Lawyers Warn Nigeria’s Off-Plan Property Market Needs Stronger Protection
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Nigeria’s booming off-plan property market is exposing buyers to rising fraud and abandoned projects. Legal experts say weak regulation is leaving investors vulnerable after paying upfront for homes that do not yet exist.
Nigerian law firm Tope Adebayo LP is calling for stronger regulation of the country’s off-plan real estate market, warning that weak oversight continues to expose buyers to fraud, delayed projects, and financial losses.
The firm said off-plan sales have become increasingly popular as buyers seek lower entry prices while developers use advance payments to fund construction.
However, the report argues that Nigeria’s fragmented legal framework leaves buyers vulnerable, especially when projects are abandoned or land title disputes emerge.
The firm pointed to countries like the UAE and South Africa, where escrow protections and stricter construction oversight help reduce risks for investors.
The report also praised Lagos State’s regulatory reforms but warned that broader national protections are still urgently needed as off-plan real estate demand grows across Nigeria.
Read the full story at The Guardian Nigeria →