DEVELOPER BACKS FG HOUSING REFORMS, CALLS FOR ESCROW SAFEGUARDS

Real estate developer Mixta Africa has backed the Federal Government’s proposed reforms for Nigeria’s housing sector but has called for stronger safeguards around the management and release of homebuyers’ funds held in escrow.

The developer said the proposed National Housing and Built Environment Regulation Policy could strengthen buyer protection, improve construction standards, and restore confidence in the housing market.

The policy proposes mandatory licensing for developers and estate agents, escrow protection for homebuyers, stronger professional standards, improved quality assurance, and reforms to land administration. It also provides for a National Housing Industry Regulatory Commission and a National Housing Data Observatory.

However, Mixta Africa’s Chief Commercial Officer, Tola Akinsulire, said construction milestones should be independently verified before funds are released to developers.

The company also warned that tighter restrictions on buyers’ funds could create financing challenges for developers, particularly because off-plan payments have traditionally provided part of the working capital for housing projects.

Mixta Africa urged the government, financial institutions, developers, and professional bodies to work together on a framework that protects homebuyers without limiting access to construction finance.

The developer said practical and transparent regulations would be essential to creating a more reliable and investable housing market in Nigeria.