This Naira 250 million house is up for sale in Lekki Phase 1, if you have the dough to spend on it, would you purchase this beauty?
If not, why?

Just in case you want to check out more pictures and see other houses like this you can check out other houses for sale in lekki through this link https://www.lekki-houses.com/for-sale/

Amenities & Features
Stamped tiles
Cinema Room
Pool
Solar Panels
Ultra-high ceilings
Cool tone tiles
Walk in closets
High water pressure
Big doors
Bluetooth sound system
POP ceilings
LED lights
Chandeliers
Plenty of parking space

More pictures

If i have the money why not

Correct guy

godwinnd:
If i have the money why not

raniola:
This Naira 250 million house is up for sale in Lekki Phase 1, if you have the dough to spend on it, would you purchase this beauty?
If not, why?

Just in case you want to check out more pictures and see other houses like this you can check out other houses for sale in lekki through this link https://www.lekki-houses.com/for-sale/

Amenities & Features
Stamped tiles
Cinema Room
Pool
Solar Panels
Ultra-high ceilings
Cool tone tiles
Walk in closets
High water pressure
Big doors
Bluetooth sound system
POP ceilings
LED lights
Chandeliers
Plenty of parking space

You are a bad property marketer, you didn't state the number of rooms, bath, space, public amenities available et al.. You talking bout finishing. Don't you know that clients are more concerned bout the former than the latter.

This one naa small thing for them Akpabio and NDDC men naa


There go just buy 4 , share am give nollywood ladies




If money de , e nor reach buy naa

Las last...spider and cobwebs, wall gecko, cockroaches, mosquito go find their way into this edifice.

HarunaWest:

You are a bad property marketer, you didn't state the number of rooms, bath, space, public amenities available et al.. You talking bout finishing. Don't you know that clients are more concerned bout the former than the latter.

lol boss no vex, click the link above to see all the full details init, all the specifications are there

The question in the thread is about whether you would buy or not

pyyxxaro:
This one naa small thing for them Akpabio and NDDC men naa


There go just buy 4 , share am give nollywood ladies




If money de , e nor reach buy naa

I swear down lol

raniola:


lol boss no vex, click the link above to see all the full details init, all the specifications are there

The question in the thread is about whether you would buy or not

Am not buying... Am an estate surveyor... So I market as well.

raniola:
This Naira 250 million house is up for sale in Lekki Phase 1, if you have the dough to spend on it, would you purchase this beauty?
If not, why?

Just in case you want to check out more pictures and see other houses like this you can check out other houses for sale in lekki through this link com/for-sale/[/url]

Amenities & Features
Stamped tiles
Cinema Room
Pool
Solar Panels
Ultra-high ceilings
Cool tone tiles
Walk in closets
High water pressure
Big doors
Bluetooth sound system
POP ceilings
LED lights
Chandeliers
Plenty of parking space

250 million and no decent garage. I am sure there is no pool too.
yeye house

CyberEBOLA:
250 million and no decent garage. I am sure there is no pool too.
yeye house

lol

Good product, wrong target market.

you should learn a thing or two about marketing and sales.

walkwithgod:
Good product, wrong target market.

you should learn a thing or two about marketing and sales.

Mostly building backlinks here to boost SEO rankings, definitely wrong target market here my brother

raniola:
This Naira 250 million house is up for sale in Lekki Phase 1, if you have the dough to spend on it, would you purchase this beauty?
If not, why?

No, I would not.

Why? Because I think it is overpriced for its value, component & neighbourhood.

This is a house that lacks any greenery. That itself is a warning sign that the owner and builders lack class, exposure and common sense for me to trust that the rest of the build is of high quality.

If I was to rent the house out for N6m a year every year, it will take me 42 years to get my money back. If I invested the same sum in a property in other countries, my N250m will be made back in 15 to 28 years, considering the rental rates there.

Worse still, Nigerian neighbourhoods, including Lekki are ghettos by world standards.

No way is the house worth N250m ($641,000).

If they want to sell it for N150m ($385,000), then it might be worth it.

Gamesmart:


No, I would not.

Why? Because I think it is overpriced for its value, component & neighbourhood.

This is a house that lacks any greenery. That itself is a warning sign that the owner and builders lack class, exposure and common sense for me to trust that the rest of the build is of high quality.

If I was to rent the house out for N6m a year every year, it will take me 42 years to get my money back. If I invested the same sum in a property in other countries, my N250m will be made back in 15 to 28 years, considering the rental rates there.

Worse still, Nigerian neighbourhoods, including Lekki are ghettos by world standards.

No way is the house worth N250m ($641,000).

If they want to sell it for N150m ($385,000), then it might be worth it.

Well said, the lack of greenery is always a concern with houses in Lekki, I feel that's what gives a neighborhood like old ikoyi the ever so slight edge above lekki. In my opinion Lagos needs to go green.

However most developers are just looking at their profit margins and to them a tree is taking up space that could be used as extra parking or space to squeeze in another unit.

Land value in lekki keeps going up over time, maybe it's still a good investment choice (in the long run) based on that, as long as the house itself is kept in good condition and does not depreciate too much.

