Rising property prices spark protests as locals demand housing safeguards

At dawn, a line of residents stretched along the promenade of Puerto Azul, their banners fluttering in the salty breeze. Among them stood Captain Luis Alvarez, a small‑boat fisherman who has spent three decades navigating the mangrove channels. He raised his voice as the crowd chanted for affordable homes, noting that rising rents were pushing his family off the waterfront.

The protest follows a sharp 42 percent increase in average rental rates across the coastal belt since 2022, according to data released by the Federal Statistical Office. Local housing advocates blame overseas investment funds, which they say have bought up a majority of prime beachfront properties. Governor Solomon Adeyemi addressed the assembly on Tuesday, urging the federal government to consider safeguards against speculative acquisitions.

The Regional Assembly is set to debate a proposal that would cap foreign ownership at 30 percent of any new development and create a fund to assist low‑income families. The Marine Ministry warned that any restriction could affect tourism revenue, while the Costa Mar Reef Monitoring Network highlighted that community stability is essential for ongoing conservation projects. The next section outlines the positions of key stakeholders and the likely timeline for a vote.