Reps Seek Real Estate Regulator to Curb Fraud, Boost Housing Investment

The House of Representatives has stepped up efforts to establish a national regulatory framework for Nigeria’s real estate sector, seeking to curb property fraud, protect homebuyers and strengthen investor confidence.

The move was discussed on Monday at a national stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA), organised by the Office of the Speaker and the House Committee on Housing and Habitat in Abuja.

The conference brought together policymakers, property developers, investors, legal practitioners and other industry stakeholders to consider measures for improving transparency and accountability in the country’s property market.

The proposed authority is expected to establish common standards for real estate practitioners and strengthen oversight of property transactions, development projects and consumer protection.

Supporters of the initiative say the absence of a comprehensive national regulatory framework has contributed to fraudulent land sales, fake estate schemes, multiple sales of the same property, abandoned housing projects and misleading property advertisements.

These practices have exposed homebuyers to financial losses and weakened confidence in the sector, despite its potential to attract domestic and foreign investment and expand housing delivery.

Speaking at the conference, representatives of the National Assembly emphasised the need for a coordinated framework that would promote professionalism and ensure greater accountability among real estate operators.

Dr Gbadewole Amos Kayode, Vice-Chairman of the Real Estate Developers Association of Nigeria for the Federal Capital Territory, supported the proposed reforms, saying stronger regulation could help align Nigeria’s property market with international standards.

The discussions also highlighted concerns about possible overlaps between a proposed federal authority and existing state-level housing agencies. Some developers cautioned that poorly designed regulations could create additional bureaucracy and increase the cost of doing business.

Stakeholders therefore called for a framework that would respect Nigeria’s federal structure while establishing clear responsibilities, transparent procedures and enforceable consumer safeguards.

The proposed authority could also support improved verification of developers and projects, stronger financial accountability and better access to reliable property information for prospective buyers.

However, the authority remains a proposal requiring legislative action. Its eventual powers, institutional structure and relationship with existing regulators will depend on the legislation ultimately adopted.

The initiative forms part of wider efforts by housing advocates and industry groups to establish a comprehensive real estate regulation law that would protect consumers, professionalise the sector and create a more predictable environment for investment.

Stakeholders are expected to harmonise their recommendations as lawmakers consider the next steps towards developing a national regulatory framework.