Unknown to many Nigerians, the Lagos property market has finally crashed. At the moment, it has become a seller's market. Many people that put up their properties for sale, such as buildings, lands etc. for several months now are yet to find interested buyers. Some have been forced to bring down their prices all to no avail.

From my own investigations, here are the 2 factors that caused the crash of Lagos property market:

1. General Economic Downturn; the economic crises in Nigeria has eroded the buying power of Nigerians. Also, manufacturing firms, businesses and services have continued to run at losses or marginal profits. This has resulted in liquidations or closure of non performing outlets. Also, foreign investors that used to buy properties in prime locations like Victoria island, Ikoyi and Lekki are no longer keen about putting down their money. I do not blame them because it makes no economic sense to bring in say $50,000 and convert to naira which gives #50,000,000. But when they want to take repatriate same amount at a later time, and try to convert it back to dollars, that same amount might have reduced to $25,000 due to persistent fall of the naira.

2. Exodus of Igbo Investors; it is no longer news that Igbo investors are fleeing Lagos. Before, property agents and developers in Lagos used to target Igbos to invest in their properties because they're mostly business people and often have money to invest, but today, they're no longer interested in buying properties in Lagos. In fact, some estate agents are afraid of approaching Igbos with such offer because they could be walked out immediately or subjected to other forms of embarrassment. The hostility that commenced prior to the election, between Yorubas & Igbos is the cause of it. Even the Lagos State government made it worse when some Igbo owned properties were extrajudicially demolished. The Igbos now see Lagos as a high risk zone. So, instead, they now invest in the East or Abuja whose indigenes are not so aggressive, envious or covetious like those in Lagos.

This is the true situation of things in Lagos as far as the property market is concerned. Anyone in doubt can make their own research.

Ok

The $150m Tinubu gave Mahmoud and several millions of dollars he doled out to Adamu APC and co came from taxes from igbo investments mostly. If igbos decide not to invest anymore tinubu main bank Lagos will dry up like Oyo because if are selling your property for 100m you know logically na igbo man you go look for or a rent above 1m yearly, same

rinzaugustine:
The $150m Tinubu gave Mahmoud and several millions of dollars he doled out to Adamu APC and co came from taxes from igbo investments mostly. If igbos decide not to invest anymore tinubu main bank Lagos will dry up like Oyo because if are selling your property for 100m you know logically na igbo man you go look for or a rent above 1m yearly, same

You're correct 💯

This is just the beginning you don’t bite the finger that feeds you

Obi2saveNigeria:
Unknown to many Nigerians, the Lagos property market has finally crashed. At the moment, it has become a seller's market. Many people that put up their properties for sale, such as buildings, lands etc. for several months now are yet to find interested buyers. Some have been forced to bring down their prices all to no avail.

From my own investigations, here are the 2 factors that caused the crash of Lagos property market:

1. General Economic Downturn; the economic crises in Nigeria has eroded the buying power of Nigerians. Also, manufacturing firms, businesses and services have continued to run at losses or marginal profits. This has resulted in liquidations or closure of non performing outlets. Also, foreign investors that used to buy properties in prime locations like Victoria island, Ikoyi and Lekki are no longer keen about putting down their money. I do not blame them because it makes no economic sense to bring in say $50,000 and convert to naira which gives #50,000,000. But when they want to take repatriate same amount at a later time, and try to convert it back to dollars, that same amount might have reduced to $25,000 due to persistent fall of the naira.

2. Exodus of Igbo Investors; it is no longer news that Igbo investors are fleeing Lagos. Before, property agents and developers in Lagos used to target Igbos to invest in their properties because they're mostly business people and often have money to invest, but today, they're no longer interested in buying properties in Lagos. In fact, some estate agents are afraid of approaching Igbos with such offer because they could be walked out immediately or subjected to other forms of embarrassment. The hostility that commenced prior to the election, between Yorubas & Igbos is the cause of it. Even the Lagos State government made it worse when some Igbo owned properties were extrajudicially demolished. The Igbos now see Lagos as a high risk zone. So, instead, they now invest in the East or Abuja whose indigenes are not so aggressive, envious or covetious like those in Lagos.

This is the true situation of things in Lagos as far as the property market is concerned. Anyone in doubt can make their own research.

Arrant nonesense as usual.

ican2020:
This is just the beginning you don’t bite the finger that feeds you

Marwa is the cause .


And don't ask my why because you know why .

Obi2saveNigeria:
Unknown to many Nigerians, the Lagos property market has finally crashed. At the moment, it has become a seller's market. Many people that put up their properties for sale, such as buildings, lands etc. for several months now are yet to find interested buyers. Some have been forced to bring down their prices all to no avail.

