Inflation, construction costs drive property prices higher – CEO, JustOne Homes

Nigerians continue to groan over soaring property prices, as rising rents weigh heavily on lower- and middle-income earners. In this interview, JustOne Homes MD/CEO, Taiwo Idowu, discusses the causes and investment

Tell us what you do

My name is Taiwo Idowu, and I am the MD/CEO of JustOne Homes Ltd. I am a real estate entrepreneur passionate about creating opportunities through property and contributing meaningfully to solving Nigeria’s housing challenges. Over the years, my journey in business and real estate has been shaped by a commitment to integrity, innovation, excellence, and the understanding that real estate is ultimately about people.

For me, it has never been just about selling land or houses. It is about helping people secure a future, build wealth, fulfil their dreams of property ownership and create communities where people can thrive.

Property prices have continued to skyrocket. Why is this so?

I think the first thing we must understand is that real estate is fundamentally driven by demand and supply. Nigeria has a growing population, people are becoming more conscious about owning homes, and we must understand that land itself is not increasing. So, naturally, as demand continues to rise, the value of property rises as well.

But beyond that, the economic realities of the country have also played a major role. Inflation, the rising cost of construction materials, exchange-rate fluctuations, infrastructure costs, and the general cost of doing business have all contributed to the increase in property prices.

For example, a developer who could build a house for a particular amount two or three years ago may require significantly more money to build that same house today. Cement, steel, finishing materials, labour, and logistics have all become more expensive.

That said, I don’t believe real estate should become an industry that completely shuts ordinary Nigerians out of the opportunity to own property. As developers, we must continue to find innovative ways to make ownership more accessible through flexible payment structures, affordable housing solutions, and strategic developments.

Competition and the struggle to prove sincerity and professionalism seem to be a major challenge for practitioners in the industry. Why is this so?

The major reason is that real estate is a very attractive industry. People see the opportunities, the financial potential, and the increasing demand for property, so naturally, more people and businesses are coming into the sector.

Competition itself is not a bad thing. In fact, healthy competition should make businesses better. The real challenge is that the industry has a relatively low barrier to entry in some areas, which means that people can sometimes present themselves as real estate practitioners without having the necessary knowledge, systems, integrity, or professional structure.

Unfortunately, the actions of a few dishonest people can affect the reputation of the entire industry. This is why sincerity and professionalism have become very important. Clients are no longer just asking, “How much is the property?” They are asking, “Can I trust you?” And honestly, I think that is the most important question.

As a company, we have come to understand that trust is a currency. You can have beautiful projects and strong marketing, but if people do not trust you, you cannot build a sustainable business.

You are expanding into Ogun State. What opportunities do you see there?

Ogun State presents enormous opportunities, and I believe we are only beginning to see its full potential. One of the major advantages of Ogun State is its strategic location. It shares a boundary with Lagos, which means that as Lagos continues to experience population growth, congestion, and increasing property prices, Ogun State naturally becomes an important alternative for residential, commercial, and industrial development. Ogun State is also the gateway to other states in Nigeria.

We are also seeing significant infrastructure development, industrial growth, and the emergence of new business corridors across the state. For us at JustOne Homes, the opportunity is not simply to go into Ogun State because other real estate companies are going there. We are interested in identifying strategic locations where we believe infrastructure, economic activities, and population growth will create genuine long-term value. I believe the next few years will be very interesting for the Ogun property market.

As a real estate entrepreneur, what personal experiences or principles have shaped your journey and influenced the way you run your business today?

My journey has taught me that business is not just about making money. It is about building something that can outlive your personal presence. One principle that has shaped me significantly is the importance of integrity. I believe that success without integrity is temporary. In real estate especially, you are dealing with people’s life savings, family dreams, and long-term investments. That is a serious responsibility.

Another thing that has shaped me is the understanding that growth is a process. There are seasons when you have to make difficult decisions, take calculated risks, learn from mistakes, and remain committed even when results are not immediately visible. Entrepreneurship has taught me patience, resilience, and the importance of continuously learning.

I also believe strongly in giving your best. Whether we are developing a property, serving a client, or communicating with an investor, excellence should not be negotiable. These principles continue to influence the way we run JustOne Homes today.

Foreign investors often fall into the hands of fraudsters in this sector. How is the industry working to address this?

It is a major concern, and unfortunately, it has affected the confidence of many Nigerians in the diaspora and foreign investors who genuinely want to invest in Nigeria. The problem is often caused by a lack of proper verification and, in some cases, deliberate fraud. Some developers sell land they do not own, make promises they cannot fulfil or present documents that have not been properly verified.

The industry must take responsibility for addressing this. One of the strongest solutions is transparency. Investors must be able to verify the company they are dealing with, understand the location of the property, examine the documentation, and receive proper records of their transactions.

Technology can also help significantly. Virtual inspections, digital documentation, regular project updates, and proper communication channels can make it easier for diaspora investors to monitor their investments.

