Expert—Nigeria’s Real Estate Ecosystem Can Thrive with Proper Regulatory Framework

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Nigeria’s real estate industry can achieve its full potential with a proper regulatory framework, according to Olatubosun Fatoki, a seasoned realtor with extensive experience in the built and construction industry. Fatoki, who is the founder and CEO of Crest Range Properties LLC, shared his insights in a recent interview with The Nation from his base in the United Arab Emirates.

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Unlike in Nigeria, Fatoki noted that obtaining approvals and permits for property in the UAE is a swift process that can be completed in under 24 hours, provided all necessary documentation is in place. “There are two different ways of getting properties,” he explained. “It’s either you are buying with cash or you are getting bank financing; you are getting the mortgage. The process of getting the mortgage finalised sometimes takes about a month or within a day, depending on the availability of the different documentation.”

Fatoki, widely acclaimed as a visionary entrepreneur and the first Nigerian to establish a real estate company in Abu Dhabi, acknowledged that while some progress has been made in Nigeria’s real estate ecosystem, there is still room for improvement. He suggested that Nigeria can learn from the Abu Dhabi real estate market, which has a well-organized and standardized regulatory framework

“The regulatory bodies in Abu Dhabi have made the real estate industry very well organised and well standardised,” Fatoki said. “This is something we need to learn about: how to bring in the international policies and the international rulings into how real estate should be run back home. A lot of things are still not done the way they should be done.”

Fatoki emphasised that the UAE’s real estate industry is highly regulated, with strict laws governing various aspects of the industry, including property management, facility management, and maintenance. He noted that there are also owners’ associations, tenants’ associations, and dispute resolution departments in place to oversee the affairs of buildings and resolve conflicts between landlords, tenants, buyers, and sellers.

“There is a lot that has been segmented and is highly regulated here,” Fatoki said. “There is an owner’s association that oversees the affairs of buildings that represents the interests of owners. There is a tenant’s association. There is a dispute resolution department between landlords and tenants. There is a dispute resolution department between the buyers and sellers, between developers and investors. So a lot of things have been put in place here that we can also learn from that I believe will really help our real estate back home.

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