Collaboration, AI, and Market Trends: Akin Opatola on the Future of Nigerian Real Estate

Author(s): Scott Douglas Jacobsen

Publication (Outlet/Website): A Further Inquiry

Publication Date (yyyy/mm/dd): 2025/08/18

Part 2 of 4

Akin Opatola, President of FIABCI-Nigeria and founder of Olawale Jordan Company, explores the evolving landscape of Nigerian and African real estate. Opatola shares his professional journey from banking to real estate, his global perspective shaped by visiting over 40 cities, and the critical role FIABCI plays in cross-border networking, sustainability, and professional collaboration. Opatola calls for stronger collaboration between developers, architects, interior designers, and consultants to align design with market realities. He highlights AI’s growing role in real estate workflows, Lagos’ luxury market boom, and the upcoming FIABCI World Congress 2025, which will showcase Nigeria’s rising global real estate profile.

Scott Douglas Jacobsen: As we look ahead, what are your top requests—or “big asks”—from real estate developers, architects, and interior designers regarding collaboration?

Akin Opatola: My most enormous ask is for more collaboration and communication across the entire value chain.

Developers, architects, and interior designers should engage more with real estate consultants and agents like myself. Too often, we work in silos. An architect might design a structure based on inspiration or aesthetics without considering market demand.

We, as consultants, are on the ground. We talk to clients. We know what they want—whether it’s a one—or two-bedroom apartment or whether they prefer minimalist layouts or multifunctional spaces.

When all players collaborate from the beginning—designers, developers, marketers—the result is a more commercially viable product that truly serves its community.

Do they want units sized at 80 square meters or smaller? We understand these needs and know trends, especially in the post-COVID era.

Take Lagos Island, for example—there has been a surge in demand for mixed-use developments that support a live, work, and play lifestyle. During the lockdowns, families were confined to their homes. Children needed space for schoolwork, and parents still had to attend meetings.

That has translated into a market demand for homes with flex spaces—playrooms, home offices, and breakout rooms where meetings can happen without disrupting the family environment. Based on this, I advise developers and architects to build in response to market realities, not simply based on personal preference or tradition.

My big ask is for associations like FIABCI and others to attract more forward-thinking professionals. In some associations I’m part of, everyone seems to think in the same rigid way, and that’s not helpful. We must encourage creative collaboration and out-of-the-box thinking between developers, architects, interior designers, and consultants.

I dedicate most of my time to FIABCI because of its council structure. I currently serve as the Vice President of the World Council of Managers, and we always encourage members to participate in these councils. At FIABCI events, we hold breakout sessions focused on global property management trends.

There are also councils dedicated to PropTech and valuation and the World Council of Developers, where professionals engage in global best practices. Bringing all these disciplines together in the same room fosters learning and elevates standards. That would be my central request: integrated, cross-disciplinary conversations.

Jacobsen: You mentioned ChatGPT earlier. AI is becoming increasingly integrated into our lives and industries. It isn’t going anywhere. How is AI incorporated into real estate workflows in Lagos, Abuja, or Nigeria?

Opatola: That’s a great question. ChatGPT and other AI tools are becoming second nature for well-informed real estate consultants here.

We frequently attend conferences and webinars focused on AI adoption. AI has had a significant impact on real estate development. Developers are now using AI-powered modelling tools to simulate how a new development will affect its surrounding environment.

Many consultants—including myself—use ChatGPT as a virtual assistant. It helps with drafting letters, preparing advisory documents, writing proposals, and generating templates, saving time and improving efficiency.

As someone who speaks frequently at industry events, I also use AI to structure my presentations. It allows me to focus more on the message while leveraging technology to deliver it effectively.

I give many presentations, and ChatGPT has been tremendous. These days, when I receive a topic, before assigning it to my research assistant for preliminary work, I run it through ChatGPT to get a structured outline. I then refine it and hand it over for further research and embellishment.

Many developers are now doing the same—using AI to benchmark their plans, instantly access global references, and evaluate how their ideas compare to successful projects worldwide. ChatGPT has become an invaluable tool, and its impact will only grow as the conversation around AI in real estate continues to evolve.

As mentioned earlier, I attended MIPIM in France, and many of my colleagues also participated in international conferences where AI and ChatGPT dominated the agenda. These tools are reshaping the global real estate landscape.

Jacobsen: For those trying to understand the scale of investment and capital involved in Nigeria’s real estate sector, what figures are we talking about annually? And what projections do you see over the next few years?

Opatola: That’s a great and complex question. While I cannot give an exact national figure, I can share some indicative statistics that help illustrate the scope.

Take Lagos, for example. It is often divided into the Mainland and the Island. The Island houses most of the ultra-luxury residential and high-end commercial properties.

In the commercial sector, especially Grade A office spaces—newly built, open-plan, and equipped with premium features—rental prices range between $300 and $850 per square meter per year. That is substantial, especially considering Lagos is still categorized as a developing market.

Globally, compare this with cities like Tokyo, Geneva, New York, or Miami, where prices are high. Still, Lagos is now in similar conversations regarding commercial real estate pricing. It’s pretty staggering when you think about it.

I currently have listings ranging from $2.5 million to $8 million on the residential side. For instance, one property I’m handling is a four-bedroom apartment measuring approximately 800 square meters. It’s brand new and features a private pool, a modern gym, multiple elevators, a juice bar, and three-car parking. The asking price is $4.5 million.

It may sound high, and some ask, “Who is buying these properties?” But the demand is real. Despite global headlines—like Nigeria being called the “poverty capital of the world” a few years ago—a robust upper market remains. Developers are capitalizing on this demand, and these properties are being taken up.