*Buying said property for the purpose of renting out would be a big mistake because properties that aren't as spacious (for example a newly built 3 bedroom "luxury flat" in ikoyi) could cost you upwards of 100m to buy. Landlord expectation is to rent out that same flat for 6m-15m per annum. How much more would a landlord that keys into this property charge for rent. On that note, how many people can afford it in the first place.

*All things being equal the real estate market in Lagos does need some correction/regulation with regards to pricing.

raniola:


Well said, the lack of greenery is always a concern with houses in Lekki, I feel that's what gives a neighborhood like old ikoyi the ever so slight edge above lekki. In my opinion Lagos needs to go green.

However most developers are just looking at their profit margins and to them a tree is taking up space that could be used as extra parking or space to squeeze in another unit.

Land value in lekki keeps going up over time, maybe it's still a good investment choice (in the long run) based on that, as long as the house itself is kept in good condition and does not depreciate too much.

*Buying said property for the purpose of renting out would be a big mistake because properties that aren't as spacious (for example a newly built 3 bedroom "luxury flat" in ikoyi) could cost you upwards of 100m to buy. Landlord expectation is to rent out that same flat for 6m-15m per annum. How much more would a landlord that keys into this property charge for rent. On that note, how many people can afford it in the first place.

*All things being equal the real estate market in Lagos does need some correction/regulation with regards to pricing.

Thank God you get it and are objective.

The point that the typical Lekki developer has that local and razz mentality of just looking for profit, rather than build outstanding quality product, means I can never pay such $641K price for the home.

I just can't trust them at eye-value for the quality of the house itself. It is when I live there for 5 years that I will start seeing it fall apart, despite its shininess now. $641K is the money for seriously high quality properties in other climes.

Land value in Lekki, Ikoyi, VI, Banana Island etc will not keep going up. They will go down once the government can build mass-transit train networks to connect people from other parts of Lagos and from Ogun state. Those are where land values will go up. Businesses will be able to spread out.

Land values in these posh and upmarket places will even go further down considering the number of reclaimed land islands taking place that are increasing supply.

If the government then let the Chinese help, not only with transportation, but with real estate to plug the housing shortage, then many developers/home owners in the Island/Lekki-axis are just finished because the Chinese will not give local and razz mentality constructions. Then maybe houses in Ibeju-Lekki or Badagry would be of high quality.

Other challenges apart from alternative supply are increased supply and decreasing demand.

Increased supply is the fact that many are just building rapidly in Nigeria because the Nigerian mentality for fast, easy, I-will-be-a-millionaire-tomorrow and copy-copy mentality has resulted in most Nigerians thinking real estate is where the money is without checking the fundamentals. They have seen it work in USA, UK, Italy or whatever, so they have (like typical Nigerians) decided to copy without looking at whether Nigeria has the same fundamentals. Almost anyone with capital in Nigeria is going into real estate and hence increasing supply, but yet thinking they can charge the same high prices despite demand not increasing and poverty being pervasive.

Less than 0.1% of Nigerians can afford these houses to buy/rent and this volume is decreasing, not increasing, as real income keeps decreasing in Nigeria. And this will get worse after Coronavirus and electric motors kill the O&G industry.

So if the buyer of this house cannot find people to rent it for N6m per year, but yet paid N250m for it, then I laugh in Igala.

E don carry loss! Money dey go gutter be that.

In reality, I know the house will only rent for N3-point-something-million but I selected N6m because it was the outrageous maximum I thought possible and wanted to avoid any argument about my knowledge of rental prices. Those that can afford N6m rent are likely working on the Island and would prefer to stay there too. There are many vacant properties on the Island and these are increasing, so I don't see people moving to Lekki to rent for that figure.

Gamesmart:


Thank God you get it and are objective.

The point that the typical Lekki developer has that local and razz mentality of just looking for profit, rather than build outstanding quality product, means I can never pay such $641K price for the home.

I just can't trust them at eye-value for the quality of the house itself. It is when I live there for 5 years that I will start seeing it fall apart, despite its shininess now. $641 is the money for seriously high quality properties in other climes.

Land value in Lekki, Ikoyi, VI, Banana Island etc will not keep going up. They will go down once the government can build mass-transit train networks to connect people from other parts of Lagos and from Ogun state. Those are where land values will go up. Businesses will be able to spread out.

Land values in these posh and upmarket places will even go further down considering the number of reclaimed land islands taking place that are increasing supply.

If the government then let the Chinese help, not only with transportation, but with real estate to plug the housing shortage, then many developers/home owners in the Island/Lekki-axis are just finished because the Chinese will not give local and razz mentality constructions. Then maybe houses in Ibeju-Lekki or Badagry would be of high quality.

Other challenges apart from alternative supply are increased supply and decreasing demand.

