Transparency Key to Unlocking Diaspora Billions for Nigeria’s Real Estate Market

Obinna Anthony Chukwuneta, managing director, Attarhi Nigeria Limited, has urged real estate developers to strengthen transparency and compliance systems, arguing that trust—not capital—is the biggest obstacle preventing Nigeria from attracting larger diaspora investments into the housing sector. Chukwuneta said developers must move beyond relying on personal referrals and informal networks by adopting verifiable documentation, transparent project reporting and globally acceptable governance standards that give overseas buyers confidence to invest remotely. According to him, Nigeria’s diaspora community has both the financial capacity and emotional commitment to invest in the country’s property market, but persistent concerns over fraud, disputed land titles and abandoned developments continue to suppress investment flows. “The diaspora buyer is not short of appetite. The money is there, the emotional connection to home is there, and Lagos pricing remains attractive by any international comparison,” he said. “What is missing is a system that allows someone in London or Houston to verify what they are buying with the same confidence they would have if they were standing on the site.” His comments come as Nigeria’s diaspora remittances remain one of the country’s largest sources of foreign exchange, reaching an estimated $23 billion in 2025, with property ranking among the preferred investment destinations for Nigerians seeking long-term wealth creation and asset diversification. Industry analysts estimate that diaspora investors account for a sizeable share of premium residential transactions in Lagos, attracted by exchange rate advantages and annual capital appreciation of between 18 and 25 percent in prime locations. However, concerns over fraudulent property transactions continue to constrain the market’s growth potential. The Lagos State Real Estate Regulatory Authority (LASRERA) recovered more than N270 million from fraudulent estate agents between 2025 and 2026, while fake agents, defective property titles and stalled developments remain major risks for buyers investing from abroad. Chukwuneta said credible developers have an opportunity to differentiate themselves by making regulatory approvals, title documents, construction milestones and delivery records easily accessible and independently verifiable. “A diaspora buyer should be able to see your LASBCA documentation, your Certificate of Occupancy status, your construction milestones and your completed projects before committing a single naira,” he said. “If a developer cannot provide that level of transparency, the buyer should walk away. And if the industry does not establish that standard voluntarily, regulation will eventually impose it.” He noted that stronger disclosure standards would not only improve investor confidence but also deepen capital inflows into the real estate sector, helping developers access a broader pool of long-term funding while accelerating housing delivery. According to him, every successful and transparently delivered project strengthens confidence in Nigeria’s property market, while every fraudulent transaction raises the cost of attracting future investment. “Every buyer who has been defrauded makes the next transaction harder for every legitimate developer in the market,” Chukwuneta said. “Building trust is not a marketing exercise. It is infrastructure, just as roads and drainage are. Without it, the capital that should be building homes remains in foreign bank accounts because people are too afraid to deploy it.” He added that as Nigeria grapples with a widening housing deficit, improving governance, transparency and accountability across the property value chain will be critical to unlocking more diaspora capital, expanding private-sector investment and supporting sustainable growth in the real estate industry. Join BusinessDay whatsapp Channel, to stay up to date Open In Whatsapp