A new report by Oikus, a real estate data auditing firm, has revealed alarming levels of data duplication and poor transparency in Nigeria’s property market. The audit, which analysed over 100,000 property listings nationwide, found that more than half about 59,000 entries were duplicates, exposing serious gaps in data integrity and market reliability.
According to Oikus, the findings highlight how inaccurate and fragmented data continue to distort property values, discourage investors, and undermine confidence in Nigeria’s real estate sector. The company said its investigation used an advanced duplicate detection model that relied on image similarity and metadata alignment to identify inconsistencies across multiple property platforms.
The report stated, “Nearly 60 per cent (59,119 out of 100,000) of listings analysed were duplicates, often caused by agents reposting the same property across different websites or multiple times on the same platform to maintain visibility.”
It added that more than 9,000 listings lacked identifiable agent information, making it difficult for users to verify authenticity or follow up on inquiries. The audit also uncovered suspicious price outliers with some properties listed at over ₦1 billion or tagged with unrealistic figures such as 20-bedroom units suggesting either poor data entry or deliberate manipulation to attract attention.
“These findings underscore the urgent need for data verification and agent accountability in Africa’s property listing ecosystem,” Oikus noted. “Without proper checks, buyers and renters face misleading information that can inflate prices, distort demand patterns, and waste valuable time.”
The company explained that the audit was part of its ongoing commitment to promoting transparency in Africa’s digital real estate industry. By cleaning up unreliable listings and detecting duplicates, Oikus said it hopes to improve data quality and rebuild public trust in the housing market.
“The findings show the extent of data duplication and opacity in the digital property space,” the report said. “Our analysis provides a foundational lens for journalists, investors, and policymakers to understand why Nigeria and Africa’s property markets need verified, AI-driven listing systems and how Oikus is leading that shift.”
Experts say the lack of credible real estate data has long been one of the biggest obstacles to investment and housing finance in Nigeria. The African Real Estate Society recently echoed this concern, warning that fragmented and unreliable housing statistics make it difficult for developers and lenders to make informed decisions.
At the society’s 24th Annual Conference held in Lagos, its President, Professor Omokolade Akinsomi, said the root of Nigeria’s housing problem lies in poor data collection. He explained that while Nigeria’s housing deficit is commonly cited as being between 17 and 28 million units, the figures have remained unverified for years.
Akinsomi said, “The numbers we use are outdated and inconsistent. Comparing a villager living in a simple detached house with someone in Banana Island is misleading. The real issue is not just a shortage of homes but the absence of reliable, context-based data that reflects the realities of Nigerians across income levels.”
He added that the lack of data integration makes it difficult to build investor confidence. “In South Africa, one ATM card can access multiple banks, and nearly everyone is traceable through a unified database. This allows easy access to credit. But in Nigeria, fragmented systems and weak traceability discourage lenders and make financing risky.”
Also speaking, the Chief Executive Officer of Purple Real Estate Income Plc, Mr. Olaide Agboola, said the shortage of credible data contributes to low access to housing finance. According to him, many people are unable to buy homes because lenders lack sufficient market insight to assess risks.
He said, “We need better data to understand market opportunities and attract investors. The sector also needs stronger policies that promote transparency, improve investor confidence, and expand access to affordable housing through public-private partnerships.”
Nigeria’s housing deficit has worsened over the years, growing from about seven million units in 1991 to around 28 million in 2022. However, experts believe the real number may differ significantly, given the lack of reliable and up-to-date national housing data.
Industry observers say the Oikus report is a wake-up call for Nigeria’s real estate ecosystem to embrace verified, technology-driven solutions. They argue that accurate data remains the backbone of a transparent, trustworthy, and investable property market — without which housing development will remain slow and uneven.
