Dr. Niyi Adeleye, President and Chief Executive Officer of Perfection Real Estate Group, has called for greater collaboration between key players in Nigeria’s real estate sector to address challenges hindering affordable housing. Adeleye made this call during an interview with Berexnews at the company’s secretariat in Ilupeju, Lagos, pointing the urgent need for synergy between government agencies, private developers, and financial institutions to create a more sustainable housing market.
According to Adeleye, Nigeria’s real estate sector remains fragmented, with multiple bottlenecks making property ownership difficult for the average citizen. He pointed out that a lack of structured partnerships has contributed to high land acquisition costs, bureaucratic delays, and limited access to mortgage financing. He cited Dubai as a model where land transactions and housing development are streamlined through effective collaboration between the government and private sector.
“In Dubai, acquiring land and developing real estate follow a clear process where the government plays a crucial role. Here in Nigeria, the system is less structured, making it harder for both developers and buyers to navigate,” he explained.
Perfection Real Estate Group, which has been in operation for over 15 years, comprises multiple entities, including Perfection Real Estate, Perfection Assets, Perfection Cooperative Society, Perfection Petronic, and Perfection Academy. Adeleye stated that the company’s vision is centered on empowering people through real estate, rather than just selling houses. He emphasised that their goal is to create opportunities for individuals, particularly those who struggle to access real estate due to financial constraints.
He acknowledged that while the company has helped many people acquire property, the broader objective of making housing easily accessible to all Nigerians has not been fully realised. Economic challenges, rising costs, and a lack of supportive policies have made it increasingly difficult to achieve widespread homeownership.
Identifying several obstacles affecting the industry, including the high cost of land acquisition, difficulties in securing approvals from government agencies, and the absence of affordable mortgage options, he stressed the real estate sector involves multiple players, which include government regulators, developers, architects, and financial institutions, noting that these bodies must work together to achieve a more efficient housing market.
Another major challenge, he noted, was the frequent use of substandard building materials due to financial pressures on developers. Rising costs and bureaucratic expenses often force developers to cut corners, leading to structural weaknesses and, in some cases, building collapses.
“If land acquisition and approvals are expensive, and access to financing is limited, developers may be forced to compromise on quality to keep costs down. This is a major problem that can only be addressed if the government plays its role effectively,” he stated.
Also, he called on the government to introduce reforms that would simplify land acquisition, reduce the cost of titling, and provide more accessible mortgage options. He argued that making regulatory processes more efficient would lower costs for developers and, in turn, make housing more affordable for buyers.
He further noted that a well-structured real estate sector would not only boost homeownership rates but also contribute significantly to economic growth by creating jobs and increasing investment opportunities.
Perfection Real Estate Group has been at the forefront of developing innovative housing solutions, including serviced apartments in Osoroko, Ibeju Lekki, Lagos. The real estate boss reiterated that their approach was focused on empowerment, ensuring that people who would otherwise struggle to own homes can do so through flexible and innovative real estate solutions.
He stressed that the current challenges in Nigeria’s housing market could be mitigated through a well-coordinated effort between the government and private sector stakeholders.
“As industry players, we must work together to ensure real estate is accessible to more Nigerians. The government has a key role to play in making land acquisition and approvals easier, while financial institutions must develop more inclusive mortgage solutions. A collaborative approach is the only way to achieve sustainable growth in the sector,” he concluded.
