Those pics of Zimbabwe look phenomenal.

And that is primarily agricultural money, I guess?

Nothing else that Zimbabwe really produces, right?

When the real estate bubble bursts in Nigeria, what happened in the US / UK will be like child's play!! Imagine plots of land on Banana Island retailing for N450 million ($3 million) and to nearly a Billion Naira ($ 7 million) for old Ikoyi. That is the kind of money you would shell out for mansions in Malibu, CA or ocean front mansions in Hawaii. The stock market crash hasnt taught us a lesson


Enjoy it while it lasts

kalokalo:


When the real estate bubble bursts in Nigeria, what happened in the US / UK will be like child's play!! Imagine plots of land on Banana Island retailing for N450 million ($3 million) and to nearly a Billion Naira ($ 7 million) for old Ikoyi. That is the kind of money you would shell out for mansions in Malibu, CA or ocean front mansions in Hawaii. The stock market crash hasnt taught us a lesson


Enjoy it while it lasts

Nigeria is far more densely populated than the US, though. Especially Lagos. Also, given the cash and carry nature of society, seems less likely that this is a bubble but genuine demand vs. supply (compare to the US housing bubble was in part caused by easy credit, where you could buy homes with no money down, no interest payments for a few months. . . )

So not sure that the two situations are fundamentally the same.

I agree. Kalokalo, in Nigeria people put down the cash for these houses at once. Like honestly they just drop the dough once and for all.

bros naija people don surpass levels man. I dont know anyone who buys their houses on mortgage. Mortgage na oyibo financial tool.

Also this has been going on for years before the US craze- I had the opportunity just before yawa burst to watch some Nigerians partaking in the credit craze in maryland, new jersey and florida- buying houses on credit and then renting them out to people to pay the mortgages back on the other houses. Sick stuff, it was like gambling.


Also in terms of houses as investment in Nigeria- I partially disagree. The fact is that people in Nigeria love to build there own houses instead of buying them off someone, so even if you buy tons of houses as investments they cannot be easily converted to cash. Most people would prefer to buy land (so land is really more of an asset) in a prime area than buy land with an already built structure. So thats why I think buying houses in multiple locations except you plan to rent them could be a bit excessive.

SEFAGO:

Also in terms of houses as investment in Nigeria- I partially disagree. The fact is that people in Nigeria love to build there own houses instead of buying them off someone, so even if you buy tons of houses as investments they cannot be easily converted to cash. Most people would prefer to buy land (so land is really more of an asset) in a prime area than buy land with an already built structure. So thats why I think buying houses in multiple locations except you plan to rent them could be a bit excessive.

This I'm not sure can be true. I don't have data one way or another though.

SEFAGO:

Also in terms of houses as investment in Nigeria- I partially disagree. The fact is that people in Nigeria love to build there own houses instead of buying them off someone, so even if you buy tons of houses as investments they cannot be easily converted to cash. Most people would prefer to buy land (so land is really more of an asset) in a prime area than buy land with an already built structure. So thats why I think buying houses in multiple locations except you plan to rent them could be a bit excessive.

Not really. Only a tiny percent of the potential real estate market is interested in actually building their own place. That's in the old days, and maybe the very premium end of the market, i.e. the guys who have millions of dollars to burn. Most people would rather buy a functional housing unit, given the availability of funds for mortgage as well as presence of amenities. Most working class Nigerians in the middle income bracket now prefer to live close to their jobs, which is why the Lekki Ajah end of town is hot right now. Gated communities, with water, power, and good roads network, not to mention security, is their priority, not really building their own house.

In fact, on the Lekki axis, there are tons and tons of unfinished estate development, targeted at the middle income bracket. Most of them were/are still package deals, with mortgage financing built in, and people were snapping them up before the banking crisis hit. Some of the more solvent banks are still doing tidy business in that sector till now. It's just that the market dynamics have changed right now. Even government is trying to get into the action by revamping the FMBN, and repackaging their housing fund.

SEFAGO:

I agree the kids there are American/britico wanna be.

If you go to some places you will think you are abroad

1) they steal our money (government officials)
2) Most work in ExxonMobil and Chevron Texaco and hold managemnet positions in these companies. They are also "expatriates"   , most of them studied abroad, then worked for sometime and then came back to Nigeria and are hired by MNC at disgusting amounts of money
3) They work in our failing banks in positions such capacities as MD/CEO
4) Old Money (Yes we have some of them in Nigeria who started the stealing and looting quite early such as the Ibrus and Abebes (Stella obasanjo family)

e.t.c

Yep inequality in Nigeria is just mind-boggling. Abeg you should return quickly and go and chop your own money. Nothing dey obodo-oyinbo that cannot be matched.

However have humility, and be friendly with everyone because you dont know who will help you.

CO-SIGN, u r definitely right on the Money!!!
That place is becoming another world, and the way you broke
down the SOCIAL - LADDER there is soooo trueeee!!!

evilspirit:

what is MNC?

MNC (Multi-National Corporation)

am sick and tired of fugazi nuccaz like bkbabe speaking on shytt they know nothing about i am something of a connoisseur of the waldorf astoria. this is my home turf. i know what happens in there. like i said, those prices are half of the waldorf astoria, http://www.frommers.com/destinations/newyorkcity/H31093.html check link

buzugee:

am sick and tired of fugazi nuccaz like bkbabe speaking on shytt they know nothing about i am something of a connoisseur of the waldorf astoria. this is my home turf. i know what happens in there. like i said, those prices are half of the waldorf astoria, http://www.frommers.com/destinations/newyorkcity/H31093.html check link

Cry yourself hoarse! Home Turf ur left nut!

He uses words like "fugazi nuccaz" and he expects us to believe he ever been anywhere near The Waldorf!

Dude, the closest uve been to The Waldorf is seeing King Jaffe Joffer entering it on Coming To America!

bk.babe97y:

Cry yourself hoarse! Home Turf your left nut!

He uses words like "fugazi nuccaz" and he expects us to believe he ever been anywhere near The Waldorf!

Dude, the closest uve been to The Waldorf is seeing King Jaffe Joffer entering it on Coming To America!

, Fcking slowpoke!!

bk.babe97y:

Cry yourself hoarse! Home Turf your left nut!

He uses words like "fugazi nuccaz" and he expects us to believe he ever been anywhere near The Waldorf!

Dude, the closest uve been to The Waldorf is seeing King Jaffe Joffer entering it on Coming To America!