The founder and Chief Executive Officer of Oikus, Mr Israel Ihaza, has said that the surge in accommodation costs across Lagos State is driven by inefficiencies rather than a shortage of housing.
Ihaza stated this in an exclusive chat with The PUNCH on Monday, explaining that when house hunters cannot reliably find verified listings, and transactions are filled with uncertainty and fraud, prices inflate artificially.
He emphasised that addressing the challenge requires better data, verified supply, transparent pricing, and reduced friction in the search and transaction process.
“On the rising cost of accommodation in Lagos, the challenge goes beyond demand. Lagos does not necessarily suffer from a lack of houses; it suffers from inefficiency, information asymmetry, and broken trust. When house hunters cannot reliably find verified listings, and transactions are filled with uncertainty and fraud, prices inflate artificially.
Addressing this requires better data, verified supply, transparent pricing, and reduced friction in the search and transaction process.
Technology can help surface real demand and real supply, reducing speculation and exploitation,” Ihaza said.
He, however, lamented that the current housing structure in Lagos State makes it extremely difficult for mid-scale and affordable housing developers to survive.
“As for housing development being skewed toward the wealthy, the current structure makes it extremely difficult for mid-scale and affordable housing developers to survive. Multiple levies, overlapping approvals, and long timelines increase costs, which are eventually passed on to buyers and renters,” Ihaza stated.
According to him, the way forward is 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. Technology alone is not enough. Trust, regulation, data, and human behaviour must work together. If we get this right, we can unlock affordability, improve access, and build a healthier housing market for millions of Nigerians,” he advised.
Speaking on Oikus’ recognition as one of the top 20 African startups to watch, Ihaza said the honour affirms the company’s commitment and passion for tackling what he described as a truly complex problem in the real estate sector.
Ihaza noted that for Oikus, the recognition affirms that the challenges they are addressing – trust, transparency, affordability and access – go beyond local concerns and reflect wider continental issues. He added that it strengthens the company’s determination to build lasting infrastructure rather than short-term solutions for Africa’s real estate ecosystem, beginning with Nigeria.
Oikus is a Lagos-based, trust-first real estate technology company focused on fixing the deep structural problems in the property market, particularly fraud, inefficiency, and lack of transparency. Founded in response to real-life experiences with unreliable agents, fake listings, and broken transactions, Oikus was created to make property search, inspection, and transactions safer and more predictable for everyday Nigerians. Israel Ihaza is the founder and CEO; Temi Kalaro is the co-founder & product lead.
