I agreed

extra-ordinarily over priced with many bits and pieces added to it

Yes it's over priced, 20, 15 years back ibo's are very afraid to build houses in lagos, from year 2002 up rental and sale went up so everybody see's there is a huge income, now every business man is buying property @ all cost, but surely it will be crashing soon, many people are running out of lagos,

And also 20 years ago ibo's that reside in lagos, when they go back home people see them like they are returning from America, but this days, if u r retuning from lagos, the reponse is nonsense place, i have been there, i just don't like that place, better i stay in enugu onitsha so so so.

A crash is not going to happen, the difference is most of these buyers are paying with cash, while the western world everyone pays with mortgages.

Are Lagos houses over priced, YUP, but 60 MILLION naira, say £500,000 would not get you a mansion in London or NYC. These peopele don`t know central london or mamhattan prices at all, so lets be realistic, rent its cost around £2,000 a week in the plushest areas in London.


There are tons of diaspora people from overseas that come in buy up land on bulk, build and rent it out for hard cash. How is a average lagosian making 50,000 to 100,000 naira going to compete with that ? So many nigerians in the western world are hiding money in lagos and nigeria, some of its black market money, retirement funds, or just investments, you cannot keep that stuff in your bank account it has to be declared, plus likely to taxed.

Lagos is the financial capital, with a huge population of course its going to be expensive. The other problem is that builders only build for the rich, not the poor. There is severe shortage is quality housing, with good security, no omonile, and you pay not to be around poor people, these environs are exclusive.  None of these wannale boys, I am doing business, want to be in export import.


Bannana Island million a plot is nothing compared to Mahattan in prices! Again lets be serious, who is living there, Expats, oil workers, senators, govenors, bankers, actors, embassy staff, foreigner companies, lebanses, and asian, and there is a shortage of land. You pay in naija to be around the elite to have your kids associate with right chairman.

Nigeria is an emerging market, foreign companies can come in quick quick and buy land and set up. Look at KFC, or Etislat do you think they paid cheap 30,000 for there plots! Prices will go up.

Truth, they are over-priced.

Watch-out for the bubble burst soon.

Buyers are very few and far between. Some houses remain unsold for a very long time leading to price reduction. That is what sellers don't want you to know.

the bubble will burst very soon

there'll be a glut but due to greediness prices will remain the same, hoping the govt start spraying money again

All in all the stock market wont make people millionaires overnight any more so they'll be a lot of empty flats wasting away

Yes prices are high and some properties might be overpriced,this becos a lot of speculators have entered the property market to make a quick buck just like they did in the stock market.The long run will eliminate all these players when they start losing money on their investment it is all a matter of time how long can they hold onto their investments.Right now the average turnover in the real estate market is relatively higher than previous periods.

Am glad we are talking about this. I have heard the most ridiculousl;y priced real estate in Nigeria - especially Lagos and Abuja. One thing for sure that is fueling this is government stealing in Nigeria and especially the in the Niger Delta with Lagos and Abuja emerging as the safe places to buy or build houses away from dynamites .

However if the tax system was more efficient, perhaps the inappropriate rise in real estate prices could have been averted. It is a dumb choice to invest a million dollars in a nice part of the world or in Banana Island land. But the money is free and nobody checks, so expect it to last for some time before someone thinks its time to change.

Nigerian properties are for thieves! I have not seen such unrealistic property values anywhere in the world. I understand it though. As others have pointed out already, massive looting of public funds is responsible. The thieves cannot send the money abroad due to stepped up EFCC activism, so they are dumping the money on properties.

The other reason is the price of oil. If oil prices reduce, it will affect property prices in Nigeria. The other is the role of banks and mortgage companies. Prices will come crashing down as the number of property owners who take bank loans and mortgages reach a critical mass. Bank funding for property buying is happening already; it will peak and there would then be only one way for it to go -DOWN!

The other thing is that a new government may decide to fight corruption truly by blocking stealing holes. This will lead to massive fall in property prices.

As for me, there is NO WAY I am buying a single plot of land in any part of Nigeria for $1 m.

I would rather use that to buy a town elsewhere! 

Find out house prices in Lagos at http://www.resiauctionsngr.com/lagos-property

Wayyyyy over-priced,  In fact, I'm in the middle of deciding between buying a property in a rugged part of Lagos and buying a top class apartment here in Europe!!

Properties in Nigeria are just over the sky,
Too many criminals in the system

tinkinfela:

Wayyyyy over-priced, In fact, I'm in the middle of deciding between buying a property in a rugged part of Lagos and buying a top class apartment here in Europe!!

Me thinking thesame,
Half plot is the deal and build luxury 3 bed bungalow all ensuite. Afterall i wont be living there much as am moving abroad. (USA) thank God for lottery.