The National Association of Realtors has called for coordinated global action to tackle housing challenges and boost cross-border investment during its 2025 Regional Summit held in Lagos, Nigeria.
The realtors, who spoke at the summit organised by the National Association of Realtors, noted that it is important for public and private sectors to collaborate in addressing challenges unique to different real estate markets.
The President-elect of the National Association of Realtors, Kevin Brown, delivered a keynote on the urgent need to expand housing supply in the United States, where the deficit is now estimated at nearly 3.8 million homes.
He said, “The housing gap cannot be closed without innovation and capital. NAR has already made investments across North America, Israel, and the United Kingdom; hence, the aim is to bring scalable solutions to a crisis that is both domestic and global.
“Whether in the United States or here in Africa, the challenge of making housing more available, affordable and accessible is very real. To capitalise on our shared strengths, overcome our shared challenges and build a better, more sustainable future, we must work together.”
The leaders discussed cross-border collaboration, investment readiness, and the need for good data and coordinated advocacy in strengthening global real estate markets.
A Los Angeles–area practitioner and NAR’s global ambassador to Africa, Frank Oti, said one of the biggest barriers in that region is a lack of mortgage accessibility.
He said, “There’s no way anybody can afford to buy a home with 27-30 per cent interest rates. To make homeownership feasible for more people, the government needs to step in and encourage foreign direct investment and the creation of mortgages.”
According to Brown, the value of global expertise, regardless of where they practise real estate, was important.
He highlighted NAR’s commitment to empowering real estate professionals worldwide through education. For example, real estate professionals can expand their knowledge by pursuing designations and certifications, like the Certified International Property Specialist, an NAR international education programme, that covers topics like cross-cultural transactions, currency exchange and how to navigate global markets. The CIPS designation also offers a mentor programme and the ability to connect with other CIPS designees through in-person and virtual networking.
“Numbers offer a picture of where international commerce in real estate is growing. For example, according to NAR’s 2024 Profile of International Transactions in U.S. Residential Real Estate, $42 bn in U.S. home sales between April 2023 and March 2024 were to foreign buyers. Local Market Assessments in each of NAR’s 13 regions provide regional insights to identify global opportunities.
“Technology, cross-border investment and shifting consumer expectations are transforming the global real estate market,” Brown said.
NAR’s Second Century Ventures and its REACH programme support real estate innovation globally, with REACH initiatives in North America, Latin America, Australia, Canada, Israel and the United Kingdom. In addition, the value of diverse perspectives in finding innovative solutions to industry challenges. “Engage with people who think differently than you,” he said. “It’s easy to listen when you agree with the other person’s perspective. But it’s just as important, if not more so, to listen to those you disagree with.”
