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By;Momentous Magazine

Lagos, Nigeria — The Real Estate Conference and Recognition Award 2026 (RECRA 2026) brought together key stakeholders, developers, consultants, and industry advocates to examine the future of Nigeria’s property sector under the theme “Unlocking Nigeria’s Real Estate Potential: Strategies for Growth and Transformation.”

The event, held at the prestigious conference and exhibition center of the Lagos Chamber of Commerce and Industry in Alausa, Ikeja, Lagos, served as a platform for discussions on innovation, infrastructure gaps, affordability, and regulatory challenges affecting real estate development in the country.

Ambassador Adebayo Olalekan Highlights Innovation and Smart Property Solutions

One of the award recipients, Ambassador Adebayo Olalekan, expressed excitement over the recognition, noting that his team’s focus is on delivering structured, technology-driven real estate solutions.

Speaking on a flagship development known as “City of Miami” project located around the Epe Toll Gate axis near Ishiwo, he described it as a modern estate initiative aimed at improving access to affordable land ownership.

According to him, pricing remains structured to accommodate different income levels:

500–600 sqm plots: approximately ₦3.5 million
300 sqm plots: around ₦2 million
Flexible installment plans of up to 12 months

He further emphasized that the company is actively processing Certificate of Occupancy (C of O) documentation to ensure secure land ownership for buyers.

Addressing concerns around property fraud and double allocation, he explained that the company is deploying technology to ensure transparency, stating that “what you pay for is exactly what you get.”

On industry challenges, he pointed to infrastructure deficits such as poor road access, flooding, and insecurity as major setbacks, urging government intervention to improve the investment climate.

He also addressed the persistent issue of land disputes involving “omo onile” (land-owning families), explaining that due diligence, full family consent, and proper documentation are key strategies used to mitigate risks.

Frontier Commercial Services Limited Calls for Innovation-Driven Development

Also speaking at the event, Josephine Michael, Brand Communications and PR representative for ,Frontier Commercial Services Limited described the award received as recognition of innovation in the real estate sector.

She highlighted one of the company’s flagship products, Mainland Heritage, noting it as a pioneering development where estates are fully fenced and gated before purchase—an approach she described as “the first of its kind in Nigeria’s real estate industry.”

She noted that the company, operational for over six years, is currently developing over 100 housing units around the Ikola axis, despite facing limited government support.

Josephine called for stronger collaboration between government agencies, developers, and policymakers, stressing the need for practical solutions to Nigeria’s housing deficit, estimated at over 20 million units.

She also announced plans for a major industry dialogue event scheduled for July 25–26, aimed at bringing stakeholders together to discuss sustainable solutions to the housing crisis, with an expected attendance of over 2,000 participants.

Estate Consultant Raises Concerns Over Market Inefficiencies

Yusuf Kamorudeen, CEO of Good Marvy Estate Consultancy and Property Management, shared insights into the realities of the Nigerian property market, describing his journey from a small “to-let” business at home to a multi-location consultancy operating across Lagos, Oyo, and Kwara States.

He emphasized his firm’s focus on connecting clients to legitimate property owners while ensuring proper documentation and legal protection.

However, he highlighted several industry challenges, including:

Excessive landlord control and price inflation
Lack of standardized rental pricing in Lagos
The dominance of unregistered or unqualified agents
Rising rental costs driven by high demand and limited supply

Citing an example, he explained how a two-bedroom apartment initially priced at ₦500,000 annually can suddenly rise to ₦700,000 or even ₦1 million due to market pressure and opportunistic pricing.

He called for stronger regulatory oversight, noting that government intervention in pricing structures could help make housing more accessible to the average Nigerian.

A Sector at a Turning Point

The discussions at RECRA 2026 collectively highlighted a sector at a critical crossroads—balancing innovation and expansion with deep-rooted challenges such as infrastructure gaps, regulatory inconsistencies, and affordability pressures.

Despite these challenges, stakeholders expressed optimism that collaboration between private developers, government institutions, and technology-driven solutions could redefine the future of real estate in Nigeria.

As conversations continue beyond the conference, industry players reaffirmed a shared vision: building a more transparent, accessible, and sustainable property market for millions of Nigerians.

The RECRA 2026 discussions revealed an industry at a critical turning point—balancing innovation and expansion with persistent structural challenges such as infrastructure deficits, and affordability constraints.