From my own investigations, here are the 2 factors that caused the crash of Lagos property market:

1. General Economic Downturn; the economic crises in Nigeria has eroded the buying power of Nigerians. Also, manufacturing firms, businesses and services have continued to run at losses or marginal profits. This has resulted in liquidations or closure of non performing outlets. Also, foreign investors that used to buy properties in prime locations like Victoria island, Ikoyi and Lekki are no longer keen about putting down their money. I do not blame them because it makes no economic sense to bring in say $50,000 and convert to naira which gives #50,000,000. But when they want to take repatriate same amount at a later time, and try to convert it back to dollars, that same amount might have reduced to $25,000 due to persistent fall of the naira.

2. Exodus of Igbo Investors; it is no longer news that Igbo investors are fleeing Lagos. Before, property agents and developers in Lagos used to target Igbos to invest in their properties because they're mostly business people and often have money to invest, but today, they're no longer interested in buying properties in Lagos. In fact, some estate agents are afraid of approaching Igbos with such offer because they could be walked out immediately or subjected to other forms of embarrassment. The hostility that commenced prior to the election, between Yorubas & Igbos is the cause of it. Even the Lagos State government made it worse when some Igbo owned properties were extrajudicially demolished. The Igbos now see Lagos as a high risk zone. So, instead, they now invest in the East or Abuja whose indigenes are not so aggressive, envious or covetious like those in Lagos.

This is the true situation of things in Lagos as far as the property market is concerned. Anyone in doubt can make their own research.

Any Igbo man who have seen how fast Enugu is developing but chose to invest in Lagos need a brain check very urgently.

It's a known fact that when the igbos decide to settle in a place, the conditions of life changes in that environment and the overall economics of that location starts to improve.
If only Nigerians can do away with tribalism and sentiment mindset, all ethnic groups have their unique gifts others can benefit from and in the long run change the overall outlook of the country.

Even ordinary Nnewi sef is getting more investments from Igbos than Lagos these days. lol

After what Yorubas did to GRV (their own brother o), only a very foolish Igbo would dump his money in Yoruba region.

If Yoruba could be so bitterly against a man with Yoruba genes like GRV, how can any sensible Igbo invest his money in Yorubaland?

These things are very simple.

This is just a simple common sense economic relocation.

After about 10 years from now, the entire economic landscape of Nigeria (if there is still Nigeria then) would be totally tilted towards the East.

Obi2saveNigeria:
Unknown to many Nigerians, the Lagos property market has finally crashed. At the moment, it has become a seller's market. Many people that put up their properties for sale, such as buildings, lands etc. for several months now are yet to find interested buyers. Some have been forced to bring down their prices all to no avail.

From my own investigations, here are the 2 factors that caused the crash of Lagos property market:

1. General Economic Downturn; the economic crises in Nigeria has eroded the buying power of Nigerians. Also, manufacturing firms, businesses and services have continued to run at losses or marginal profits. This has resulted in liquidations or closure of non performing outlets. Also, foreign investors that used to buy properties in prime locations like Victoria island, Ikoyi and Lekki are no longer keen about putting down their money. I do not blame them because it makes no economic sense to bring in say $50,000 and convert to naira which gives #50,000,000. But when they want to take repatriate same amount at a later time, and try to convert it back to dollars, that same amount might have reduced to $25,000 due to persistent fall of the naira.

2. Exodus of Igbo Investors; it is no longer news that Igbo investors are fleeing Lagos. Before, property agents and developers in Lagos used to target Igbos to invest in their properties because they're mostly business people and often have money to invest, but today, they're no longer interested in buying properties in Lagos. In fact, some estate agents are afraid of approaching Igbos with such offer because they could be walked out immediately or subjected to other forms of embarrassment. The hostility that commenced prior to the election, between Yorubas & Igbos is the cause of it. Even the Lagos State government made it worse when some Igbo owned properties were extrajudicially demolished. The Igbos now see Lagos as a high risk zone. So, instead, they now invest in the East or Abuja whose indigenes are not so aggressive, envious or covetious like those in Lagos.

This is the true situation of things in Lagos as far as the property market is concerned. Anyone in doubt can make their own research.

very true!

Obi2saveNigeria:
Unknown to many Nigerians, the Lagos property market has finally crashed. At the moment, it has become a seller's market. Many people that put up their properties for sale, such as buildings, lands etc. for several months now are yet to find interested buyers. Some have been forced to bring down their prices all to no avail.

From my own investigations, here are the 2 factors that caused the crash of Lagos property market:

1. General Economic Downturn; the economic crises in Nigeria has eroded the buying power of Nigerians. Also, manufacturing firms, businesses and services have continued to run at losses or marginal profits. This has resulted in liquidations or closure of non performing outlets. Also, foreign investors that used to buy properties in prime locations like Victoria island, Ikoyi and Lekki are no longer keen about putting down their money. I do not blame them because it makes no economic sense to bring in say $50,000 and convert to naira which gives #50,000,000. But when they want to take repatriate same amount at a later time, and try to convert it back to dollars, that same amount might have reduced to $25,000 due to persistent fall of the naira.

