Wetin dey happen for Lagos and Abuja wey rent don turn high like kites wey fly? My pipo, e no be small matter o! Dr Waliu Adeoye, the Managing Director of Stallion Cardinal Homes, don yarn some serious gist about how rents don dey increase by 15 to 20 percent for some areas ejo.
As e be, people wey dey live for these cities no fit run away from this rent wahala again. Adeoye clear us say, for 2026, real estate for Naija dey face big challenges, but if dem fit manage am well with the new policy reforms wey dey come, we fit see light for the end of the tunnel. E talk say, “Most urban Nigerians dey rent, and the housing sector dey suffer serious blow.”
Wetin dey vex Adeoye be say, tenants dey chop plenty stress to pay rent wey even require dem to bring one to two years upfront. Na true say if dem no drop new strategies, the gobe go continue, because most people no get good money to fit compete.
Dr Adeoye dey hopeful say if dem carry out everything wey dem plan: tax reforms, land digitalisation, mortgage recapitalisation and more, we fit see real change for housing market after decades of wahala. But e also sabi say talk no be do; implementation na the koko.
“Na political will wey we dey miss,” na wetin Adeoye talk troway for matter wey concern the housing sector. Each time dem gather, dem go announce big plans, but how many of dem don see the light of the day? He mention some plans wey go make am better, like the Nigeria Tax Act and the National Housing Data Centre wey go change how we dey manage properties.
Abeg, make we no forget the rent deduction matter wey dey help small businesses but no plenty! E no mean anything to somebody wey dey pay N3 million yearly if dem only fit deduct N500,000. E clear say na structural issues dey scatter the market, not just tax incentives.
Another problem wey adeoye yarn be land issue. Only five percent of land na im get proper title for Naija, meaning plenty land wey worth plenty money no fit dey used for anything productive, na die capital. E dey shocking how Land4Growth program fit help if dem implement am well. Dem wan give out digital land titles wey fit change the game.
The wahala for mortgage sef dey class! Nigeria dey show only 0.5 percent for mortgage-to-GDP ratio, wetin mean say many people no dey enjoy the benefits wey mortgage suppose bring. Even e talk say fewer than 20,000 people dey access this kind loans per year, with over 200 million people for the country. You fit see how e be!
Adeoye dey appeal make government fit carry pipo wey dey informal sector for the plan; no be only the big boys for formal economy go chop better housing opportunity.
As Adeoye conclude, e talk say make dem no rush to introduce policies wey fit discourage people wey dey build houses. Tenant protections dey important but dem need to find balance. Na im push am to advocate for standard lease agreements and incentives for affordable rentals. No be so e go better pass.
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