Ask Nigeria Header Logo

Concerns in Nigeria real estate industry

Photo of author

By Mercy Kelani

Federal and State governments should develop new housing policy.

Messrs Legrande Properties Development Company Limited, a Lagos-based developer, has implored Nigerian governments at federal and state levels to ensure development of a new housing policy that will eradicate substandard building materials, while regulating the real estate sector. The Chairman and Chief Executive Officer of the firm, Mr. Babajide Durojaiye, spoke to journalists after the presentation of an award to the company in Lagos State. He noted that the government should be able to ensure the regulation of the real estate sector.

If this is done, it would be easier to access and afford homes. He also decried the existing double taxation for developers. This taxation, according to him, causes an increment in the cost of housing for potential homebuyers, even as it contributes to the availability of substandard materials in the market. He stated that housing in cities in Lagos, Rivers and Abuja, Nigeria, are overpriced, and this overpricing causes discouragement to property investors in the aforementioned locations.

There has been a reduction in the capacity of individuals to buy homes.

Currently, there are lots of substandard materials in the market, and they are so pricey. The governments in the country are required to provide quality materials at affordable prices as it would aid a reduction of all the negative effects. It has become apparent to everyone that there have been a reduction in the capacity of individuals to buy homes. As a result of this, every developer has had to readjust to ensure the moderation of prices.

Also, it was assured by the Chairman and Chief Executive Officer of the firm, Mr. Babajide Durojaiye, that the recognition of the industry will enable companies to focus on the development of affordable housing with standard materials, state-of-the-art technology, and smart solutions for its subscribers. He further stated that the recognition addressed the fact that the provision of good and affordable homes touches and transforms human lives, while ensuring creation of jobs for Nigerian citizens.

Developers in the industry have contributed to the development of Lagos.

Elkanah Mowarin, the Executive Director of EOM Business Network, implored developers not to relent in their positive influence of the real estate initiative. This is because their influence has had resonating impacts on families and individuals through the employment of the many young persons. Developers in the real estate industry have also contributed to the development of Lagos State through their regular payment of taxes, performance of corporate social relationships and development of the State’s environment.

Residential real estate might either accommodate one family or multifamily structure that has availability for non-business or occupational purposes. The classification of residence is based on their connection to neighbouring land and residences. There are several kinds of housing tenure that can be used for the same physical type. For instance, a single entity can own connected residences and lease it out. It could also be owned separately with an agreement that covers the relationship between common issues and units.

Environmental degradation can lead to serious health and safety risks.

Additionally, the value or devalue of real estate depends on the extent of environmental degradation that has been done. Environmental degradation can lead to serious health and safety risks. Also, when valuing a property for private and commercial real estate, there is an increasing demand for usage of site assessments (ESA). Environmental surveying is usually done by environmental surveyors who inspect environmental factors within real estate development. They also examine the impacts of development and the industry on the environment.

Related Link

Wikipedia: Website

The content on is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

Fact Checking Tool -