Real estate professionals in Nigeria are renewing calls for the creation of a Real Estate Developers Regulatory Council, warning that weak oversight and widespread malpractice are damaging trust in the country’s property market.
Industry stakeholders estimate that more than ₦3 trillion has been lost by local and diaspora investors due to fraudulent practices, including multiple sales of the same property, forged title documents and fake property listings.
The latest push follows recent legal issues involving a development firm placed under court supervision, a situation experts say reflects deeper structural problems within the sector.
Olufemi Oyedele, Managing Director of Fame Oyster & Co., described the property development space as largely unregulated and open to abuse.
According to him, the absence of strict accreditation standards allows unqualified operators to enter the industry freely, weakening professionalism and accountability.
He and other stakeholders are advocating for a regulatory model similar to those in countries such as Scotland and Canada, where housing regulators enforce compliance and protect buyers
Experts say the current environment has led to misuse of client funds, a surge in litigation involving developers and a noticeable decline in investor confidence.
Bashir, another practitioner, warned that without comprehensive reform( including proper certification), improved funding structures and stronger oversight, Nigeria could face a worsening housing crisis.
Nigeria’s housing deficit is currently estimated at 15 million units, according to 2026 data
Beyond private sector malpractice, stakeholders also expressed concern over government actions such as property demolitions without adequate notice or compensation and the conversion of designated green areas into residential or commercial projects.
They argue that such measures create uncertainty and discourage long-term investment.
While professions such as medicine and accounting operate under clear regulatory frameworks in Nigeria, real estate development lacks comparable enforceable oversight.
Advocates believe a dedicated regulatory council could restore transparency, eliminate substandard operators and rebuild credibility in a sector seen as critical to economic growth and urban development.
As Nigeria grapples with rapid urbanisation and mounting housing demand, many experts say meaningful reform may be essential to securing the future of its real estate market.
