The National Association of Realtors (NAR) convened its 2025 Regional Summit in Lagos, Nigeria, emphasizing the critical need for international collaboration to address the escalating housing crisis and stimulate cross-border investment. The summit brought together real estate professionals from across the globe to discuss the multifaceted challenges facing housing markets worldwide and explore potential solutions through joint efforts between public and private sectors. The central theme revolved around the shared responsibility of stakeholders to bolster housing affordability, accessibility, and availability, recognizing that these challenges transcend national borders and require unified global action.
A key issue highlighted during the summit was the significant housing deficit in the United States, estimated at nearly 3.8 million homes. NAR President-elect Kevin Brown underscored the urgency of expanding housing supply, emphasizing the need for innovative solutions and substantial capital investment to bridge this gap. Brown outlined NAR’s existing investments in North America, Israel, and the United Kingdom, stressing the organization’s commitment to scaling these solutions to address the global housing crisis. He emphasized the importance of collaborative efforts, stating that whether in the United States or Africa, the challenge of providing adequate housing remains pervasive and necessitates a united front.
The summit fostered discussions on several key areas, including fostering cross-border collaborations, enhancing investment readiness within various real estate markets, and advocating for improved data collection and analysis. Participants acknowledged the critical role of data-driven insights in informing policy decisions and facilitating effective interventions to strengthen global real estate markets. A central point of discussion was the need for coordinated advocacy efforts to promote favorable policies and regulations that support sustainable housing development and cross-border investment.
Frank Oti, NAR’s global ambassador to Africa, highlighted the substantial barriers to homeownership in the region, particularly the lack of mortgage accessibility due to exorbitant interest rates, often ranging from 27-30%. Oti stressed the importance of governmental intervention to encourage foreign direct investment and create more accessible mortgage options, making homeownership a viable option for a wider segment of the population. He emphasized that without government support to foster a more conducive lending environment, the dream of homeownership remains unattainable for many. This underscores the need for public-private partnerships to develop sustainable financing mechanisms that cater to the specific needs of local markets.
The importance of global expertise sharing in the real estate sector was another significant theme of the summit. Brown highlighted NAR’s commitment to empowering real estate professionals worldwide through comprehensive education programs. He specifically mentioned the Certified International Property Specialist (CIPS) designation, an NAR program designed to equip professionals with the knowledge and skills necessary to navigate the complexities of international real estate transactions. The CIPS program covers a wide range of topics, including cross-cultural transactions, currency exchange, and global market dynamics. Furthermore, it provides a valuable mentorship program and networking opportunities for professionals to connect and share best practices.
Brown underscored the role of data in understanding the dynamics of international real estate transactions. He cited NAR’s 2024 Profile of International Transactions in U.S. Residential Real Estate, which reported $42 billion in U.S. home sales to foreign buyers between April 2023 and March 2024. This data, coupled with regional market assessments conducted by NAR, provides valuable insights into emerging global opportunities. Brown further emphasized that technology, cross-border investment, and evolving consumer expectations are reshaping the global real estate landscape. He stressed the importance of adapting to these changes and leveraging technological advancements to enhance efficiency and transparency in real estate transactions.
Finally, the summit highlighted the significance of innovation in addressing industry challenges. NAR’s Second Century Ventures and its REACH program, which supports real estate innovation globally with initiatives in North America, Latin America, Australia, Canada, Israel, and the United Kingdom, were showcased. Brown encouraged participants to embrace diverse perspectives and engage in dialogue with individuals holding differing viewpoints, emphasizing that such interactions can lead to innovative solutions and a more comprehensive understanding of complex issues. This emphasis on open communication and collaboration across different perspectives underscores NAR’s commitment to fostering a dynamic and inclusive global real estate community capable of tackling the challenges and capitalizing on the opportunities of the evolving international market.
