The rising cost of accommodation in Lagos is driven by inefficiencies rather than a housing shortage, according to Israel Ihaza, CEO of Oikus. Ihaza attributes the surge in accommodation costs to issues like unverified listings, uncertainty, and fraud, which artificially inflate prices. He emphasizes that addressing the challenge requires better data, verified supply, transparent pricing, and reduced friction in the search and transaction process.
“The challenge goes beyond demand,” Ihaza says. “Lagos does not necessarily suffer from a lack of houses; it suffers from inefficiency, information asymmetry, and broken trust.” Technology can help surface real demand and real supply, reducing speculation and exploitation.
The current housing structure in Lagos hinders mid-scale and affordable housing developers due to multiple levies, overlapping approvals, and lengthy timelines, increasing costs for buyers and renters. Ihaza advocates for coordination and simplification, clearer processes, predictable costs, and better data-sharing between regulators and industry players.
“We believe real estate needs a different approach from other sectors,” Ihaza says. “Technology alone is not enough. Trust, regulation, data, and human behavior must work together.”
Oikus, a Lagos-based real estate tech company, aims to tackle these issues by promoting trust, transparency, and affordability. The company’s recognition as one of Africa’s top 20 startups strengthens its commitment to building lasting infrastructure for Africa’s real estate ecosystem.
Ihaza’s insights highlight the need for a multifaceted approach to address Lagos’ housing challenges. By addressing inefficiencies and promoting transparency, Nigeria can unlock affordability and improve access to housing for millions.
