Lagos and Abuja tenants face steep rent hikes amid housing crisis
Nigeria’s housing sector is facing significant challenges as rents in Lagos and Abuja rise sharply. Dr Waliu Adeoye of Stallion Cardinal Homes highlights that tenants are under increasing pressure due to affordability issues and upfront rent demands. He points to new policy reforms and private sector efforts, but warns that systemic changes are needed for real progress. Ongoing initiatives and tax reforms may help, but widespread access to housing and mortgages remains limited.
TLDR
- Dr Waliu Adeoye reports rents in Lagos and Abuja have surged by up to 20% annually in some areas, worsening affordability for tenants.
- Policy reforms, including tax changes, digital land titling, and mortgage recapitalisation, are underway and could transform housing access if properly implemented.
- The housing deficit has grown from about 17 million units a decade ago to an estimated 28 million units today.
- Less than five per cent of land parcels in Nigeria are formally titled, making much property “dead capital” that cannot be leveraged or mortgaged.
- Most Nigerians lack access to formal mortgages, and over 90% of the workforce remains excluded from the system due to informal employment.