So, while income inequality exists, there’s intense real estate activity in the premium segment, especially in cities like Lagos and Abuja. Last December, we experienced what has become popularly known as “Detty December.” It’s been a tradition for several years—Nigerians in the diaspora return home to celebrate Christmas and New Year with family and friends.

But last year was exceptional. Many infrastructure upgrades were completed, from the airport in Ikeja to the Island. The Third Mainland Bridge—a 13-kilometre structure—was fully rehabilitated. Streetlights were functioning, and the city offered a vibrant atmosphere: stylish clubs, elegant restaurants, and scenic views.

Many returning Nigerians and expatriates were genuinely shocked. They couldn’t believe Lagos had become this polished, cosmopolitan hub. Airbnbs were fully booked, serviced apartments were unavailable, and hotels were near 100% occupancy.

Because I work in real estate brokerage, I receive countless inquiries from people wanting to invest—particularly in properties that could be retrofitted into clubs or furnished as short-let apartments. Everyone wants to prepare for the next “Detty December” in 2025. Many are now securing one-, two-, or three-bedroom apartments to furnish them in time for Airbnb demand during Easter, summer, and next December’s festivities.

It’s a booming period. We have the population, purchasing power, and demand.

These are fascinating times. I know several foreign companies operating here that are doing remarkable business. A friend of mine is the CFO of Tolaram, which manages the Lagos Free Trade Zone—an area attracting over $2 billion in investments.

Close to that are the Lekki Deep Sea Port and the Dangote Refinery, now considered the largest single-train refinery in the world. The Lagos State Government is also developing a new airport near the refinery, which is drawing even more commercial interest to the area.

So, energy is not only focused on residential or commercial urban centers—it’s also shifting to industrial infrastructure and strategic logistics corridors.

So, I was just speaking towards the fact that it’s not only, attractive the upper end of the pyramid, even the middle and the lower end.

There is a strong focus now—even from the Federal Government—on increasing housing supply. They’re planning to build 20,000 homes across the federation.

At the state level, the Lagos State Government is also taking action. They’re opening up new areas and expanding infrastructure so that even people living on the fringes or in satellite towns around Lagos can access affordable land and construct their bungalows or apartments.

So, I see tremendous opportunities in the real estate sector across all segments—luxury, mid-range, and affordable—.

Jacobsen: This year also marks a significant moment—a global real estate conference in Lagos. Can you tell us more?

Opatola: Yes. FIABCI-Nigeria will host the FIABCI World Congress here in Lagos for the first time. In the 53 years since our chapter was established, this is the first time the World Congress will take place in Nigeria and the entire African continent.

It will be held from June 9 to June 13, 2025, at the Eko Hotel and Suites. It’s a week-long international event, and we’re thrilled.

We’ll begin with a golf tournament and a welcome gala. Then, we’ll have two plenary sessions on topics like global housing trends, PropTech, sustainability, the Sustainable Development Goals, smart cities, and prime developments.

We’re expecting 150 to 200 international FIABCI delegates and global real estate professionals, many of whom have never been to Nigeria. We’ve also planned a study tour of Lagos so they can experience the city, its culture, and its real estate market firsthand.

One of the highlights will be the Prix d’Excellence Awards, often called the “Oscars of real estate.” This global competition honours the most outstanding design, retail, sustainability, architecture, and livability projects, including green buildings. The awards night is always an exquisite and colourful affair.

We’ll also host the FIABCI General Assembly, where new international leadership will be elected. The event will conclude with a farewell dinner.

We’re expecting around 65 speakers from around the world. Among them is Kevin Brown, the President-Elect of the National Association of Realtors (NAR) in the U.S. He attended the NAR conference last year, had a fantastic time, and was thrilled to accept our keynote invitation.

We’ll also welcome Cliff Long and John Gromley, senior figures from the U.S. real estate scene. From the UN, Maimunah Mohd Sharif, the Executive Director of UN-Habitat, is also scheduled to deliver a keynote.

Another notable guest is Rego Rancic, the Minister of Construction and Architecture from Hungary, who recently confirmed his attendance—he’s never been to Nigeria before and is eager to visit and speak.

Most exciting for us locally, we’ve also received confirmation from the President of Nigeria, who rarely makes physical appearances at conferences like these. His attendance is a significant endorsement.

The President has confirmed that he will grace the occasion. We’re also honoured to welcome our former Vice President, Professor Yemi Osinbajo, who will deliver a keynote address. He’s incredibly eloquent, has a brilliant legal mind, and is a respected statesman.

Several ministers will also attend, making it a high-level and truly engaging gathering. What makes our conference unique is the intentional diversity on every panel. Each session will feature a Pan-African perspective.

We’ll be joined by the Ugandan Minister of Housing and representatives from Kenya, Ghana, and South Africa. One of our featured speakers is Sean Godoy, a leading PropTech thought leader from South Africa. So, the conversations will be well-rounded, multidisciplinary, and internationally relevant.

We’ve taken the time to curate a program that includes the industry’s best minds, ensuring each session is engaging, insightful, and memorable. It’s not just about real estate; it’s about learning, networking, and cultural exchange. We’re also putting strong hospitality measures in place to ensure our guests get to know the city of Lagos in a meaningful and enjoyable way.

Having attended several FIABCI events globally, I understand the effort required to host something of this magnitude. We’re matching—and even exceeding—that standard here.

The theme of the Congress is: “Global Real Estate Renaissance.”

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