Nigeria’s Real Estate Boom Faces Tough Test as Demand Collides with Challenges, Expert Says
- Barrister Cecil Osakwe has highlighted that Nigeria's real estate sector is pivotal due to urbanisation and rising housing demand
- The real estate expert further said that infrastructure is crucial for increasing property value in Nigeria
- Access to affordable financing and regulatory efficiency are key to accelerating growth in Nigeria's real estate sector, he added
A renowned property developer, Barrister Cecil Ezem Osakwe, has said Nigeria’s real estate sector is entering a pivotal phase, driven by rapid urbanisation, rising housing demand, and expanding economic activity.
Osakwe, in a statement made available to Legit.ng on Tuesday, March 31, said structural challenges continue to shape how quickly the sector can reach its full potential.
Source: UGC
How is demand meeting structural gaps in Nigeria's property market?
Barrister Osakwe said as a real estate developer with experience across international and Nigerian markets, he has seen firsthand how opportunity and complexity coexist in the country’s property landscape.
According to him, rising demand is meeting structural gaps.
Osakwe, who is vast in estate development, said urban centres such as Abuja, Lagos, and Port Harcourt are experiencing sustained population growth. This shift is fueling demand for residential housing, commercial developments, and integrated urban communities.
His words:
"Despite this demand, many projects struggle due to gaps in planning, financing, and execution. With my experience, the issue is not a lack of opportunity. It is the need for stronger project structuring, disciplined execution, and long-term thinking.
"Land acquisition continues to be one of the most sensitive aspects of property development in Nigeria. Developers must navigate complex ownership structures, verify land titles, and comply with regulatory requirements. Failure to conduct proper due diligence often leads to disputes, delays, and financial losses.
"Feasibility studies are equally important. Understanding construction costs, pricing dynamics, and market demand is essential for delivering viable projects."
Infrastructure determines real estate value in Nigeria - Osakwe
The real estate expert added that infrastructure remains one of the most significant determinants of real estate value in Nigeria.
He noted that in many cases, developers must provide roads, drainage, water systems, and power solutions as part of their projects.
"While this increases upfront costs, it also enhances long-term asset value. Areas with improved infrastructure tend to attract stronger demand and experience faster growth," he added.
Financing remains a barrier in real estate
According to Osakwe, access to affordable, long-term financing continues to limit the pace of development.
"High interest rates and limited funding options make it difficult for developers to execute large-scale projects. Innovative financing models, including structured partnerships and investment vehicles, could help address this gap," he said.
What can unlock growth in Nigeria's real estate sector??
Osakwe said that regulatory efficiency could unlock growth in the real estate sector in Nigeria. According to him, the sector faces challenges related to regulatory processes.
"Multiple approvals, inconsistent enforcement of standards, and delays in permitting can slow down development timelines. These inefficiencies increase costs and reduce investor confidence," he said.
"A more streamlined and transparent regulatory framework would improve project delivery and attract both local and international investment."
The developer added that sustainable growth in Nigeria’s real estate sector will depend on a shift toward long-term planning.
Nigeria's real estate: What developers should focus on
Meanwhile, Osakwe advised developers to focus on integrated community development, strong construction standards, Infrastructure-led planning and alignment with evolving urban needs.
"Real estate development is not a short-term endeavour. Projects that are thoughtfully designed and properly executed tend to deliver the most lasting value," he said.
Source: Getty Images
Pastor Ashimolowo launches estate with sports theme
Meanwhile, Legit.ng earlier reported that renowned Nigerian pastor, Mathew Ashimolow, launched his second estate, with a focus on community living, sports-themed design and flexible housing options.
Speaking at the unveiling event on Thursday, March 26, in Lagos, Pastor Ashimolowo said the new development follows the earlier Makarios Luxury Place and is designed to bring Nigerians together through what he described as four core pillars: family, friendship, fun and football.
“This is the second estate we are launching,” the senior pastor of Kingsway International Christian Centre (KICC) said, adding that the naming reflects Nigerians’ love for sports and the desire to foster unity.
Source: Legit.ng
