Good morning,

December is moving quickly, and the housing conversation is ticking along with it. It has been a fairly active week, with a mix of policy talk, market updates, and early signals about how the sector may wrap up the year. Nothing too dramatic, but enough to keep real estate firmly in focus.

As always, we are keeping an eye on the stories that matter for renters, buyers, developers, and investors.

Let’s get into it.

The Lagos State Government has proposed sweeping reforms to the rental housing framework with a new Tenancy and Recovery of Premises Bill, aimed at curbing illegal evictions, regulating rent increases, and strengthening tenant protections in Nigeria’s most pressured housing market.

Under the proposed Lagos State Tenancy and Recovery of Premises Bill 2025, landlords will no longer be permitted to evict tenants without a valid court order. The draft legislation formally outlaws harassment, intimidation, and self-help eviction practices, including the removal of roofs, disconnection of utilities, or physical alteration of properties intended to force tenants out.

Nigeria faces a significant infrastructure shortfall, projected to reach $878 billion by 2040. Experts in the real estate sector are emphasising the strategic role of estate surveyors and valuers in mobilising private capital to bridge this gap under the Public-Private Partnership (PPP) framework.

This perspective was highlighted during the 2025 National Mandatory Continuous Professional Development (MCPD) seminar hosted by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Lagos. The event examined the revised Infrastructure Concession Regulatory Commission (ICRC) Act and its implications for private sector engagement in national infrastructure projects.

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Nigeria recorded a notable decline in consumer price growth in November 2025, with headline inflation easing to 14.45%, down from 16.05% in October. The latest data from the National Bureau of Statistics (NBS) highlights a reduction in price pressures across both urban and rural areas, suggesting a gradual stabilisation of the economy following months of elevated inflation.

President Bola Ahmed Tinubu has approved a substantial revision of the Code of Conduct Bureau’s (CCB) budget, expanding it from N3 billion to nearly N20 billion. The increase, confirmed by CCB Chairman Dr Abubakar Bello, aims to modernise asset declaration processes, enhance verification mechanisms, and support technological upgrades to improve the bureau’s operational efficiency.

The announcement was made during an interview with the News Agency of Nigeria (NAN) in Abuja, highlighting the federal government’s commitment to advancing transparency and accountability among public officers.

Construction inputs, energy, service charges, and maintenance costs are adjusting faster than headline property prices in many markets. A deal that looks profitable on paper can underperform once diesel costs, materials, security, and estate fees are fully accounted for. Before committing, stress-test your numbers with higher operating and replacement costs to understand the true long-term return, not just the purchase price.

Land use enforcement, tenancy reforms, tax reviews, and planning regulations are evolving rapidly across key states. An investment that seems compliant today can face delays, fines, or usage restrictions tomorrow if policies shift. Always verify title, zoning, and development approvals independently, and stay alert to proposed policy changes that could affect occupancy, rent collection, or exit options.

_{^{Produced by: Amarachi Okeke}}