Nigeria’s $2.6trn real estate market could be only the beginning, with the country having exploited barely five per cent of its property potential, property entrepreneur My-ACE China has said, urging urgent reforms in land administration, regulation and urban planning to unlock massive investment opportunities.
China, Chairman of Mayor of Housing Group, said Nigeria could witness a major surge in real estate investment if government tackles land fraud, insecurity, weak regulation and the lack of properly documented land and property transactions.
His remarks followed a recent global real estate report which valued Nigeria’s property market at about $2.6 trillion, making it Africa’s largest according to the report, against a global real estate value of approximately $650.4 trillion.
Reacting to the figures, China described the report as a wake-up call for Nigeria to move beyond its current level of real estate development and put systems in place to attract significantly more domestic, diaspora and international capital.
He said the country’s vast landmass, population and relatively untapped markets provide an opportunity for sustained expansion, particularly as several established property markets around the world approach saturation.
China also identified Port Harcourt as one of Nigeria’s most promising emerging property markets, claiming that the city is recording growth of about 30 per cent, compared with 15 per cent in Lagos and Abuja.
He attributed Port Harcourt’s lower visibility in national and global real estate statistics partly to the relatively small number of developers and recorded transactions in the city, arguing that the absence of extensive records does not necessarily mean the absence of growth potential.
According to him, the major challenge is to ensure that the anticipated investment does not outpace planning and regulation, warning that uncontrolled development could undermine the very opportunities the property boom presents.
He therefore called for the digitisation, digitalisation and regularisation of land administration, alongside comprehensive development master plans that would guide communities, local governments and investors.
China said Eleme Local Government Area could emerge as a model for land administration in Rivers State, citing the establishment of a land panel and the Alesa Land Development Committee to regulate land transactions.
He urged the Rivers State House of Assembly to impose stringent penalties on multiple sales of the same parcel of land, saying land grabbing and fraud remain major obstacles to investor confidence.
China further said the institutionalisation of the real estate sector, combined with stronger regulation and the emergence of trusted developers, could unlock substantially greater capital inflows into Nigeria.
He also pointed to diaspora remittances and international investment as potential sources of funding for the sector, arguing that improved confidence and transparent land systems would make it easier for Nigerians abroad and foreign investors to participate.
On sustainable development, China highlighted the Alesa Highlands Sustainable Green Smart City, which he said was being developed around green infrastructure, automation, sustainable power and community participation, with the ambition of obtaining international green-building certifications.
He advocated what he described as the “6P” principle — Proper Prior Planning Prevents Poor Performance, stressing that Nigeria’s future urban development must be planned to serve not only the current generation but those yet to come.
He said the central lesson from the global property figures was that Nigeria should not be content with the size of its current real estate market but must create the regulatory, institutional and infrastructure framework required to convert its enormous untapped potential into sustainable economic growth.
