Real Estate Investments and Rent Control Laws of Nigeria
Continuing increase in population especially in the urban areas of Nigeria has led to astronomical increase in the demand for affordable housing whilst the supply side remains for the most part underdeveloped and unable to meet growing demand. Attempts by the Nigerian government to increase investments in the real estate side of the Nigerian economy have remained unsuccessful as a result of the following factors: a. Expensive, cumbersome and complicated land tenure and transfer of legal title in land procedures. b. Expensive cost of funds with high interest rates for construction and mortgages in comparison to the long term rentals expected by an investor in the real estate market.