CEO highlights challenges, seeks urgent reforms in real estate sector
The CEO of Zeeks Homes Ltd, Ezekiel Ryan, has provided a candid assessment of Nigeria’s real estate landscape, describing a sector driven by strong demand but constrained by deep structural
The CEO of Zeeks Homes Ltd, Ezekiel Ryan, has provided a candid assessment of Nigeria’s real estate landscape, describing a sector driven by strong demand but constrained by deep structural inefficiencies.
According to the company, the market remains active but fundamentally imbalanced, with supply consistently falling short of what most Nigerians can afford.
Ryan in his remarks explained, "Recent housing data places Nigeria’s deficit at over 14.9 million units, with broader considerations pushing the figure closer to 28 million. Annual demand approaches 900,000 units, yet fewer than 700,000 are delivered, leaving a staggering investment gap estimated at ₦21 trillion.
"This imbalance has created what he describes as a “forced evolution,” where only developers with lean operations and innovative financing models can survive.
"Rising construction costs continue to intensify the problem. Cement prices have surged from ₦7,500 to as high as ₦15,000 per bag within months, while steel and sand prices have also climbed sharply.
"Developers now face constant price volatility, making affordability increasingly difficult to achieve. Compounding this challenge is the need for developers to provide basic infrastructure such as roads, water, and electricity, which can account for up to 40 percent of total project costs."
Ezekiel Ryan emphasized that the housing crisis is less a failure of developers and more a reflection of policy limitations. Lengthy land title processes, limited mortgage access, multiple taxation layers, and inconsistent regulations continue to slow development and increase costs.
He said, "Mortgage penetration remains extremely low, with less than one percent contribution to GDP, forcing most buyers into outright payments.
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"Financing stands out as the most immediate constraint. With interest rates often exceeding 20 percent, developers are forced into short-term funding structures that are incompatible with affordable housing delivery. While land and mortgages are critical, Ezekiel noted that financing challenges directly impact every stage of development.
"Despite these hurdles, opportunities remain strong. The mid-income housing segment presents significant potential, especially with flexible payment structures and incremental building models. Emerging districts in Abuja, including Katampe Extension, Kado, and the Airport corridor, are experiencing double-digit growth driven by infrastructure expansion."
Ezekiel Ryan called for two key reforms to unlock growth, "The digitalization of land title processes to reduce delays and improve transparency, and tax incentives for developers who invest in infrastructure.
"Programs like Land4growth signal progress, but broader alignment between policy, finance, and execution is needed."
