Why is that Nigerian properties become suddenly over-priced? May it be because there aren't any regulator on property market in Nigeria or what?

Why should i buy a 4 bedroom property in Magodo for N60milla? ha ha wetin happen. Pls someone shld help

Hmmmmmmmm, its not over priced, if you want to buy same type of property in okoko or Ikorodu, it will not be same price because some areas have standard ( they regulate the type of house, foundation, fence etc) and all will add to the cost of the property.

its all your choice. please understand that cost of building a house to your taste, will cost you a lot.

Methinks they are.

X-2-X:

Methinks they are.

God bless u

God knows what standard he meant

its overpriced

I think dy are.

Afterall the earth is d Lord and the fullest thereof. Including the land.

abujabooks:

Afterall the earth is d Lord and the fullest thereof. Including the land.

Meaning what? that all land should be free; in fact i got your message, i think government should take over all the land in Nigeria, imagine a family claiming hectares of land, how manage and who told them it's theirs in the first place.

nigerian properties are overpriced and in my opinion i think its an artificial and short term thing,for people who are paying 1 million dollars for a plot of land in banana island,they will be suprised if the property bubble bursts in a couple of years time ,the same thing happened with the nigerian shares and the average businessman without government connections suffered for it and the same thing will happen in the property sector,for anyone that disagrees with me i ll like them to justify how a plot of land in banana will be more expensive than a plot of land in chelsea which is one of the most desirable areas in london,or how a duplex in ikoyi set on maybe 2 plots will be twice the price of a semi detached the hamptons in america where only the richest live.
when the multinationals willing to pay over the odds for flats in banana,lekki,ikoyi e.t.c leave who will occupy these flats?bearing in mind they dont buy these flats but rent or lease?
is an average nigerian even if he/she works in shell,chevron e.t.c ready to part with 25/35 thousand dollars p/annum if and when the expatriates leave??

Even an oil worker in Nigeria cannot afford such rents.

It's coming soon, the end of this property bubble, , we are seeing it in the stock market,

A lot of oil companies are trying to stream down their Nigerian operations (moving to other African countries)

When they eventually start reducing their footprint, we would see.

Many are saying, they cant go because of the oil, but that's not true, it only needs to get bad enough,

Properties in Naija are just way over-priced and things are not being made any easier by the government.
The few areas that have been developed (talking about, good roads, well planned streets and all worth not are priced way higher than rural areas with poor road networks, poor secuirity and are mainly inhabited by middle to lower income earners.
I'll speak about port-harcourt. In my estate, a poorly built 4-bedroom with small rooms on a very tiny piece of lad is going for about 35million - 40 million naira.
I say its way over-priced. With that kind of money, you can build the same house on a bigger piece of land in an underdeveloped area but you stand the risk of being robbed daily and basically no power supply.

My opinion about this is that indeed they are over priced.But the question is:in comparism with what?Are we comparing these properties with other in Europe? or with others within the west African sub region?

GoldCircle:

My opinion about this is that indeed they are over priced.But the question is:in comparism with what?Are we comparing these properties with other in Europe? or with others within the west African sub region?

well,compare it to anywhere in the world and its wayy too expensive
let me give you an example "the hamptons" is an area where the likes of bill gates,warren beatty,madonna and numerous millionaires and billionaires have houses in the united states and you will still pay roughly the same for a flat like yo will pay for a flat in banana island.

chelsea in london is where the millionaires and billionaires includn abramovich live but you will get a 2 bed luxury flat to let there for 300/350 pounds a week,now compare it to ikoyi or banana with same flat for 45-60 thousand per annum, remember that in chelsea there is almost zero chance of armed robbery,you dont need to pay extra for generator e.t.c

london has the most expensive real estate in the world,and the most expensive area in london is bishopsgate in central london,you will get a beautiful solid house there for 1 million or a solid semi detached(duplex)with swimming pool and everything for say 2.5/3 million pounds compare it to nigeria with insecurity,zero police presence,instability e.t.c where you will pay 1.2/3 billion naira for 7/10 bedroom duplex in banana island, a plot of land in banana is 1 million dollars

lucabrasi:

well,compare it to anywhere in the world and its wayy too expensive
let me give you an example "the hamptons" is an area where the likes of bill gates,warren beatty,madonna and numerous millionaires and billionaires have houses in the united states and you will still pay roughly the same for a flat like yo will pay for a flat in banana island.

chelsea in london is where the millionaires and billionaires includn abramovich live but you will get a 2 bed luxury flat to let there for 300/350 pounds a week,now compare it to ikoyi or banana with same flat for 45-60 thousand per annum, remember that in chelsea there is almost zero chance of armed robbery,you don't need to pay extra for generator e.t.c

london has the most expensive real estate in the world,and the most expensive area in london is bishopsgate in central london,you will get a beautiful solid house there for 1 million or a solid semi detached(duplex)with swimming pool and everything for say 2.5/3 million pounds compare it to nigeria with insecurity,zero police presence,instability e.t.c where you will pay 1.2/3 billion naira for 7/10 bedroom duplex in banana island, a plot of land in banana is 1 million dollars

Do not only 100% agree with above post but also believe that is a bubble that would soon burst as even countries with a certain level of standards eg The US,Uk etc have had property prices falling for the past cople of months.When i hear the prices of property in nigeria sometimes its really outrageous.First and foremost,is bannana island in americva that land just land without a structure should be sold for 1 million dollars.Typical of nigerian theiving ruling class to create another sanctaury where the common nigerian can only dream about.

banana island indeed. over priced, over hyped and over there

damiso:

