Stakeholders Call for Transparency in Nigeria's Real Estate

In a recent media briefing in Abuja, Kabir Bello, the Managing Director and Chief Executive Officer of Property Xtra, discussed the pressing need for transparency in Nigeria's real estate sector. He noted that despite the market's growth, significant structural challenges persist, primarily due to weak regulatory oversight and the prevalence of untrustworthy brokerage practices.

This has led to skepticism among buyers, particularly first-time buyers and members of the Nigerian diaspora, who have previously encountered fraudulent schemes. In response, real estate firms are shifting towards advisory-driven service models that emphasize due diligence and ongoing client engagement beyond the point of sale.

Bello stated that this approach aims to rebuild trust within the sector and address the housing deficit, which runs into millions. However, he cautioned that private firms alone cannot resolve underlying issues and advocated for stronger regulatory systems and standardized procedures to eliminate unethical practices and enhance professionalism across the industry.