Experts seek reforms in luxury property space
Developers and investors in Nigeria’s high-end real estate market have called for structural reforms, improved governance and stronger advisory systems to address persistent gaps in the luxury property segment. The
Developers and investors in Nigeria’s high-end real estate market have called for structural reforms, improved governance and stronger advisory systems to address persistent gaps in the luxury property segment.
The call was made at the Globalis Real Estate Advisory & Strategy Private Investor Forum 2026 in Lagos Oriental Hotel, where stakeholders identified weak regulatory frameworks, inconsistent standards and lack of strategic guidance as major challenges limiting the sector’s growth.
Chairman of Globalis, Frank Oti, said the firm was established to bridge a critical gap in advisory services for high-net-worth investors whose real estate portfolios cut across multiple jurisdictions.
He recounted that the idea for the initiative emerged after a failed attempt to bring an international luxury brand into Nigeria about seven years ago.
“I tried to bring a luxury brand into Nigeria, but they said the market was not ready. I then decided to build something myself,” Oti said.
According to him, the luxury real estate market is inherently global, but advisory services remain fragmented and largely localised, leaving investors without adequate information to make strategic decisions.
“We are not selling real estate; we are advisors and strategists. Our role is to guide capital—how it should be invested and where it should be invested,” he said.
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Oti noted that many investors operate without full visibility of opportunities across global markets, while service standards vary significantly across regions.
“In essence, clients are underserved at the level where it matters most—strategy, insight and trust,” he added.
He further emphasised the need for structured governance systems within residential developments, particularly the introduction of enforceable homeowners’ associations and covenants to ensure order and protect investments.
“We are bringing sanity into the chaos of real estate in Lagos. People invest heavily, yet they do not enjoy their properties due to lack of structure,” he said.
Oti explained that Globalis is working on implementing governance frameworks that would require buyers to commit to rules guiding estate living, including payment of dues and adherence to community standards.
He disclosed that the firm is currently involved in key luxury projects including 11 by SV, 48 Bourdillion and Ritz-Carlton Lagos, where it has been granted exclusive sales rights and is providing advisory support to establish governance structures.
Also speaking, a partner at Globalis, Adeniji Adele, said the initiative aims to reposition Nigeria’s real estate sector in line with global best practices.
Adele said the focus is on high-net-worth individuals seeking secure, discreet and high-yield investments, noting that luxury real estate in advanced markets operates under strict legal and governance frameworks.
“In developed markets, there are clear rules guiding property ownership and management. We are introducing similar systems here to protect investors and enhance value,” he said.
He added that Globalis is currently working on three major projects, including a flagship development in Victoria Island, as well as other high-end residential and hospitality projects expected to be launched in Lagos.
On pricing, Adele said the developments would remain competitive within the luxury segment, with rates aligned with prevailing market benchmarks, while offering enhanced value through quality and governance structures.
Speaking at the forum, the Deputy Governor of Lagos State, represented by the Permanent Secretary on housing, Abdulhafis Toriola, described the initiative as timely, noting that partnerships between the public and private sectors are essential to addressing urbanisation challenges.
He reaffirmed the commitment of the Lagos State Government to improving the ease of doing business through reforms such as digitisation of land administration, regulation of practitioners and enhanced transparency in property transactions.
Hamzat also highlighted ongoing initiatives, including the strengthening of the Lagos State Real Estate Regulatory Authority and the deployment of digital platforms for land registration and verification.
“Lagos remains a destination of choice for high-value real estate investments, and developments like this demonstrate investor confidence in the state,” he said.
Stakeholders at the forum agreed that repositioning real estate as a strategic investment tool—rather than a purely transactional commodity—would be critical to unlocking the full potential of Nigeria’s luxury property market.