At JustOne Homes, we believe that clients should not be asked to simply trust us blindly. We believe they should be given enough information to make informed decisions. Trust should be supported by transparency. I would also advise every investor, especially those outside Nigeria, to conduct independent due diligence before committing money to any property transaction.

What distinguishes your company’s projects and services from the many other real estate businesses?

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I believe what distinguishes JustOne Homes is our approach to value creation. We are not interested in simply acquiring land, dividing it into plots, and selling it. We are interested in creating developments that have a clear vision and long-term value.

For example, with The Gateway Boulevard, Asiko Bungalows (both in Abeokuta) and JustOne Villa (a student hostel in TASUED, Ijebu-Ode), our thinking goes beyond selling land or units of houses. We are looking at creating an environment and a community that can support better living, investment, and future development.

Another thing that is important to us is accessibility. We understand that not everyone can pay for property at once, so we continue to explore flexible ways of helping people participate in verifiable property ownership.

We also place a strong emphasis on communication and client relationships. Our clients are not just transaction numbers to us. We understand that when someone invests with us, they are trusting us with something important. That trust must be respected. Ultimately, we want the JustOne Homes name to represent quality, integrity, innovation, and long-term value. You can simply invest with us and sleep with your two eyes closed.

For someone looking to invest in property in Ogun State, what areas or factors would you advise them to pay attention to, and why?

The first thing I would advise anyone to consider is location. But location is more than simply asking whether a place is popular today. Investors should look at where development is going.

You should ask questions like: What infrastructure is coming into this area? What major roads are nearby? Are there industries, institutions, or commercial activities around the location? Is the population growing? What will make people want to live or do business there in the future?

The second thing is documentation. Never invest in property simply because the price is attractive. Understand what you are buying and verify the title and whether there are commitments or litigation on the land. The third factor is the credibility of the developer or seller. Do your research. Visit their previous projects where possible and their physical office. Ask questions. Look at their track record. And finally, understand your purpose for investing.

Are you buying to build immediately? Are you investing for appreciation? Do you want rental income? Your investment objective should influence the kind of property and location you choose.

Property ownership often comes with documentation and title challenges. How is your company assisting clients with such challenges?

Documentation is one area where we believe there should be absolutely no compromise. Before we bring a property to the market, we understand the importance of conducting the necessary due diligence and ensuring that clients clearly understand the nature of the documentation attached to the property. We also believe in communicating honestly. Clients should know exactly what they are buying, what documentation is available, and what processes are involved.

There is sometimes a tendency in the industry to use complicated language to confuse buyers. We don’t believe in that. We want our clients to ask questions. We want them to understand their transactions. And where necessary, we encourage proper independent verification. Our goal is not just to sell a property and disappear. We want our clients to have confidence and peace of mind throughout their ownership journey.

What does this expansion into Ogun State mean to you as an entrepreneur, and what message would you like to send to existing and prospective clients?

Personally, this expansion means growth, responsibility, and a new opportunity to create impact. As an entrepreneur, there is always a temptation to see expansion simply as opening another market. But for me, it is deeper than that. Every new location means that more people are trusting us. It means more expectations. It means we must raise our standards.

Ogun State has given us an opportunity to contribute to a growing property market, and we do not take that responsibility lightly.

To our existing clients, I want to say thank you. Your trust and support have contributed significantly to our journey. To prospective clients, I would say: take the time to know us. Ask questions. Visit our projects. Understand what we are building. We are committed to earning your trust, not merely asking for it.

Beyond selling properties, what impact do you want your company to have on the communities and people of Ogun State?

Our vision goes beyond selling land and houses. We want to contribute to the development of better communities. Real estate, when done properly, can create employment, improve infrastructure, stimulate local businesses, and improve the general quality of life within a community.

As we grow in Ogun State, we want our projects to contribute positively to the environment and the communities around them. We also want to create opportunities. From construction professionals and artisans to suppliers, service providers, and young people, real estate has the capacity to create an entire ecosystem of economic activity.

Ultimately, we want people to be able to look at our developments and say, “This project added value to this community.” That is the kind of impact we want to be known for.

What are your short- and long-term goals for the business following this expansion, and should Nigerians expect more projects or investments from you in the future?

In the short term, our focus is on delivering our current projects properly and building a strong presence in Ogun State. We don’t want to be in a hurry to announce numerous projects without ensuring that what we already have is properly executed.

Our immediate priority is to build confidence, deliver value, and ensure that our clients have a positive experience with JustOne Homes. In the long term, we want to continue expanding our footprint and developing more innovative real estate solutions.

We are interested in identifying opportunities where we can create genuine value, whether through residential developments, strategic land investments, or other property-related projects.

So, yes, Nigerians should expect more from us. But I want to emphasise something: our goal is not simply to become bigger. Our goal is to become better. We want to build a company that people can trust. We want to create projects that will remain valuable for years.

And we want JustOne Homes to become a brand that represents integrity, innovation, excellence, and meaningful value creation. That is the journey we are on, and by God’s grace, this expansion into Ogun State is another important step in that journey.