HDAN Calls for Regulation of Nigeria's Real Estate Sector

The Housing Development Advocacy Network (HDAN) has urged the federal government of Nigeria to establish a formal regulatory framework for real estate developers and agents. In a statement signed on Thursday by HDAN's Executive Director, Festus Adebayo, the group highlighted that weak oversight has led to unethical practices, diminishing investor confidence and exacerbating Nigeria's housing challenges.

The absence of a comprehensive regulatory structure has resulted in issues such as project abandonment and misrepresentation, particularly affecting diaspora investors. HDAN advocates for stronger regulations to ensure timely project delivery, reduce fraud, and establish clear standards for entry into Nigeria's fragmented real estate market.

The organization also emphasizes the need for better coordination among housing institutions and reforms to improve affordability and efficiency across the sector. The call for regulatory reform comes amid growing complaints from Nigerians suffering financial losses due to delays and mismanagement in property transactions, underscoring the urgent need for legal protections and transparency to restore trust and attract sustainable investment in the real estate sector.