practical Solutions

The 2026 Africa ESG Conference and Exhibition focused on the theme, “ESG as a Competitive Advantage: Blended Finance, Green Innovation, and Governance for Nigeria’s Real Estate Future.”

REDAN and the Mortgage Banking Association of Nigeria jointly organised the conference. The Nigeria Mega Project Expo 2026 partnered with both organisations for the event.

The conference provided a platform for stakeholders to discuss how environmental, social and governance principles can influence Nigeria’s real estate sector.

Adeoye urged participants to move beyond discussions and focus on practical solutions and partnerships.

For Nigeria’s housing market, the discussion highlights the close link between finance, sustainability and good governance. Expanding access to suitable funding, encouraging efficient building practices and improving industry standards can help create stronger conditions for housing and infrastructure investment.

The wider significance lies in bringing developers, lenders, government agencies and investors closer together. Such cooperation can help the sector develop financing models and business practices that support a more sustainable and accessible real estate market.

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Nigeria’s rising cement prices are putting fresh pressure on the housing market. Real estate developers warn that higher building costs could slow construction and make affordable homes harder to deliver.

The development comes as the Federal Competition and Consumer Protection Commission (FCCPC) investigates cement pricing in Nigeria. The commission is also examining price differences between Nigeria and selected African markets.

Cement prices climb

Market checks cited in the report showed that a 50kg bag of cement sold for N9,300 to N9,700 in January 2026. By July, the price had reached as much as N15,000 in some locations.

Current prices in parts of Nigeria range from about N11,000 to N13,000 per bag. Prices vary by location, supplier and distribution channel.

The increase has added to existing pressures on property developers. Many are already dealing with high borrowing costs, expensive energy, rising material prices and weak consumer purchasing power.

Higher cement costs can reduce developers’ profit margins. They can also force firms to revise project budgets, slow construction or transfer some of the extra cost to buyers and tenants.

Developers seek lower costs

Victor Ameh, managing director of Legendary Foreshore Construction, said cement prices between N13,500 and N15,000 were making construction more difficult.

Ameh noted that many developers depend on bank financing. High borrowing costs therefore make any increase in building material prices more difficult to absorb.

He called for more investment across the cement value chain. He also urged measures to reduce electricity and fuel costs, saying lower production costs would support the construction industry.

Chudi Ubosi, chairman of the Association of Capital Market and Valuers, also called for more investment and competition in cement production.

Ubosi pointed to Nigeria’s large limestone reserves as an opportunity for new investment. He said more producers could help increase competition in the cement market.

He also warned that high cement prices have effects beyond construction. According to him, the impact reaches manufacturing, real estate, commerce and hospitality.

FCCPC faces calls for wider review

The FCCPC investigation has also drawn calls for a broader review of cement pricing. Industry stakeholders say production costs alone do not explain the final price paid by consumers.

Mansur Ahmed, interim chairman and president of the Pan-African Manufacturers Association (PAMA), said the commission should consider the wider economic environment. He cited financing costs, infrastructure gaps and other economic factors.

Muda Yusuf, director-general of the Centre for the Promotion of Private Enterprise (CPPE), also called for a detailed review of cement production costs.

Yusuf said taxes, levies, transport, logistics, energy and financing costs should form part of any comparison between Nigeria and other countries. He also stressed the importance of considering both producers and consumers.

West African prices vary

Cement prices across West Africa show that regional differences are not uniform.

In Lomé, Togo, a 50kg bag sells for about CFA4,550. That was equivalent to roughly N10,844 or $8.03 using the August 18, 2026 exchange rates cited in the report.

The reported average price in Benin Republic was CFA4,500, or about N10,725. In Ivory Coast, CFA5,000 was equivalent to approximately N11,917.

In Ghana, a 50kg bag sold for about GH₵106, equivalent to roughly N12,962.

Prices within Togo also varied sharply by location. A 50kg bag cost about N10,844 in Lomé, compared with approximately N15,492 in Kara and N17,160 in Dapaong.

The differences point to the role of transport, distribution, taxes and other supply-chain costs in determining the final price of cement.