Increased supply is the fact that many are just building rapidly in Nigeria because the Nigerian mentality for fast, easy, I-will-be-a-millionaire-tomorrow and copy-copy mentality has resulted in most Nigerians thinking real estate is where the money is without checking the fundamentals. They have seen it work in USA, UK, Italy or whatever, so they have (like typical Nigerians) decided to copy without looking at whether Nigeria has the same fundamentals. Almost anyone with capital in Nigeria is going into real estate and hence increasing supply, but yet thinking they can charge the same high prices despite demand not increasing and poverty being pervasive.

Less than 0.1% of Nigerians can afford these houses to buy/rent and this volume is decreasing, not increasing, as real income keeps decreasing in Nigeria. And this will get worse after Coronavirus and electric motors kill the O&G industry.

So if the buyer of this house cannot find people to rent it for N6m per year, but yet paid N250m for it, then I laugh in Igala.

E don carry loss! Money dey go gutter be that.

In reality, I know the house will only rent for N3-point-something-million but I selected N6m because it was the outrageous maximum I thought possible and wanted to avoid any argument about my knowledge of rental prices. Those that can afford N6m rent are likely working on the Island and would prefer to stay there too. There are many vacant properties on the Island and these are increasing, so I don't see people moving to Lekki to rent for that figure.

I try to be as objective as possible, thing about land, it always increases in value overtime

I think the thing is you can't also blame developers alone, Lagos State Govt does not care about enforcing quality standards or city planning with regards to new buildings. So it's a free for all situation. As long as people keep buying into all these developments the construction will continue to go on, so that suggests demand is still there somewhat.

The mass transit systems could be a game changer but I think the slow rate at which Lagos State is building the rail systems give or take 20-30 years before we see a lasting solution to the endless gridlock that plagues Lagos.

However if you look at a lot of major cities world wide there always tends to be a major highway or network of highways that surrounds that city. Allowing for free flow of traffic from one end to the other. Lagos lacks that, and even by geographic layout it's not so feasible to construct such a road network (Lagos being surrounded by water).

Also, on a federal level, I believe with enough time and a diversified economy other states will begin to boom and Lagos might not be the hotcake for new developments. There's so much potential for other states to get it right as long as their state governments do the right thing.

raniola:


I try to be as objective as possible, thing about land, it always increases in value overtime

I think the thing is you can't also blame developers alone, Lagos State Govt does not care about enforcing quality standards or city planning with regards to new buildings. So it's a free for all situation. As long as people keep buying into all these developments the construction will continue to go on, so that suggests demand is still there somewhat.

The mass transit systems could be a game changer but I think the slow rate at which Lagos State is building the rail systems give or take 20-30 years before we see a lasting solution to the endless gridlock that plagues Lagos.

However if you look at a lot of major cities world wide there always tends to be a major highway or network of highways that surrounds that city. Allowing for free flow of traffic from one end to the other. Lagos lacks that, and even by geographic layout it's not so feasible to construct such a road network (Lagos being surrounded by water).

Also, on a federal level, I believe with enough time and a diversified economy other states will begin to boom and Lagos might not be the hotcake for new developments. There's so much potential for other states to get it right as long as their state governments do the right thing.

Good points.

A shame we have a totally useless civil service workforce. This is why I mentioned "Neighbourhood" in my first post.

Nigeria neighbourhoods are just all shitholes.

Dirty, unplanned, unkept, chaotic and smelly shitholes!

All will be classified as ghettos, or at best "lower class" areas, in most developed countries if judged on planning and public amenities. This includes our so-called "World Class" Banana Island.

This is why I think virtually all properties in Nigeria are over-priced and not worth wasting your money when one can put the same money in other climes and get better returns.

Saw this junk yesterday that someone wanted to sell for $45,000. Are you fucking kidding me?

https://www.nairaland.com/6058570/property-sale-akoka#92904072

This is what you get for $45,000 in Istanbul.

https://www.propertyturkey.com/real_estate/2326-modern-beylikduzu-apartments-for-istanbul-city-living

If I had the money, there is no home in Lagos that I would buy for more than N350m. And this top range is for the best houses at Banana Island and Bourdillon. Average houses there should be going for N220m and Flats about N160m to be worth it for me.

There will be no home I would pay over N175m for at Lekki or Ikeja. At 175m, it must be the most impressive house in the whole of Lekki/Ikeja-Magodo Axis.

The very, very best houses in most other places like Gbagada, Surulere, Yaba, Ilupeju, Ogudu etc. should not exceed N60m.

Those are the range they will fall to in an open world property market and considering the easy public works improvements governments could make instantly that would radically change property dynamics. Those are the prices when I would know I would not make a drastic loss via devaluation.

A circular network can be achieved if they can build 4th and 5th Mainland bridges (To open up Ikorodu and Epe) and turn most of Lekki-Epe expressway into 4-lane roads in each direction.

Other states need to start stealing economic cakes from Lagos. They can start with Manufacturing and Entertainment areas.

$3m house in Banana Island in Lagos.


https://www.youtube.com/watch?v=Q4sZdVvLuUw

Compare it with $3m house in Sandton, Johannesburg.


https://www.youtube.com/watch?v=TSjo31CV6qI



What are Nigerians smoking?

The Nigerian one is another concrete jungle for $3m. Unbelievable!