Lagos 2027: The Future of Real Estate Depends on More Than Building More Houses

What makes a city attractive to live in, work in and invest in? Is it the number of houses being built, the quality of its roads, the availability of public transportation, or the opportunities its economy creates?

In Lagos, the answer is all of these things.

As conversations around the 2027 governorship election begin to take shape, housing, transportation, infrastructure and urban development have emerged as major talking points. At a recent governorship debate, candidates from the APC, ADC, NDC and PDP presented different approaches to addressing some of the state's most pressing challenges. Their proposals offer an opportunity to examine what Lagos needs to become a more functional and sustainable city.

For the real estate sector, these conversations are particularly important. Property markets do not operate independently of the cities around them. The value of a development is influenced not only by its design and location but also by accessibility, infrastructure, security, public services and the overall quality of life within its surrounding community.

The next phase of Lagos real estate growth will depend as much on how the city functions as on how many properties it develops.

One of the most significant issues raised during the debate was the state's housing shortage and the need to make accommodation more affordable.

The candidates presented different proposals, ranging from expanding government-led housing programmes and mortgage access to increasing social housing provision and encouraging private sector participation.

Rhodes-Vivour proposed delivering more than 100,000 housing units within four years, while Funso Doherty advocated greater government involvement in affordable and social housing. Hamzat highlighted existing housing developments and proposed expanding access to mortgage financing. Deji Doherty, meanwhile, suggested that government should directly develop and rent properties to residents.

These proposals reflect an important reality: Lagos needs more housing options across different income categories.

However, increasing the number of housing units will not automatically resolve the affordability problem. A development can contribute to housing supply without necessarily serving the people who need accommodation the most.

The industry must pay greater attention to the relationship between household incomes, property prices, financing options and the actual housing needs of residents. Smaller apartments, well-planned rental developments, affordable homeownership schemes and phased housing projects all deserve consideration.

The objective should not simply be to build more houses, but to create homes that people can realistically afford to occupy.

Another major theme was transportation, with candidates presenting proposals around expanding rail infrastructure, improving bus services, integrating waterways and modernising public transportation.

This is particularly relevant to real estate because accessibility is one of the strongest factors influencing property demand and location value.

For years, Lagos residents have had to make difficult compromises between affordable accommodation and proximity to their workplaces. As rents increase in established commercial and residential centres, more people are considering locations farther from the city centre.

But cheaper accommodation can come with longer commutes, higher transportation expenses and reduced productivity.

Improved transportation infrastructure could change this dynamic significantly. Communities that were previously considered too far from major commercial centres may become more attractive when reliable transport connections are available.

For developers and investors, this creates opportunities to explore emerging residential corridors. However, such opportunities should be assessed against actual infrastructure delivery, accessibility and long-term demand, rather than speculation about future projects.

A well-priced property in a poorly connected location may not offer the same value as one with convenient access to employment centres and essential services.

Housing and transportation cannot be separated from the wider infrastructure needs of Lagos.

Flooding, waste management, drainage, electricity and road quality all influence how communities develop and how residents experience their environment.

During the debate, candidates also discussed approaches to flood management, waste disposal and infrastructure standards, highlighting the need for more coordinated urban planning.

For real estate, these issues have direct financial implications.

Poor drainage can expose properties to recurring damage. Inadequate waste management affects neighbourhood appeal. Unreliable electricity increases the cost of operating residential and commercial buildings. Poorly maintained roads can reduce accessibility and discourage prospective buyers and tenants.

This means that investors must look beyond the immediate appearance of a property. The surrounding infrastructure and the capacity of the local environment to support future growth are equally important considerations.

Developers, too, must recognise that successful estates are not defined by buildings alone. They require functional infrastructure, proper planning and communities designed around the needs of their residents.

Election debates provide an opportunity for candidates to explain their priorities and present their proposed solutions. But ambitious targets and well-articulated plans are only the beginning.

For Lagos, the more important questions are how these proposals will be financed, how projects will be delivered, what institutions will oversee implementation and how residents will measure progress.

A promise to deliver thousands of housing units must be supported by realistic funding, suitable land, infrastructure and transparent allocation processes. Expanding public transportation requires more than acquiring buses or announcing new routes. It demands reliable operations, maintenance and integration with existing transport networks.

Similarly, urban development must be guided by long-term planning rather than isolated projects that may not address the needs of surrounding communities.

The private sector also has a role to play, but government must provide an enabling environment through clear regulations, infrastructure investment and policies that encourage responsible development.

For investors, consistency and predictability matter. Real estate projects often require substantial capital and years of planning before returns are realised. A stable development environment makes it easier to assess risks, commit resources and plan for the future.

The conversation around Lagos' future should move beyond competing development targets. It should focus on the kind of city those targets are expected to create.

A city where residents can access affordable homes without spending unreasonable amounts on transportation. Where infrastructure supports rather than limits property development. Where communities have access to essential services and where investment opportunities are driven by genuine demand.

For the real estate industry, this presents both a responsibility and an opportunity. Developers must think beyond selling properties, while investors must look beyond short-term appreciation. The long-term value of real estate will increasingly depend on the quality, accessibility and sustainability of the communities in which properties exist.

Lagos has the potential to build a more inclusive and functional property market. Achieving that vision will require coordinated planning, responsible investment and consistent implementation, regardless of which development proposals eventually become government policy.

Because the future of Lagos real estate is not just about the properties we build. It is about the city we build around them.

At Geoponts Properties, we understand that choosing the right property involves looking beyond the building itself. Location, infrastructure, accessibility and long-term potential all matter. Whether you are looking to buy a home or explore investment opportunities in Lagos, we are here to help you make informed decisions.

The right property is more than a place to own. It is an opportunity to be part of a growing community. Talk to Geoponts Properties today.