In an interview with ThinkBusiness Africa, Olamide Eniola – Peters, CEO of Mapway Real Estate Limited says rising costs, expensive finance, regulatory uncertainty and infrastructure gaps are making property development increasingly difficult. Yet developers are adapting—and diaspora demand is helping to keep the market moving.
Nigeria is still building. Across Lagos and other major cities, new residential estates continue to emerge, cranes remain visible on construction sites, and developers continue to market the promise of homeownership and property investment.
But behind the billboards and architectural renderings lies a far more complicated reality.
For property developers, the cost of building is rising. Finance remains expensive, with interest rates on loans of above 30%. Government approvals can be slow and unpredictable. Access roads to new development locations are often inadequate. And the search for reliable artisans and appropriately priced suppliers has become another challenge in an industry where margins can disappear as quickly as material prices change.
Yet the sector continues to move.
That tension — between the increasing difficulty of building and the continued determination to build — was at the centre of a recent conversation between ThinkBusiness Africa and Olamide Eniola-Peters, CEO of Mapway Real Estate Ltd.
The discussion provides a useful window into the realities facing Nigeria’s property sector and raises a broader question: what would it take to create a more supportive environment for real estate investment and development?
The rising cost of building
For developers, inflation is not an abstract economic statistic. It is reflected in the price of cement. The cost of land. Imported building materials. Labour. Logistics. And the many smaller inputs that eventually determine whether a development remains commercially viable.
When prices rise continuously, developers face a difficult balancing act. Absorb the additional cost and accept thinner margins—or pass it on to buyers in a market where affordability is already a major challenge.
“When prices rise continuously, developers face a difficult balancing act, absorb the cost, or pass it to buyers who can barely afford it.” Eniola-Peters told ThinkBusiness Africa.
The problem is compounded by finance.
Property development requires patient capital, but high interest rates make conventional borrowing difficult for many developers. Access to affordable financing remains one of the industry’s most significant constraints, limiting not only the number of projects that can be undertaken but also the ability of developers to offer homes at prices accessible to a wider segment of the population.
The result is an uncomfortable cycle.
High development costs lead to higher property prices. Higher prices limit affordability. And limited access to long-term finance makes it difficult for both developers and potential buyers to bridge the gap.
When government processes become a business risk
“For real estate developers, uncertainty can be almost as costly as regulation itself.” Eniola-Peters said when asked how the government play its role in the real estate sector. The process of securing permits and approvals can introduce delays that affect construction schedules, financing arrangements and ultimately project economics.
What businesses need, the discussion suggested, is not necessarily the absence of regulation. They need clarity, structure and predictability. Clear timelines for approvals. Transparent processes. More predictable costs.
These may sound like administrative details, but for a developer managing construction workers, contractors, suppliers and financiers, delays can have significant commercial consequences.
There is also the question of infrastructure. Developers are increasingly moving beyond established urban centres in search of new opportunities. But development in emerging locations can be constrained by poor roads and inadequate supporting infrastructure.
A private developer can build houses.But the surrounding ecosystem — roads, public infrastructure and wider community development — often requires public investment and planning.
Without that, the expansion of cities can become fragmented and expensive.
“Nigeria’s real estate sector does not lack entrepreneurs willing to build. What it needs is an environment that makes building predictable.” CEO of Mapway Real Estate Ltd. Told ThinkBusiness Africa.
The diaspora is becoming an increasingly important market
Amid the challenges, one source of demand continues to stand out: Nigerians abroad. For many members of the diaspora, real estate remains an attractive way to invest in Nigeria, maintain a connection with home or plan for an eventual return.
The purchasing-power advantage created by earning in foreign currencies can also make Nigerian property comparatively more accessible to buyers outside the country. But diaspora demand comes with its own challenge: trust.
Nigeria’s property market has long had to contend with stories of failed developments, disputed titles, delayed delivery and bad actors. For an investor living thousands of kilometres away, confidence can be as important as the property itself.
“For an investor living thousands of kilometres away, confidence can be as important as the property itself.” Eniola-Peters said to diasporas looking to invest in Nigeria’s Real estate.
This is where stronger industry standards and associations could play a greater role — not only in representing developers but also in helping to build credibility in the market.
If Nigeria is to attract more diaspora and international real estate investment, buyers must have greater confidence that transactions, titles, developments and delivery processes can be trusted.
What can Nigeria learn from other African markets?
During the conversation, Rwanda and South Africa were referenced as examples of African markets where more structured frameworks and government support have helped create a more supportive environment for real estate development.
The lesson is not that Nigeria can simply copy another country’s model. The size, complexity and scale of Nigeria’s housing and property market make simple comparisons difficult.
But there is an important question worth asking: What policies and institutions make it easier for developers to build — and for investors to invest? This is where the conversation needs to move beyond individual developers negotiating individual problems.
“The lesson isn’t to copy another country’s model, it’s to ask what makes it easier for developers to build and investors to invest.” Olamide said.
Issues such as permitting, infrastructure, financing, regulation and market credibility are not simply company-level challenges. They are sector-wide issues. And sector-wide issues require broader conversations involving developers, financiers, regulators, policymakers, infrastructure providers and investors.
From individual projects to a larger conversation
The conversation with Mapway points towards a wider agenda for the sector: better policy dialogue, stronger industry coordination, improved infrastructure planning and greater attention to the financing structures required to support property development.
The industry also needs spaces where businesses can move beyond simply identifying challenges to discussing practical solutions. That could mean asking difficult but necessary questions. How can approval processes become faster and more transparent? How can developers access more suitable forms of long-term capital? How can government infrastructure investment unlock new development corridors? How can industry associations strengthen standards and trust? And how can Nigeria better position itself to capture growing interest from its diaspora and other investors?
These are questions that extend well beyond any one company. But they will increasingly determine which developers survive, where Nigeria’s cities expand and how many Nigerians can realistically participate in the property market.
The business of building
Despite the difficulties, the central message from the sector remains one of adaptation. Developers are adjusting to higher costs. Finding new markets. Reconsidering financing models. Looking towards diaspora demand. And continuing to build.
That resilience is important. “But resilience should not become an excuse for poor policy.” A successful real estate sector should not depend solely on the ability of entrepreneurs to overcome uncertainty after uncertainty.
The business of building requires more than ambition, architectural plans and access to land. It requires an ecosystem. One in which regulation is clear. Approvals are predictable. Infrastructure supports expansion. Financing is fit for purpose. And investors — whether in Lagos, London, Atlanta or elsewhere — can have confidence in the market.
Mapway shared two (Aurora gardens and the villa) of its ongoing development projects with ThinkBusiness Africa.
Aurora Gardens a Site and Service development located Behind Gateway International Airport Ogun State, Nigeria; is for “buyers seeking accessibility, growth potential, and long-term value in a rapidly developing part of the state,” the CEO of Mapway real estate highlighted.
Secondly, is Nigeria’s first biophilic estate – The Villa, being developed by Mapway in Partnership with Uvest. According to Mapway CEO, the project is “Designed around the principle of harmonising living spaces with nature, The Villa integrates natural light, greenery, and organic design elements into everyday living, offering residents a healthier, more sustainable, and more restorative environment than conventional estate developments.”
However, Nigeria’s real estate entrepreneurs are still building. The bigger question is whether the environment around them will begin to make that job easier.
