[REVISION HISTORY]
Nigeria real estate sector and regulatory developments
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2026-11-02 17:57 UTC → 2026-11-04 16:39 UTC ·
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In the first quarter of 2026, Nigeria’s real estate sector contributed 13.10 per cent to the nation's real Gross Domestic Product (GDP). The construction sector also experienced a year-on-year expansion of 6.38 per cent, driven by infrastructure investment and rising residential rents. In Lagos, a shortage of formal housing led to rents in prime areas more than doubling since 2023, shifting demand toward more affordable mainland options. Following these To address market trends, instability and fraud, the Nigerian House of Representatives has proposed the establishment of a National Real Estate Regulatory Authority. This proposal aims to address fraud, strengthen consumer protection, and resolve issues such as Authority (NRERA). During a stakeholder conference in Abuja, officials noted that the sector suffers from a “significant trust deficit” caused by unverified land ownership developers, overlapping institutional mandates, and difficulties in title verification. a lack of coordinated oversight. Proposed reforms include a centralized digital property records system and the use of protected accounts for off-plan sales a unified national framework to ensure manage a verifiable register of developers and agents. To protect homebuyers, lawmakers suggested implementing mandatory escrow accounts, ensuring funds are only released to developers upon reaching verified specific construction milestones. This is intended to prevent operators from collecting payments for uncompleted or non-existent projects. Additionally, the House of Representatives passed a bill for its second reading aimed at regulating the rental market in the Federal Capital Territory (FCT). This legislation seeks to prohibit landlords and agents from demanding more than 12 months of rent in advance and aims to standardize agency fees to protect tenants from exploitative practices.
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- 2026-11-04 16:39 UTC Nigeria real estate sector and regulatory developments
- 2026-11-02 17:57 UTC Nigeria real estate sector and regulatory developments
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