‘Lagos Is One Big Construction Site’ – DK Homes CEO

By salami Adeyinka

The Chief Executive Officer of DK Homes, Engr. Nnamdi Ngonadi, has described Lagos as “one big construction site,” citing the city’s growing population and persistent housing deficit as key drivers of demand in the real estate sector.

“Lagos is one big construction site,” Ngonadi said. “Demand has always been higher than supply here, and that’s not changing anytime soon.”

According to him, the opportunity in Lagos real estate is unlike anything else in Nigeria, noting that the market continues to expand despite its challenges.

Lagos, with over 20 million people spread across about 3,500 square kilometers, currently faces a housing deficit of 3.4 million units, a gap that continues to widen yearly.

Ngonadi, who is from Nnewi, Anambra State, studied Electrical Electronics Engineering, a background he said shaped his approach to development with a focus on structure and method.

Before founding DK Homes, he was established in the mobile phone trade and also had involvement in the money market, while investing in real estate on the side for about fifteen years.

He said a transaction in 2017 marked a turning point in his career after acquiring a property for about ₦3 million and selling it for ₦40 million, with an additional plot of land included.

“I asked myself, had I ever made this kind of bulk money as a mobile phone dealer, or in the money market?” he said, noting that the experience rekindled his interest in real estate.

During the COVID-19 period, he reconnected with a friend in real estate development and, by 2022, began working from the friend’s office to better understand the business.

In 2023, he made his first acquisition as a developer with a property known as Vivo City, covering about 20 acres.

However, challenges followed shortly after launch, as another party produced a government allocation covering part of the land, reducing the available portion. A second property, Aqua City, also faced disputes after plots had been sold, leading Ngonadi to acquire a replacement property and reallocate affected buyers at his own cost.

“With all those experiences, we decided it was better to go for government allocation,” he said. “Now that we are in government allocation, we have not had any issues at all.”

He explained that the company’s shift to government-backed land titles, particularly Certificate of Occupancy, has since formed the foundation of its operations.

Following Vivo City and Aqua City, DK Homes developed Epe Prime and is currently marketing Edidem Residential, located within proximity to the Dangote Refinery, Lekki Deep Sea Port, Lekki Free Trade Zone, and a proposed international airport.

He said over 60 percent of the plots at Edidem Residential have already been sold, with plot sizes ranging from 300sqm to 1000sqm and prices starting from ₦20.4 million, all with Certificate of Occupancy title.

Ngonadi advised prospective buyers to act early, stating that property prices in Lagos are unlikely to decrease.

“Any property you acquire in Lagos that is properly documented with a good title, the price you are getting it today will be the cheapest price you will ever get it,” he said.

He added that trust remains central to real estate, emphasizing the importance of accountability in handling clients’ funds.

“In real estate, people entrust their money to you. When people give you money, it is unwise to use that money for something else until you deliver on your project. Whatever is coming out of a project, we put it back in, making sure the project is fully paid, making sure there is enough budget for infrastructure and everything we promised,” he said.