Why investors no longer trust developers – Akhimie, RareAcre CEO

The Chief Executive Officer of RareAcre Investment Limited, Kendrick Akhimie, speaks to NAOMI CHIMA about the challenges facing real estate in Nigeria and possible solutions

To begin, could you please tell us about yourself and RareAcre Investment Limited?

I studied mechanical engineering at Auchi Polytechnic and am an alumnus of Lagos Business School. I have over seven years of experience in construction, property sales, and project management, during which I have successfully delivered multiple real estate developments collectively valued at over N3bn. In addition to RareAcre, I am also the founder of Aquaville Seafoods Limited and Longpole Limited, two thriving ventures that reflect my innovative drive and entrepreneurial range.

At RareAcre, we do not just build structures; we build legacies. Our mission is to transform the real estate market through innovation, value creation, and value maximisation, while our vision is to become a pacesetter and culture-shaping brand in the Nigerian real estate space. We are a visionary real estate development and investment company redefining Nigeria’s property landscape. With a focus on innovation, transparency, and quality delivery, we are committed to creating real estate solutions that inspire trust and generate long-term value for homeowners and investors.

What inspired you to establish RareAcre Investment Limited?

The Nigerian real estate industry is heavily affected by a lack of integrity, transparency, and innovation. These issues have resulted in significant losses for both investors and homeowners. My early personal investments exposed me to these challenges first-hand. Combined with my years of experience in brokerage and construction, I knew there was a better approach to delivering real value.

RareAcre was therefore created to redefine real estate through quality, innovation, and ethical practices. From development to facility management, our approach integrates technology, modern living standards, and long-term value.

What are your core services, and how does RareAcre stand out from other real estate companies?

Every RareAcre development is a reflection of class and long-term value. We design and develop premium residential and commercial projects that blend functionality, elegance, and investment growth. We deliver high-quality construction projects with precision, speed, and structural integrity. Whether luxury apartments, villas, or bespoke developments, we build to international standards.

We also offer expert investment and property advisory services, helping clients make informed decisions aligned with their goals, risk appetite, and market trends. Our transparency strengthens the integrity of the industry at a time when fraudulent companies and individuals are giving the sector a bad name.

How does RareAcre maintain a competitive edge in Nigeria’s rapidly evolving real estate market?

We stay ahead by designing and delivering for the future, not only for the present. Innovation is central to every product and service we offer, from construction methods to home automation to facility design. We study global trends and adapt them to the Nigerian market in practical and sustainable ways.

RareAcre has grown into a trusted name in real estate, recognised for developing over 65 housing units, achieving 85 per cent project completion efficiency, and consistently yielding strong returns for investors. We have become a partner of choice for investors and stakeholders shaping the future of real estate in Nigeria.

Would you say the real estate sector is regulated too much or too little?

Nigeria’s real estate sector is under-regulated. Many agencies do not fully enforce existing standards, which is why we still see building collapses, demolition cases, and land disputes. Sadly, policies that should support developers often end up becoming bottlenecks.

In what ways has bureaucratic red tape in property registration and title documentation hindered real estate development?

Bureaucracy significantly delays processes and slows development timelines, not only in real estate but across other sectors too. Lengthy approval procedures, inconsistent documentation requirements, and manual systems increase costs, create uncertainty, and discourage both local and foreign investment. These setbacks have long been a problem. Streamlining these processes would boost development speed and improve investor confidence.

How do you ensure your projects remain profitable while still prioritising sustainability and social responsibility?

We prioritise value creation above everything else. When a project delivers comfort, safety, structural integrity, and long-term satisfaction, profitability follows naturally. We also implement cost-efficient construction practices and sustainable solutions such as renewable energy and smart home systems, ensuring long-term benefits for residents and the environment.

What legacy do you hope to leave in Nigeria’s real estate industry?

I hope to leave a legacy of trust, innovation, and quality. RareAcre aims to set a new benchmark for ethical real estate development, where documentation is transparent, construction is solid, and the customer experience is reliable. Ultimately, I want RareAcre to be the reference point for what real estate in Nigeria should be.

What sets Resida Apartments apart, and how does it reflect RareAcre’s vision for premium living?

Resida is an 11-unit, four-bedroom duplex development built with exceptional attention to quality and detail. Beyond its modern amenities and solar energy systems, the engineering stands out. In Ajah, very few developers use pile foundations for terrace duplexes because of the cost, but we did, to ensure structural longevity and safety.

