How Pennek Estate is resolving affordability issues in housing market

Affordability is at the core of the housing crisis in Nigeria. The country’s widening housing demand-supply gap is a direct result of many home seekers not being able to afford what is on offer in the housing market.

Many house suppliers in Nigeria favour the high-end market where luxury is the catchword. It is a narrow market where supply outstrips demand. On the flipside, the market for the mid-low income earners is large, but very few developers are there to respond to the overly high demand that is growing every day.

One of the few developers here is Pennek Estate, a leading real estate firm dedicated to creating innovative living spaces and providing affordable lifestyle experiences that positively impact homeowners and the communities they serve.

“Our company was established to meet the real investment needs of home and land seekers, offering tailored solutions that combine affordability, luxury, and long-term value,” Kennedy Nnadi, the company’s Founder/CEO, explained in an interview.

The company focuses on creating innovative living spaces and providing affordable lifestyle experiences. It is committed to creating high-quality, contemporary luxury living in prime locations, such as the Lekki area of Lagos.

The company aims to bridge the housing deficit by offering affordable housing solutions and has established strong operational relationships to facilitate property acquisition for individuals and organizations.

Nnadi underscored the need for affordable and qualitative housing, saying it has always been a serious concern for most Nigerians, disclosing that, considering the bottlenecks in property acquisition, Pennek has changed the dynamics of the industry and eliminated the bottlenecks in achieving such a feat via creating real estate investment opportunities for individuals and organisations.

From the beginning, Nnadi was determined to add something to the real estate industry, so I started to make a difference. I repackaged the popular “Lekki Price” and made housing a lot more affordable.

“I have been in this for seven years. I started with real estate investment, and now I am into development, and we will go into real estate management. We are also incorporating real estate technology. In going into real estate, money was secondary; I wanted to add value to the nation and contribute in my way to nation-building by developing underdeveloped places,” Nnadi stated.

According to him, Pennek is a consumer-oriented firm, explaining that as an organisation, they are more concerned about the consumer, “We do our best to make our houses affordable, we go to places where we can chart the course.

Recently, the Lagos State Government named one of the roads around the Ajah axis “Pennek Drive” because we were the first estate developers to open up the place, and we made the road motorable. About six other estate developers have come to that area since we went there,” he enthused.

There are challenges though. Nnadi noted that, because they are a community development-based company, in most places where their estates are located, they construct the roads in that area and ensure other amenities are in place, like electricity.

“And even though we do this, we still pay our tax to the government like we have done nothing. Also verifying lands and property is a huge challenge. That should go online, you don’t have to go to the land office to verify the credibility of a parcel of land,” he said.