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...
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have reached agreement on a strategic collaboration that will see the development of a robust non-interest mortgage framework. The agreement, reached at the weekend in Abuja, seeks to create and regulate viable, Sharia-compliant financing structures that will enable millions...
The Lagos State government has offered fresh amnesty window for owners of existing buildings that do not have approved building plans.The state’s Ministry of Physical Planning and Urban Development, which announced the amnesty in a post on its official X (formerly Twitter) account, explained that the window is to enable the property owners to perfect their planning permits. The Amnesty has 61days of...
To enhance affordability and ensure fairness for qualified Nigerians. The Federal Ministry of Housing and Urban Development has approved and announced uniform sale prices for housing units under its Renewed Hope Estate Programme across all states of the Federation. The housing units, which comprise one-, two-, and three-bedroom semi-detached bungalows, are part of the Ministry’s efforts to make...