The Managing Director of Stallion Cardinal Homes, Dr Waliu Adeoye, has said rents in Lagos and Abuja are rising by as much as 20 per cent annually in some locations, worsening housing pressure on tenants amid growing affordability challenges. In a statement, Adeoye noted that Nigeria’s real estate sector was at a critical crossroads in 2026, driven by multiple policy reforms that could redefine housing access if properly implemented. He said, “Nigeria’s rental market is worsening, especially in Lagos and Abuja, where rents are rising by 15 to 20 per cent annually in some locations. Most urban Nigerians are renters, and the sector is in crisis, with the widespread demand for one to two years’ rent upfront posing a major barrier for households.”
Adeoye said while recent reforms such as the Nigeria Tax Act 2025, land digitalisation initiatives, mortgage recapitalisation and plans for a National Housing Data Centre were positive, Nigeria still lacked sustained political commitment to implementation. He warned that tax incentives alone would not solve structural problems, noting that mortgage penetration remained below one per cent of GDP and fewer than five per cent of land parcels were formally titled. “We know what works. What Nigeria lacks is sustained political commitment to implementation beyond announcement ceremonies and policy documents,” he said, adding that land administration and access to mortgage finance remained major constraints, with over 90 per cent of Nigerians in the informal sector effectively excluded from the mortgage system.