Housing affordability under pressure

For Nigeria’s housing sector, the main concern is the effect of higher cement costs on project delivery.

Developers now face difficult choices. They can absorb the extra cost, reduce the size of projects or raise property prices and rents.

The Real Estate Developers Association of Nigeria (REDAN) described cement affordability in March as a national housing emergency. The association also called for a review of pricing dynamics, including differences between domestic and export prices.

Higher construction costs matter because they affect the entire housing supply chain. When developers face larger project expenses, the cost of new homes can rise. This can make it harder for households to enter the property market or afford better rental housing.

What the FCCPC investigation could mean

The FCCPC investigation could have implications beyond the cement industry. Its findings may help clarify the role of production costs, competition, distribution and other market factors in determining cement prices.

For developers, however, the immediate issue is affordability. They need construction materials at prices that allow projects to remain viable while keeping homes within reach of buyers and tenants.

As the investigation continues, policymakers will face the challenge of supporting a sustainable cement industry while addressing the rising cost of housing. The outcome could influence how Nigeria approaches competition, construction costs and efforts to expand housing delivery.

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The Real Estate Developers Association of Nigeria (REDAN) has called for the introduction of an annual certification system for real estate developers as part of broader efforts to improve professionalism, strengthen regulatory compliance, and reduce fraud in Nigeria’s property sector. The association believes regular certification will help restore public confidence and promote higher standards across the industry.

Speaking on the proposal, REDAN President Prince Akintoye Adeoye said annual certification would enable regulators to monitor developers more effectively, ensure continued compliance with industry standards, and identify operators who fail to meet professional and ethical requirements. He noted that stronger oversight is necessary to protect investors and homebuyers from fraudulent practices.

Adeoye explained that the proposed certification framework would encourage developers to maintain high standards in project execution, financial accountability, and customer service. He added that it would also make it easier for the public to distinguish legitimate developers from unregistered operators responsible for many cases of property fraud, project abandonment, and substandard construction.

According to him, Nigeria’s real estate industry requires a more structured regulatory framework that promotes transparency, accountability, and professionalism. He urged the Federal Government and relevant regulatory agencies to work closely with REDAN and other stakeholders to develop and implement a sustainable certification and monitoring system for developers nationwide.

The REDAN president also stressed the importance of enforcing existing building regulations, planning approvals, and professional standards to reduce building collapses and improve the quality of housing delivery. He said certification should complement broader reforms aimed at strengthening governance within the housing and construction sectors.

Industry experts believe that introducing annual certification for developers would improve consumer protection, increase investor confidence, discourage fraudulent activities, and contribute to the long-term growth and sustainability of Nigeria’s real estate market.

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The Real Estate Developers Association of Nigeria (REDAN) has attributed the growing cases of real estate fraud, substandard construction, and building collapses across the country to the activities of unregulated and unregistered property developers. The association called for stricter regulation and enforcement to protect homebuyers, improve construction standards, and restore confidence in Nigeria’s housing sector.

Speaking during an interview, REDAN President Prince Akintoye Adeoye said many of the challenges confronting the real estate industry stem from the absence of effective regulation and the activities of individuals operating outside recognised professional and legal frameworks. He stressed that many fraudulent operators lack the technical expertise and ethical standards required to deliver safe and quality housing projects.

Adeoye noted that patronising unregistered developers exposes buyers to risks such as land fraud, project abandonment, structural defects, and building collapse. He urged prospective homeowners and investors to verify the credentials of developers before making payments or committing to property transactions.

According to him, REDAN has continued to advocate for stronger collaboration with government agencies and regulatory institutions to sanitise the real estate sector. He said improved oversight, stricter compliance with planning regulations, and the enforcement of professional standards would significantly reduce fraudulent practices and improve the quality of housing delivery.

The REDAN president also emphasised the need for all developers to comply with building codes, obtain statutory approvals, and engage qualified professionals, including architects, engineers, builders, and quantity surveyors, throughout the construction process. He maintained that adherence to established standards is essential to preventing avoidable structural failures.