Our units also offer significantly larger spaces than most comparable properties. Combined with proper approvals, C of O documentation, and adherence to regulatory standards, Resida reflects our commitment to premium living grounded in value and integrity.

In what ways does your advisory service support clients in choosing the right real estate options?

Many people lose money to fake land transactions, illegal developments, or poor guidance. Our advisory service provides clarity and expert insights that protect clients from costly mistakes. Whether they are buying, building, or investing, we provide data-driven guidance, due diligence, cost analysis, and development planning, enabling clients to make confident and secure decisions.

What are the biggest challenges facing Nigeria’s real estate sector, and how is RareAcre addressing them?

Nigeria’s real estate sector faces several challenges, many of which are also present in other industries. These include a lack of innovation, poor construction standards, repetitive designs, exaggerated claims of “luxury”, and a general deficit of integrity. Many investors have had negative experiences as a result.

RareAcre addresses these issues through transparency, superior engineering, and genuinely innovative concepts. Whether in prime or developing locations, our projects are designed with functionality, sustainability, and long-term value in mind.

What areas of growth and innovation do you think hold potential in the sector?

There are vast opportunities in smart housing, green buildings, mixed-use developments, affordable housing innovations, construction technology, and property digitisation. Developers who embrace technology, transparency, and data-driven planning will lead the next decade of real estate transformation. Some companies are already exploring these areas.

To what extent do inflation and rising construction costs affect homeownership in Nigeria?

Inflation is a global issue, but in terms of homeownership, it directly increases the cost of building materials, labour, and logistics, which then affects final selling prices. Although we hope for better policies and a reduction in the high cost of materials and labour, these factors are tied to economic conditions and policy gaps. This makes homeownership increasingly difficult for average Nigerians and widens the housing deficit. The solution lies in sound policies, addressing high inflation, and stabilising the economy.

How can mortgage schemes be made easier for Nigerians to access, given their current high costs?

Mortgages are the easiest path to homeownership globally, but that is not the case here. To make mortgages accessible, interest rates must become competitive, processes must be simplified, and government-backed interventions must be strengthened. Developers, real estate agencies, and financial institutions also have a role to play through partnership models that support flexible payment structures and longer repayment periods.

What steps is RareAcre taking to address the country’s housing deficit?

Our developments are intentionally designed to provide durable, properly documented, and fairly priced housing solutions. We prioritise quality construction, efficient land use, and innovative building methods to ensure that every unit contributes long-term value to the housing market rather than adding short-lived structures that collapse or depreciate quickly.

Given projections that 70 per cent of the world’s population will live in urban areas by 2050, how ready is Nigeria’s real estate sector for this shift?

Nigeria is not fully prepared. Urban planning is still evolving, and infrastructure growth has not yet matched population growth. Developers who invest in mixed-use communities, transit-friendly designs, vertical construction, and sustainable infrastructure will help the country better manage future demand. With consistency, these approaches can put Nigeria on the right path.

What could be the lasting impact of uncontrolled rent hikes and rising construction costs?

We often see landlords, caretakers, and agents increasing rents and using the cost of materials as justification. Sometimes, after minimal renovation, rents are raised. This is neither fair nor legal, especially where policies exist to control such practices. However, many tenants lack the time or opportunity to seek redress, allowing these practices to continue.

Uncontrolled rent increases widen inequality, make homeownership unattainable, and push families into informal settlements. Rising construction costs discourage development, worsening the housing deficit. Over time, this could strain urban centres, making them accessible only to the wealthy and widening socioeconomic gaps.

What is your take on the perception that developmental projects in Lagos cater mainly for the upper class?

To a large extent, it is accurate. High land prices, expensive approvals, and rising construction costs naturally push development costs upward, resulting in projects that lean towards the premium segment. However, through innovative designs, strategic land acquisition, and government incentives, developers can produce more middle-income housing solutions.

How are fraudulent real estate schemes impacting homebuyers and investors in Nigeria?

Fraudulent schemes pose one of the biggest threats to investor confidence. They create fear, discourage first-time buyers, and damage the industry’s credibility. Many victims lose their capital or end up in prolonged legal battles.

This is why RareAcre prioritises transparency, verified documentation, rigorous due diligence, and ethical practices across our projects.

How do you see RareAcre evolving over the coming 5–10 years?

In the next five to 10 years, RareAcre will be recognised for delivering landmark projects across Nigeria, projects that set new standards for innovation, integrity, and customer experience.