2. Exodus of Igbo Investors; it is no longer news that Igbo investors are fleeing Lagos. Before, property agents and developers in Lagos used to target Igbos to invest in their properties because they're mostly business people and often have money to invest, but today, they're no longer interested in buying properties in Lagos. In fact, some estate agents are afraid of approaching Igbos with such offer because they could be walked out immediately or subjected to other forms of embarrassment. The hostility that commenced prior to the election, between Yorubas & Igbos is the cause of it. Even the Lagos State government made it worse when some Igbo owned properties were extrajudicially demolished. The Igbos now see Lagos as a high risk zone. So, instead, they now invest in the East or Abuja whose indigenes are not so aggressive, envious or covetious like those in Lagos.

This is the true situation of things in Lagos as far as the property market is concerned. Anyone in doubt can make their own research.

Normally I'd always advise Igbos who make their money from abroad never to invest in Lagos..even if you grew up in Lagos.
If you don't want to invest in the east, take your investment to Abuja. Never spend a dime of money you didn't make from Lagos in Lagos.
The natives there are not friends and Lagos is no longer capital.

onumadu:
Even ordinary Nnewi sef is getting more investments from Igbos than Lagos these days. lol

After what Yorubas did to GRV (their own brother o), only a very foolish Igbo would dump his money in Yoruba region.

If Yoruba could be so bitterly against a man with Yoruba genes like GRV, how can any sensible Igbo invest his money in Yorubaland?

These things are very simple.

This is just a simple common sense economic relocation.

After about 10 years from now, the entire economic landscape of Nigeria (if there is still Nigeria then) would be totally tilted towards the East.

Lies... stop dreaming.. any serious investor from the international community heads to Lagos and the southwest. I'm not talking of importing (buying &selling, any dummy can buy and sell).

The southwest is the most accommodating region in Nigeria for businessmen.
Most of the biscuits your folks eat in the east and Nigeria at large are made in Oyo and Ogun state.

Razgas:
Normally I'd always advise Igbos who make their money from abroad never to invest in Lagos..even if you grew up in Lagos.
If you don't want to invest in the east, take your investment to Abuja. Never spend a dime of money you didn't make from Lagos in Lagos.
The natives there are not friends and Lagos is no longer capital.

It doesn't even make sense to invest in Abuja, if you don't want to invest in the East, invest in Asaba, Togo, or Ghana.

DomPerignon:



Arrant nonesense as usual.

Is this all you could deduce from The entire article

PointB:


It doesn't even make sense to invest in Abuja, if you don't want to invest in the East, invest in Asaba, Togo, or Ghana.

Uyo, Akwa Ibom State in the new investment hub of Nigeria. Millions of foreign & local investors are queuing to buy a piece of Akwa Ibom to build their factory

I believe the rain down of attacks and arrest on drug business by the fed is mostly the cause of it and we know who it affected mostly

Ofunaofu:


Is this all you could deduce from The entire article

Article ?

An Ohu chest beating ramble ?

Dey do go your biafra

DomPerignon:


Marwa is the cause .


And don't ask my why because you know why .

why enlighten me

Forget all these counter and banter comments go to all motor parks and see the numbers of your brothers that you thought that they have taken their business to east tropping in and out of the same Lagos .Nothing anybody can do you weren't force to do businesses in Lagos or every other places in Nigeria, individuals personal survey determine that.I pity some you don't change your winning team businesses don't understand the tribal languages across the globe than 4 P's products, prices, places and promotions

It's no body's fault that you're slow in reasoning. Go and ask those with functional brains for enlightenment.

DomPerignon:



Arrant nonesense as usual.

It is not just Enugu, I bet you haven't been to Owerri in recent times to see how the property market is booming. Buildings and estates are springing up in large numbers across the city. It's the same story in other Eastern cities and towns.

Regardless, any Igbo man who still decides to buy any property in Lagos really needs mental evaluation. Common, even if it's dirt cheap, it doesn't make any sense to invest in such high risk zone.

SpecialAdviser:

Any Igbo man who have seen how fast Enugu is developing but chose to invest in Lagos need a brain check very urgently.

He told you the absolute truth and you can easily verify that by making a little research. Lol, you think any dummy can establish business and run it profitably? You think any dummy can compete in saturated business environment and survive? Continue deceiving yourself!

