Stakeholders in the real estate sector have expressed hope that the sector will witness unprecedented growth, driven by infrastructure expansion nationwide, targeted capital deployment, a shift towards logistics and data-led assets, and deliberate residential development to mitigate existing gaps. This comes as housing and construction leaders maintain that property markets typically grow in areas where...
The Association of Town Planning Consultants of Nigeria has kicked against the inauguration of the Land Use and Allocation Committee for Land Projects by the Office of the Surveyor-General of the Federation, stressing that it is not only unprofessional and unethical but also a clear act of legal and administrative overreach. The association disclosed this in a statement on Wednesday, signed by its...
The Federal Government has unveiled a comprehensive framework aimed at strengthening the maintenance and preservation of public assets across the country. In a post on its website recently, the Federal Ministry of Housing and Urban Development explained that it is driving the initiative through the Department of Federal Public Assets Maintenance. It added that FPAM has developed a framework containing...
The average rent for a three‑bedroom apartment in Ikoyi, Lagos, has surged to about N25m annually, underscoring the mounting cost pressures in Lagos’ prime residential market, according to Volume 3 of the State of Lagos Housing Market report. The report disclosed that the past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its luxury...
Built environment professionals have urged the Federal Government to embed its housing delivery strategy into the National Housing Policy to ensure sustainability and long-term impact in addressing Nigeria’s housing deficit.They advised the Ministry of Housing and Urban Development to systematically gather data and feedback from the ongoing Renewed Hope Estates initiative and use the findings to...
Data centres have become the fastest-growing real estate asset class in Lagos, according to the Lagos Real Estate Development Pipeline Report 2025/2026 Edition published by Estate Intel.The report projects that Lagos’ total data centre capacity will exceed 218 megawatts (MW) by 2030, representing more than 3.7 times the current capacity of 78.6MW. This growth reflects a structural shift in Nigeria’s...
The Federal Ministry of Housing and Urban Development has disclosed that approximately 15.2 million housing units across Nigeria are structurally inadequate, highlighting a critical dimension of the country’s housing challenge beyond the construction of new homes.The disclosure was made by the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, during the presentation of the...
The Lagos State Government has commenced the demolition of illegal structures within the Lekki Free Trade Zone (LFTZ), following the expiration of an ultimatum issued to developers and landowners operating without the required approvals. The enforcement exercise, led by the Ministry of the Environment and Water Resources, entered Day Four with what officials described as “smooth and unhindered...
The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a proposed N4.237 trillion budget for the 2026 fiscal year to the state House of Assembly. Security was heightened within and around the Assembly complex, with officers from the police, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps stationed at major entry points. Members of the state...
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27 percent, maintaining its tight monetary stance as part of ongoing efforts to rein in inflation and stabilise the foreign exchange market. The decision was announced at the end of the Monetary Policy Committee (MPC) meeting held in Abuja, where members voted to keep key policy parameters unchanged. The MPR, which serves...