Why Lagos remains massive construction site — Developer

Chief Executive Officer of DK Homes, Nnamdi Ngonadi, has described Lagos as “one big construction site,” attributing the trend to rapid population growth and a persistent housing deficit.

“Demand has always been higher than supply here, and that’s not changing anytime soon,” Ngonadi said, noting that the city’s real estate market continues to expand despite existing challenges.

With an estimated population exceeding 20 million people, Lagos faces a housing shortfall of about 3.4 million units — a gap experts say continues to widen annually.

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Ngonadi explained that his background in Electrical and Electronics Engineering shaped his structured approach to property development. Before venturing fully into real estate, he was involved in the mobile phone business and money market investments, while building experience in property over 15 years.

He identified a 2017 transaction as a turning point in his career, after acquiring a property for about ₦3 million and later selling it for ₦40 million, alongside an additional plot of land.

“That was when I realised the immense opportunities in real estate compared to other sectors,” he said.

During the COVID-19 pandemic, Ngonadi re-engaged with the property sector and began working closely with a developer to gain deeper industry knowledge. By 2023, he launched his first major project, Vivo City, spanning about 20 acres.

However, the project encountered setbacks after a competing claim reduced the available land. A subsequent development, Aqua City, also faced disputes, prompting the company to acquire alternative land and reassign affected buyers at its own cost.

Following these experiences, Ngonadi said the company adopted a stricter approach by prioritising government-backed land titles, particularly Certificates of Occupancy.

“Since moving to government allocation, we have not had issues,” he said.

The firm has since developed projects such as Epe Prime and is currently marketing Edidem Residential, located near key infrastructure, including the Dangote Refinery, Lekki Deep Sea Port, and the Lekki Free Trade Zone.

Ngonadi disclosed that more than 60 percent of the plots in Edidem Residential have been sold, with sizes ranging from 300 to 1,000 square metres and prices starting from ₦20.4 million.

He advised prospective buyers to invest early, warning that property prices in Lagos are unlikely to decline.

“Any property you acquire in Lagos with proper documentation and good title — today’s price will likely be the cheapest you will ever get,” he said.

The developer also stressed the importance of trust and accountability in the real estate business, urging practitioners to responsibly manage clients’ funds and prioritise project delivery.

“In real estate, people entrust you with their money. It is important to ensure that funds are used strictly for the intended projects and reinvested to meet delivery expectations,” he added.