Two or three Indian companies producing biscuits in Ibadan or Ogun state doesn't mean much. Have you asked yourself where most of the shoes, boxers, bags, clothings etc you use in the SW and across Nigeria are coming from? They're mostly made in Aba! Thousands of Igbo SME's in that city are mass producing them like the Chinese. But you want to brag with biscuits produced by Indians 🤡🤡

northbird:


Lies... stop dreaming.. any serious investor from the international community heads to Lagos and the southwest. I'm not talking of importing (buying &selling, any dummy can buy and sell).

The southwest is the most accommodating region in Nigeria for businessmen.
Most of the biscuits your folks eat in the east and Nigeria at large are made in Oyo and Ogun state.

Obi2saveNigeria:
It is not just Enugu, I bet you haven't been to Owerri in recent times to see how the property market is booming. Buildings and estates are springing up in large numbers across the city. It's the same story in other Eastern cities and towns.

Regardless, any Igbo man who still decides to buy any property in Lagos really needs mental evaluation. Common, even if it's dirt cheap, it doesn't make any sense to invest in such high risk zone.

We Igbos really need to sit up and start investing in our land. Obugodi na emere anyi ihea eme

northbird:


Lies... stop dreaming.. any serious investor from the international community heads to Lagos and the southwest. I'm not talking of importing (buying &selling, any dummy can buy and sell).

The southwest is the most accommodating region in Nigeria for businessmen.
Most of the biscuits your folks eat in the east and Nigeria at large are made in Oyo and Ogun state.

Most of you comment before even reading what you are responding to.
Did I mention "international community" in my comment?

Who is "international community"?

An Igbo trader come from Abia state (Aba specifically) and paid cash for a house in the US costing hundreds of thousands of dollars.
Is he not from "international community" too, since he invested into another country?

I said IGBO investors. Read it again.

And Igbo investors abroad (diaspora Igbo) are doing exactly the same.
Before, we use to invest in Lagos, but after GRV our eyes opened wella.
Today we are awake like fish.

onumadu:


Most of you comment before even reading what you are responding to.
Did I mention "international community" in my comment?

Who is "international community"?

An Igbo trader come from Abia state (Aba specifically) and paid cash for a house in the US costing hundreds of thousands of dollars.
Is he not from "international community" too, since he invested into another country?

I said IGBO investors. Read it again.

And Igbo investors abroad (diaspora Igbo) are doing exactly the same.
Before, we use to invest in Lagos, but after GRV our eyes opened wella.
Today we are awake like fish.

Which specific investments in Lagos? FDI is what sustains lagos,largely from America, Asia and European businesses..
Don't overestimate your investments in Lagos.

Obi2saveNigeria:
He told you the absolute truth and you can easily verify that by making a little research. Lol, you think any dummy can establish business and run it profitably? You think any dummy can compete in saturated business environment and survive? Continue deceiving yourself!

Two or three Indian companies producing biscuits in Ibadan or Ogun state doesn't mean much. Have you asked yourself where most of the shoes, boxers, bags, clothings etc you use in the SW and across Nigeria are coming from? They're mostly made in Aba! Thousands of Igbo SME's in that city are mass producing them like the Chinese. But you want to brag with biscuits produced by Indians 🤡🤡

Any dummy can buy and sell. It's no biggie. Over 60 % of the food companies are located in Lagos. That should tell you something. Let's even assume they are Indians,why choose Ibadan or the southwest to site their factories.

Any foreign investor coming to Nigeria will choose Lagos and the South West as a preferred destination before going anywhere in Nigeria..
Lagos won't miss a thing honestly..

northbird:


Which specific investments in Lagos? FDI is what sustains lagos,largely from America, Asia and European businesses..
Don't overestimate your investments in Lagos.

Errrmm, Ogbeni you need to consider one key statistic: FOREIGN EXCHANGE INFLOWS INTO NIGERIA.

Do you know who brings in most foreign exchange into Nigeria annually?
I'll help you: Nigerian diaspora.
We bring in at least $20 BILLION annually into Nigeria.

Do you know the Nigerians that care most about Nigeria from abroad? You better believe it is IGBO. That is our culture. We can't really help it.

Most other Nigerians leave Nigeria and face front. Of about 100 Yorubas i know abroad, 90% married and faced front there. Don't send much home because they don't care about home. Abi na lie?

Igbo ALWAYS think "Home". You know where that "home" is? NIGERIA, FOR NOW.

I remember vividly during OBJ, Yar Adua and Jonathan years, when Nigerian diasporans were buying up properties and starting up many businesses in Lagos. Buhari presidency slowed down that a little. But Tinubu and GRV issue will likely bring that to a trickle if not a full stop.

If not for Nigerian diaspora (read Igbo diaspora), Nigeria would have SINCE been declared bankrupt as far as FOREX is concerned.

NOBODY IS INVESTING IN NIGERIA FROM OUTSIDE.
No sane foreigner would invest in a country where a person of dubious character rigged an election and foisted mob rule.

This is a free lecture from me. Thank me later.