Nigeria’s Housing Deficit Persists As EFCC Recovers 1,500 Luxury Properties, Calls Grow For Vacant Home Tax

Nigeria’s Housing Deficit Persists as EFCC Recovers 1,500 Luxury Properties, Calls Grow for Vacant Home Tax Nigeria’s housing crisis has come under renewed scrutiny following revelations that the Economic and Financial Crimes Commission EFCC has recovered or placed under investigation about 1,500 luxury properties over the past two years, prompting fresh calls for the introduction of taxes on vacant homes and broader reforms to the real estate sector.

Despite years of government interventions, the country continues to grapple with a housing deficit estimated at between 17 million and 28 million units, while thousands of high-end residential buildings remain unoccupied, particularly in Abuja and other major cities. Housing experts say the contrast highlights a widening gap between luxury property development and the growing demand for affordable housing. According to reports, many of the recovered or investigated assets comprise luxury homes, duplexes, estates and undeveloped land allegedly linked to proceeds of corruption or unexplained wealth. The EFCC reportedly seized about 975 real estate assets in 2024 alone, underscoring increasing scrutiny of Nigeria’s property market as part of anti-corruption efforts. The issue has renewed debate over the proliferation of so-called “ghost estates”high-value residential developments that remain largely vacant even as millions of Nigerians struggle to secure decent accommodation. Urban planners and housing professionals argue that idle luxury properties represent underutilised assets in a country facing an acute housing shortage. Stakeholders in the housing sector are now advocating the introduction of a tax on long-term vacant residential properties, arguing that such a policy would discourage speculative investment, encourage owners to rent or sell unused homes and generate additional revenue for affordable housing programmes. Others have called for stronger transparency measures in real estate transactions to curb money laundering and illicit financial flows. The debate has gained momentum following several high-profile asset recoveries. Among them was the handover of 753 duplexes in Abuja, linked by authorities to a corruption investigation, to the Federal Ministry of Housing and Urban Development for public use. Anti-corruption agencies have also continued investigations into hundreds of additional properties suspected to have been acquired with illicit funds. Housing analysts say addressing Nigeria’s accommodation challenges will require more than increasing housing supply. They argue that reforms should also focus on improving land administration, expanding mortgage financing, strengthening urban planning and ensuring that recovered assets are transparently managed and deployed to meet public housing needs. As pressure mounts for policy reforms, the growing inventory of vacant luxury homes has become a symbol of the imbalance within Nigeria’s housing market where expensive properties stand empty while millions of citizens remain unable to afford decent shelter. The latest developments have intensified calls for coordinated action to bridge the housing gap, improve affordability and restore confidence in the country’s real estate sector.