Nigeria’s Real Estate Investment Trusts (REITs) are emerging as a stronger alternative to direct property ownership in Lagos, with some listed real estate investment vehicles recording significant gains despite high interest rates and economic uncertainty.

According to market data, Union Homes Real Estate Investment Trust recorded a year-to-date return of more than 35 per cent as of the end of June 2026, while UPDC REIT gained over 41 per cent. The performance reflects growing investor interest in listed property assets and their potential to provide exposure to Nigeria’s real estate market without the financial and operational demands of owning physical property.

The report noted that infrastructure development is also influencing property values and rental returns in Lagos. Properties located within the operational catchment areas of the Lagos Blue Rail Line have reportedly generated gross rental yields of between six and seven per cent, compared with approximately four to 4.5 per cent for similar properties outside the rail corridor.

The growing value of properties around major transport infrastructure highlights the potential of transit-oriented development to reshape Lagos’ housing market. With the Blue Line and Red Line already operational and the proposed Green Line expected to expand the city’s rail network, investors are increasingly paying attention to locations that could benefit from improved accessibility and rising property demand.

However, the article noted that some high-end residential properties in Lagos may offer relatively low rental returns when compared with government securities. For example, luxury properties in Lekki Phase 1 were estimated to generate net yields of about three per cent, while Treasury bill yields remained significantly higher as of June 2026. This suggests that some premium property investments depend heavily on future capital appreciation and protection against naira depreciation rather than rental income alone.

REITs provide investors with an opportunity to participate in the property market without directly purchasing land or managing tenants. The investment vehicles also offer greater accessibility, with some available at entry levels as low as ₦5,000, while their income-distribution requirements make them attractive to investors seeking regular returns.

The report concluded that Nigeria’s listed property investment instruments could provide a more accessible and liquid route into the country’s growing housing market. However, stronger market research, improved investor awareness, and better connections between infrastructure development, housing demand, and capital market investments will be necessary to unlock the sector’s full potential.

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The Delhi Development Authority (DDA) on Saturday released a draft of its updated Transit-Oriented Development (TOD) policy aimed at promoting planned residential development near metro stations across the city.

The draft seeks to make TOD projects more flexible and extensive, while improving last-mile connectivity for commuters.

The authority has invited public objections and suggestions within 45 days. A significant shift in the draft policy is the removal of unauthorized colonies and the Walled City from the list of areas where TOD projects are prohibited.

Under the new draft, TOD projects will still not be allowed in environmentally protected areas, Zone O and its buffers, villages under the Green Belt, monument-protected and heritage zones, Civil Lines Bungalow Area, Lutyens’ Bungalow Zone, Chanakyapuri, and cantonment or defense areas. The minimum plot size for TOD development has been reduced from 10,000 square meters to 2,000 square meters within 500 meters of a metro station.

At least 65 percent of the total buildable space on a TOD plot must now be allocated to residential units of under 100 square meters, including guest houses or studio apartments.

A minimum of 10 percent of the floor area ratio (FAR) is to be used for commercial shops, small businesses, and community facilities, while the remaining 25 percent can be used for larger homes, offices, guest houses, or studio apartments.

The minimum FAR for TOD plots has been raised from 300 to 400, and eligible plots must be adjacent to a road at least 18 meters wide.

The proposed TOD zones will generally extend 500 meters on either side of existing or planned metro lines and along Regional Rapid Transit System (RRTS) routes where stations are less than 500 meters apart.

For major transit hubs, including regional railway stations, RRTS stations, or planned high-speed rail stations located more than 500 meters apart, the TOD zone will extend to a 500-meter radius.

To encourage walking and reduce reliance on private vehicles, the draft allows direct underground access from TOD plots to metro stations through basements, subject to approvals from a DDA committee and metro security.

The committee reviewing TOD proposals will be chaired by the vice-chairman of DDA and include senior officials from civic bodies and representatives from DJB, BSES, PWD, DPCC, and Delhi Traffic Police.

Developers submitting TOD plans will pay a uniform charge of Rs 10,000 per square meter of FAR, which will remain in effect until revised by the Government of India.

The DDA first approved the TOD policy on July 14, 2015, as part of the Master Plan for Delhi 2021.

The new draft revisions are intended to reduce traffic congestion, support high-rise development, enhance last-mile connectivity, and bring residents closer to public transit hubs.

Vibha Sharma, who authored the report, is an Assistant Editor at The Times of India with 17 years of experience reporting on urban infrastructure, city planning, and civic affairs in Delhi.

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