Real estate experts have urged the Federal and state governments to decentralise housing development, expand infrastructure in suburban communities and improve access to affordable housing for workers and low-income earners.

The experts, from M.I. Okoro and Associates in partnership with Qshelter Limited, expressed concern over the sharp rise in housing rents, which they said have increased by about 300 per cent in recent years, placing decent housing beyond the reach of many Nigerians.

Speaking with journalists in Lagos, the Principal Partner of M.I. Okoro & Associates, Dr Meckson Okoro, said governments should accelerate the development of urban outskirts by providing critical infrastructure and efficient transportation networks to reduce pressure on city centres.

According to him, rapid population growth and sustained migration into Lagos continue to push housing demand far beyond available supply, resulting in persistent increases in rents.

Okoro urged governments to invest in roads, electricity, green spaces, street lighting, and other basic infrastructure, while promoting homeownership through social housing initiatives and affordable mortgage schemes.

“Government should create infrastructure, roads, greenery, and lighting and encourage income earners to own homes through special social housing arrangements or mortgage schemes. Once that is done, there should also be a high-capacity transport system connecting these communities to the city,” he added.

He identified Epe, Ikorodu, Shagamu and other emerging suburban corridors as suitable locations for large-scale residential development, noting that strategic investments in these areas would provide affordable housing for workers and help reduce the displacement of residents caused by soaring rents.

Okoro also described real estate as one of Nigeria’s strongest drivers of wealth creation and economic growth, but noted that many prospective buyers lack adequate knowledge of property acquisition, land title verification, fraud prevention and viable investment opportunities.

He stressed the need to bridge the information gap by bringing together professionals and industry experts to educate Nigerians on safe property transactions and informed real estate investment decisions.

Also speaking, the Chief Operating Officer of Qshelter Limited, Mr Oludare Makinde, said the Federal Government’s Renewed Hope Housing Programme is designed to improve access to home ownership through mortgage financing.

Makinde explained that the availability of mortgage facilities under the programme would enable more Nigerians to purchase homes without making full upfront payments, thereby expanding access to affordable housing and reducing the burden of home acquisition.