Industry stakeholders believe that strengthening regulation, improving consumer awareness, and enforcing professional standards will help reduce building collapses, discourage fraudulent property transactions, and create a safer, more transparent, and more sustainable real estate market capable of attracting greater investment.

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Housing sector stakeholders have called on the Federal Government to declare a state of emergency on rising building costs, warning that escalating construction expenses are making homeownership increasingly unaffordable and slowing housing delivery across Nigeria. They argue that tackling the cost of building, rather than regulating rents, is the most sustainable way to address the country’s housing crisis.

Former President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, said the sharp increase in the prices of cement, steel, roofing materials, electrical fittings, labour, transportation, and financing has significantly raised the cost of housing development. According to him, developers are finding it increasingly difficult to deliver affordable homes under current market conditions.

Wamakko explained that high rental prices are largely a consequence of expensive housing production rather than the root cause of the housing affordability challenge. He maintained that efforts to control rents without reducing construction costs could discourage investment in the real estate sector and worsen the housing shortage.

He urged the Federal Government to introduce targeted policies aimed at lowering construction costs, including support for local production of building materials, improved access to affordable housing finance, better transport infrastructure, stable energy supply, and incentives for large-scale housing development. He noted that reducing the cost of production would encourage developers to build more homes and improve housing affordability.

Industry stakeholders also emphasised the need for reforms in land administration, mortgage financing, and infrastructure development to stimulate private sector investment in housing. They argued that increasing housing supply through lower development costs would have a greater long-term impact on affordability than direct intervention in rental prices.

Experts believe that coordinated government action to reduce construction costs, strengthen housing finance, and encourage local manufacturing of building materials will be critical to closing Nigeria’s housing deficit, improving access to affordable homes, and supporting sustainable growth in the real estate sector.

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The Real Estate Developers Association of Nigeria (REDAN) has called for stronger regulation of Nigeria’s built environment to curb the rising incidence of building collapse and promote safer, more sustainable housing development. The association said effective regulation remains critical to protecting lives, improving urban planning, and strengthening investor confidence in the real estate sector.

Speaking at the stakeholders’ validation workshop on the National Housing Data Programme and the proposed National Housing and Built Environment Regulation Policy in Abuja, REDAN President Oba Akintoye Adeoye stressed that weak enforcement of building standards continues to contribute to structural failures, poor urban development, and other challenges affecting the housing sector.

Adeoye described regulation as the foundation of a safe and orderly built environment, noting that transparent and effective oversight would create a framework that protects lives and property while encouraging investment and sustainable urban growth. He maintained that stronger enforcement of existing standards is essential to improving the quality and safety of buildings across Nigeria.

The REDAN president also highlighted the importance of credible housing data, describing the National Housing Data Programme as a major step towards evidence-based policymaking and improved housing delivery. He noted that Nigeria’s housing sector has operated for years without comprehensive data, forcing policymakers and investors to rely on estimates rather than verified information.

According to Adeoye, reliable housing data will improve government planning, support investment decisions, enhance market transparency, and strengthen efforts to address the country’s housing deficit. He urged public institutions, developers, professional bodies, and other stakeholders to collaborate with the Federal Ministry of Housing and Urban Development to ensure the successful implementation of the new housing data and regulatory initiatives.

Stakeholders believe that combining stronger regulation with reliable housing data will improve building safety, reduce structural failures, encourage responsible real estate development, and create a more resilient housing market capable of supporting Nigeria’s long-term economic growth.

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A former President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, has urged the Federal Government to declare a state of emergency on rising building costs instead of focusing on rent regulation, arguing that the country’s housing affordability crisis is fundamentally driven by the high cost of housing production.

Speaking in Abuja, Wamakko said soaring prices of construction materials, land acquisition, labour, infrastructure, and financing have significantly increased the cost of developing residential properties, making it impossible for developers to offer affordable rental housing. He maintained that high rents are a consequence of expensive housing production rather than the primary cause of the housing crisis.

