Industry Group Seeks National Assembly Backing for Real Estate Regulation Act
Proposed Real Estate Regulation Act Aims to Improve Market Transparency
A coalition of real estate stakeholders has called on the National Assembly to support the passage of a proposed Real Estate Regulation Act, arguing that stronger legal oversight is essential to improve transparency, professional standards and consumer protection across Nigeria's property market.
The reform agenda was presented during an engagement with lawmakers, where industry representatives outlined the need for a comprehensive regulatory framework to address persistent challenges, including fraudulent property transactions, inconsistent professional practices and weak investor confidence. According to the stakeholders, a dedicated national law would help establish clearer operating standards and improve accountability throughout the real estate value chain.
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Strengthening Governance in the Property Sector
Stakeholders argued that Nigeria's real estate industry has expanded rapidly but that regulation has not kept pace with the sector's growth.
They said a comprehensive regulatory framework would define professional responsibilities, improve compliance and create clearer mechanisms for oversight. Supporters of the proposal believe stronger governance would help reduce disputes over land and property transactions while promoting ethical business practices across the industry.
The proposed legislation is also expected to provide greater certainty for developers, investors and financial institutions by establishing more consistent regulatory standards nationwide.
Improving Consumer Protection
Consumer protection remains one of the central objectives of the proposed legislation.
Industry representatives noted that many property buyers continue to face challenges ranging from misleading property advertisements to multiple sales of the same land and delays in project delivery. They argued that a stronger legal framework could improve accountability and provide more effective mechanisms for resolving disputes.
For homebuyers, improved regulation could increase confidence when purchasing residential property and encourage greater participation in the formal housing market.
Supporting Investment and Market Confidence
Stakeholders also highlighted the relationship between regulation and investment.
They maintained that transparent rules, predictable enforcement and stronger professional standards are important factors considered by domestic and international investors before committing capital to large-scale housing and commercial real estate projects.
A more structured regulatory environment could therefore strengthen investor confidence while supporting sustainable growth in Nigeria's property market.
Implications for Housing Development
The proposed Real Estate Regulation Act could complement ongoing government efforts to reform the housing sector through improved governance and stronger institutional oversight.
Industry observers note that better regulation may encourage responsible development practices, improve project delivery standards and strengthen confidence among mortgage providers, institutional investors and prospective homeowners.
While legislation alone will not address Nigeria's housing deficit, a more transparent and accountable property market could create conditions that support increased investment in residential development.
Outlook
The call for a Real Estate Regulation Act reflects growing recognition that Nigeria's expanding property sector requires stronger governance to sustain long-term growth. If supported by the National Assembly, the proposed legislation could help improve transparency, protect consumers and reinforce investor confidence while contributing to a more structured and resilient housing market.
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