A group known as Housing Development Advocacy Network (HDAN) has unveiled a 20-point reform agenda aimed at transforming Nigeria’s real estate sector, expecting that the agenda will achieve the transformation through greater transparency, stronger consumer protection, enhanced professionalism and increased domestic and foreign investment.
The group is also seeking the support of the National Assembly on the proposed reform, requesting its leadership to enact a National Real Estate Regulation Act that will establish a modern legal and institutional framework for regulating real estate development, brokerage, property marketing and consumer protection in Nigeria.
HDAN noted, in a statement at the weekend, that while the real estate sector has become one of Nigeria’s fastest-growing industries and a major contributor to employment and economic growth, the absence of a regulatory framework has encouraged land fraud, fake estate schemes, multiple sales of the same property, abandoned housing projects, consumer exploitation and declining investor confidence.
“The time has come for Nigeria to introduce a world-class regulatory system that protects homebuyers, promotes responsible investment and professionalises the real estate industry,” Festus Adebayo, Executive Director of HDAN, said.