According to him, the prices of cement, steel reinforcement, roofing materials, electrical fittings, plumbing supplies, and other essential construction inputs have risen sharply in recent years, while labour and financing costs have also increased substantially. He noted that developers cannot recover their investments if rental prices are artificially suppressed without addressing these underlying production costs.

Wamakko called on the Federal Government to prioritise policies that reduce the cost of building materials, expand access to affordable long-term financing, strengthen local manufacturing, improve energy supply, lower transportation costs, and encourage large-scale housing development. He argued that such measures would increase housing supply and naturally reduce rental prices over time.

He warned that attempts to regulate rents without tackling the economic realities of housing development could discourage private investment in the real estate sector and worsen the country’s housing shortage. Instead, he advocated market-driven solutions supported by government policies that lower construction costs and stimulate investment in affordable housing.

Housing experts have consistently maintained that reducing construction costs, expanding mortgage financing, simplifying land administration, and increasing infrastructure investment are essential to improving housing affordability and addressing Nigeria’s estimated housing deficit. They believe that boosting housing supply remains the most sustainable strategy for easing pressure on rental prices while supporting long-term economic growth.

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The Real Estate Developers Association of Nigeria (REDAN) has expressed confidence that Nigeria can bridge its housing deficit within the next decade if governments at all levels prioritise faster land titling, improved infrastructure, affordable mortgage financing and stronger collaboration with the private sector.

President of REDAN, Oba Akintoye Adeoye, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja, where he outlined key reforms needed to accelerate housing delivery across the country.

Adeoye, who is also the paramount ruler of Okeigbo in Ondo State, said although REDAN alone cannot eliminate the nation’s housing shortage, the association remains a critical contributor to efforts aimed at reducing the deficit.

According to him, every new housing development contributes to narrowing the gap and improving access to decent accommodation for Nigerians.

“Whatever the size of the shortage, every new building reduces the deficit. REDAN may not close the gap alone, but we remain a major contributor,” he said.

The REDAN president stressed that addressing Nigeria’s infrastructure challenges is fundamental to unlocking large expanses of land suitable for residential development.

He noted that many potentially viable locations remain underdeveloped due to inadequate road networks, unreliable electricity supply and limited access to water and other essential services.

“If we want to bridge the deficit, we must be intentional and pragmatic. We have to close the infrastructure gap first,” Adeoye said.

He also identified delays in land administration processes as a major obstacle to housing development, urging governments to simplify and accelerate the issuance of Certificates of Occupancy (C of O), Rights of Occupancy and other development approvals.

According to him, prolonged approval timelines discourage investors, increase project costs and slow down housing delivery.

“Land titling requires policy attention. Certificates of Occupancy and building approvals should be processed within one to four weeks,” he said.

He lamented that some approvals currently take as long as five years, a period he described as sufficient to complete thousands of housing units in other countries.

“Some approvals take up to five years. That period is enough to complete tens of thousands of housing units elsewhere,” he added.

Adeoye further emphasised the importance of affordable and long-term financing in expanding homeownership and stimulating growth in the housing sector.

He called for access to funding at single-digit interest rates and repayment plans that align with the long-term nature of housing investments.

“We need affordable funding at single-digit interest rates and long repayment periods. Long-term projects cannot be financed with short-term funds,” he said.

He explained that affordable mortgage financing remains essential for many Nigerians who desire homeownership but lack the financial capacity to purchase houses outright.

“Without affordable mortgages, many Nigerians cannot buy houses, regardless of the number built. Mortgage financing is critical to closing the housing deficit,” Adeoye stated.

Commenting on the Federal Government’s Renewed Hope Housing Programme, the REDAN president acknowledged ongoing efforts under the initiative but called for greater commitment to affordability and mortgage support.

“The programme is ongoing, but government should be more intentional, make it more affordable and provide mortgages for beneficiaries,” he said.

Adeoye assured Nigerians that members of REDAN would continue investing in quality housing projects despite prevailing economic and operational challenges in the real estate sector.

He reiterated the association’s commitment to partnering with government and other stakeholders to increase housing supply, promote homeownership and contribute to the nation’s economic development.

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