Housing Advocacy Network Calls For National Real Estate Regulatory Commission

The Housing Development Advocacy Network (HDAN) has called for the establishment of an independent National Real Estate Regulatory Commission as part of a sweeping reform agenda aimed at sanitising Nigeria’s real estate sector, protecting homebuyers and restoring investor confidence.

The advocacy group said the proposed commission would be created through a National Real Estate Regulation Act, which it intends to pursue with the support of the National Assembly.

In a policy statement issued in Abuja, HDAN unveiled a 20-point reform agenda designed to strengthen transparency, consumer protection, professionalism and investment in the country’s property market.

Executive director of HDAN, Festus Adebayo, said the absence of a comprehensive regulatory framework has allowed land fraud, fake estate schemes, multiple sales of the same property, abandoned housing projects, consumer exploitation and declining investor confidence to flourish despite the sector’s rapid growth.

He said the proposed National Real Estate Regulatory Commission would provide a modern institutional framework for regulating real estate development, brokerage, property marketing and consumer protection across the country.

According to Adebayo, the reforms are intended to create a transparent, predictable and accountable real estate market rather than impose unnecessary regulations or discourage private investment.

“Nigeria’s real estate sector has enormous potential to drive economic growth, create jobs and expand homeownership. However, this potential can only be fully realised through a comprehensive regulatory framework that protects consumers, promotes professionalism and restores investor confidence,” he said.

Beyond establishing the commission, HDAN’s reform agenda proposes mandatory registration of all housing projects before they are marketed, a national digital register of licensed developers and estate agents, escrow accounts for off-plan developments, a developer classification and performance rating system, comprehensive digital land administration and stronger consumer protection mechanisms.

The proposals also include the establishment of a specialised Real Estate Consumer Protection Tribunal, stricter regulation of property marketing, anti-fraud and anti-money laundering measures, mandatory professional development, protection of buyers’ deposits, a National Housing Data System, state real estate regulatory authorities, fast-track approval systems, enhanced investor protection and the publication of an annual State of Nigeria’s Real Estate Industry Report.

HDAN said it would begin consultations with the leadership of the National Assembly, relevant ministries, state governments, professional bodies, private sector stakeholders and development partners to build broad national support for the proposed legislation.

The organisation expressed confidence that the reforms would significantly reduce land fraud and property scams, restore public confidence, protect homebuyers, minimise abandoned housing projects, improve transparency, attract greater domestic and foreign investment, professionalise the industry and accelerate affordable housing delivery across Nigeria.