Soaring Property Prices Shut Millions Out of Homeownership

Soaring property prices, escalating rents, and rising construction costs are deepening Nigeria's housing affordability crisis, shutting millions of households out of homeownership. Real estate developers, estate surveyors, and investment professionals attribute the crisis to expensive land, construction materials, labour, infrastructure, financing, statutory charges, inadequate housing supply, and weak purchasing power. The President of the Real Estate Developers Association of Nigeria, Oba Akintoye Adeoye, said the continuous increase in residential property prices and rents has become a major concern for developers, prospective homeowners, tenants, and investors. An estate surveyor has called for mass social housing, council-led schemes, and stronger regulation.

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