Bridging Development and Sustainability: An Analysis of the Nigerian Real Estate Sector

Abstract

Like its international counterparts, the Nigerian real estate market found itself at a crossroads, torn between the imperative of rapid expansion and the urgent need for sustainable practices. This study constituted a comprehensive exploration of the adoption of sustainability within this fast-paced industry, driven by the pressing necessity to bridge the divide between developmental enthusiasm and environmental responsibility. The foundation of this study lies in a meticulous analysis of the existing body of literature, facilitating a profound understanding of the nuances surrounding sustainable practices and the persistent gaps therein. By employing a blend of convenience and purposeful sampling methods, a wide yet focused selection of industry experts was curated. The primary research approach hinged on the utilization of Likert scale analysis to unveil the perspectives and sentiments of professionals regarding the challenges and advantages associated with sustainable practices in the Nigerian real estate sector. The findings resonated strongly, illuminating prevailing beliefs and delineating a path toward a more sustainable real estate sector. While the results underscored a profound understanding of the need for sustainable practices, they also spotlighted several obstacles, ranging from informational deficits to financial constraints. The study's conclusion reverberated with a multitude of ideas. The report meticulously charted a comprehensive roadmap for fostering sustainability in the Nigerian real estate market by identifying barriers, evaluating potential benefits, and formulating pragmatic strategies. The recommendations, encompassing advocacy for policy changes and the encouragement of further research, resounded convincingly as catalysts for tangible transformation.