Do not only 100% agree with above post but also believe that is a bubble that would soon burst as even countries with a certain level of standards eg The US,Uk etc have had property prices falling for the past cople of months.When i hear the prices of property in nigeria sometimes its really outrageous.First and foremost,is bannana island in americva that land just land without a structure should be sold for 1 million dollars.Typical of nigerian theiving ruling class to create another sanctaury where the common nigerian can only dream about.

exactly,the start of the problem is actually oil companies,oil servicing companies who need to house expatriates, if you check how much a barell of oil was the past ten years it has brought an influx of shell,chevron e.t.c expatriates into nigeria with oil money dripping from ther briefcases,but what our illiterate nigerian politicians didnt count on is that in the face of millitancy,an average white man/woman/expat will take off and will rather chill out and work in europe or america where he is 100% sure of being safe, already these guys are leaving nigeria and their jobs are being given to nigerians,just somemonths ago dangote bough chevron's shares in texaco meaning its passed from american controll to nigerian controll so the expats will most likely return home, these are thepeople renting these flats.mark my words and subscribe to this thread i bet you in 5 less thn 10 years from now these flats will fall in value to their true value and they will be running around loking for tenants,
anything that is pushed up artificially,just like throwing a ball in the air will sooner or later come crashing down,only the short term investors buying and selling will be smiling th easiest way for you to notice is other parts of lagos like the lagos ibadan expressway,ikorodu e.t.c have increased in value but not hyper inflation like ikoyi,e.t.c shwing its much more normal, wonder why theres no ripple effect from the island to the surrounding areas

they are thieves,where is the money to buy these properties.

seriously pls where is banana island and is it true properties are being sold for $1m

$1m? dats even cheap, those assholes over there be selling land for like $3m. I could buy a waterfront property in SanFrancisco for less that 3 mil and wont have to worry about power failure, horrible traffic, reliable health system, and dem other good stuvs,

EKENEA:

Hmmmmmmmm, its not over priced, if you want to buy same type of property in okoko or Ikorodu, it will not be same price because some areas have standard ( they regulate the type of house, foundation, fence etc) and all will add to the cost of the property.

its all  your choice. please understand that cost of building a house to your taste, will cost you a lot.

who regulates these builders?
I think in most parts after paying some percentage to the govt and you can build whatever you want!!
Or are there actual town planners checking building contractors in Lagos/nigeria??

I do believe that Nigerian properties are over priced and prices will one day start to fall.

However, over the past few years there is something which is becoming more popular in Nigeria- MORTGAGES

I believe that the introduction of mortgages to Nigeria will make the prices rise even further. Similar to what is happening in the western world. This is because people will be able to borrow 7-10 times their annual salary.

This may lead to an even bigger bubble.

When individuals start having properties repossessed b/c they cannot pay their mortgage this may lead to panic selling by others and a price crash. Only time will tell.

Way, way overpriced!! But a crash is coming with express alacrity!!
The prices have never made sense to me.

Nigeria is a complete failed state. Just think of it , smelling dirty pigs who can't even afford good decent enviroment , infrastructures, good education etc are buying and selling houses and lands for billions of naira. How much is a going for in West palm beach, Hamptons, Chelsea, South of France , Beverly Hills and all the choice treated environment on planet earth.
What is going on is nothing but thieving of public funds . Just because the politicians can't sent their stolen commonwealth abroad , the have just devised a means of dumping them on water logged shanty and stinky banana island , ikoyi , lekki phase one ,parkview and chevron estate. Tell me who among them can pay such money on those trash called real estate in Lagos if they have actually worked for it?
There is practically no road right now in Lagos , The Tinubu / Fashola administration is busy deceiving people about Lagos mega city, mega city my ass. No light rail /train system, no subway syetem, no decent well organised buss mass transit system for Lagosians, no decent waterways/ferry system, traffic traffic everywhere , poverty / pain everywhere, decayed filty bins scattered everywhere.
It is only a greedy thief not even a thief that will buy those slums called property in lagos at those outrageous out of place prices.May God help Nigeria and deliver from this vagabonds called leaders/politicians.

** subsribing ** waiting for the day the house market will crash

housing prices in nigeria are a big joke. i just saw an ad for a plot of land here on NL for 1.1 billion naira in banana island. thats almost $7.5 million. are u freaking kidding me. just a plot of land. am i buying the darn island?

n its even more outrageous when u consider the terrible state of infrastructure all around these. no electricity or roads. with that amount; i wont even start to say what kinda houses i'll buy over here.

gbam

Infact the  prices on plots of land or houses in Nigeria  west Africa is outrageous and sickening, a custom built house on Mississauga road  Ontario in Canada is $1million  and up and a mere plot in some part of lekki  lagosLagosria is N150million, guys lets be real how do the folks that pays such amount get their funds? Is it really worth the pay? We Nigerians need a reality check hmm.

Is there any reason why a plot of land is exchanging hands in Shonibare Estate in Maryland, for N100M upwards Does each land come with its own Oil Well which has been deemed viable for prospecting Swampy Maryland of all places

lol

the funny thing about banana island and parkview estate is that most of the land were reclaimed from the sea and if you dig 10feet you will strike water.

what assurance do they have that in the next 10years these lands will not be under water? Cos according to one report I read it stated that Lekki will be submerged in the 10-20years I think.

herd mentality

hmmmmmmm, I could buy a nice penthouse in Midtown Manhattan, New york the most expensive area in the world for less than I would use
for a piece of crap land in banana island

yes they are living in a burble which will soon burst