Oh! Oh!! Oh!!!

Just watched the first video - utterly disgusting how the workers were half submerged in the drains, combing through it without gloves or protective clothing.

I found the ending bit of the first video hard to follow with all that shouting and yelling. Who did the angry man in the white gown represent? The peeved tenants? Or the incompetent landlord(s)?

EfemenaXY:
Oh! Oh!! Oh!!!

Just watched the first video - utterly disgusting how the workers were half submerged in the drains, combing throug it without gloves or protective clothing.

I found the ending bit of the first video hard to follow with all that shouting and yelling. Who did the angry man in the white gown represent? The peeved tenants? Or the incompetent landlord(s)?

He represented the fraud called Richard Nyong who owns (or is the front for) Lekki Gardens Estate.

That is the quality of property one gets in Nigeria for £100K.

Over-priced junk!

Those people you are seeing have lost their money/investment.

^^ No, not 100k. 500k more like. One of the guys in that video said he paid ^1/2 a million Naira for his property there.

The problem with our people at the receiving end of injustice is that they're reluctant to speak out even when oppressed. Probably because they either don't know their rights or the justice system is broken. I mean how can one pay so much money to purchase a piece of property, and the deal made at the point of sale was for the buyer to receive the deeds in 4 weeks time - yet 6 to 9 months later, no sign of it and the buyer questions whether or not to take the matter to the EFCC? What's the hesitation for? Or them wondering if the "delay" is due to some credit agreement the landlord(s) entered into with a third party? How / why should that be of any concern to them?

Smh.

EfemenaXY:
^^ No, not 100k. 500k more like. One of the guys in that video said he paid ^1/2 a million Naira for his property there.

The problem with our people at the receiving end of injustice is that they're reluctant to speak out even when oppressed. Probably because they either don't know their rights or the justice system is broken. I mean how can one pay so much money to purchase a piece of property, and the deal made at the point of sale was for the buyer to receive the deeds in 4 weeks time - yet 6 to 9 months later, no sign of it and the buyer questions whether or not to take the matter to the EFCC? What's the hesitation for? Or them wondering if the "delay" is due to some credit agreement the landlord(s) entered into with a third party? How / why should that be of any concern to them?

Smh.

1/2 a million Naira?

That is like £2K.

I doubt anyone would buy a flat in Lekki for N500m. If these peoples paid that amount for those flats/semi detached houses, then I would agitate they are all lined up and shot like it was done in Srebrenica.

For that, I would gladly say "fck their human rights"!

The 1/2 a million Naira was payment to obtain his CofO/Deed of Assignment. Basically documents to prove he owns the place.

The payment for the house is different.

Imagine these people would also be paying "Service Charges" that would exceed £500 per year to live in this junk and open sewers o.

^ Suffering and Smiling

Sagamite:

1/2 a million Naira?
That is like £2K.
I doubt anyone would buy a flat in Lekki for N500m. If these peoples paid that amount for those flats/semi detached houses, then I would agitate they are all lined up and shot like it was done in Srebrenica.
For that, I would gladly say "fck their human rights"!
The 1/2 a million Naira was payment to obtain his CofO/Deed of Assignment. Basically documents to prove he owns the place.
The payment for the house is different.
Imagine these people would also be paying "Service Charges" that would exceed £500 per year to live in this junk and open sewers o.

Hang on, this doesn't make much sense to me. Why would obtaining the Deed of Assignment cost more than the property itself? That means nothing less than N600K was spent - excluding the additional costs they've been forced to shell out for.

And for 100K, abeg I think they got a good deal. I'm not very conversant with Lagos environs, but isn't Lekki a high brow area? And if it is, then the landlords must have spent well over 100k per unit. The iron rods alone used must have cost a bob or two.

Electricity: the lady in that video claims they spend nearly N50K (monthly?). So in two months they've paid the equivalent of the unit itself...

EfemenaXY:


Hang on, this doesn't make much sense to me. Why would obtaining the Deed of Assignment cost more than the property itself? That means nothing less than N600K was spent - excluding the additional costs they've been forced to shell out for.

And for 100K, abeg I think they got a good deal. I'm not very conversant with Lagos environs, but isn't Lekki a high brow area? And if it is, then the landlords must have spent well over 100k per unit. The iron rods alone used must have cost a bob or two.

Electricity: the lady in that video claims they spend nearly N50K (monthly?). So in two months they've paid the equivalent of the unit itself...

You are getting this all wrong.

There is no house in Nigeria you can buy for N100K (£400).

The houses cost around N26m to N35m. Roughly £100,000.

To get the Deed of Assignment, they paid another N500K. Roughly £2,000.

Electricity cost is about N50K per month. Roughly £200.

I am using the old exchange rate of £1 = N250 because the video clip is old.

Sagamite:
This is what some Nigerians went to pay £100K+ for, to an incompetent, crooked quack called Richard Nyong.


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


https://www.youtube.com/watch?v=8ku3h_QCl9Y

My God

And every other day you hear these mofos on the radio

oyb:


My God

And every other day you hear these mofos on the radio

Share the videos on Facebook.

Share the videos on Twitter.

Share the videos on Instagram.

Share it and spread the word.

I can't stand the moronic quacks like Richard Nyong that want to get rich overnight with minimum effort and incompetent work.

Typical Nigerian.

http://www.societynowng.com/Wealthy-Real-Estate-Player-Richard-Nyong-Contracts-Round-The-Clock-Protection-From-Clients-Angst

Now look at the junk written by one hungry cretin called "AZUH AMATUS" about this fraud:

Unknown to many, the billionaire property mogul behind Lekki Gardens, one of the most talked about names in the real estate sector, Richard Nyong is just 34 years old.

Nyong, who likes doing things the old way is a graduate of Economics from the University of Port Harcourt.

Surprisingly, despite the huge success he has recorded, Nyong has no formal education in the money spinning sector, where he plays big and dictates the pace.

Nyong, who sits on the board of several blue chip companies, is also a proud product of Pastor Sam Adeyemi’s Daystar Leadership Academy.

With over a decade experience in the real estate sector, Nyong’s multibillion dollar Lekki Gardens Estate Limited, also consults, develops and manages prime property for a wide range of clientele.

Aside the popular Lekki Gardens, Nyong is also the brain behind Ikoyi Gardens, Mainland Gardens, Port Harcourt Gardens and Richards Court estates.

Nyong, who believes so much in corporate social responsibility, stated that his business is a major employer of labour and has provided employment to thousands of people directly and indirectly.

Nyong’s dream is to provide affordable and quality housing to Nigerians, because according to him, real estate is the biggest expense facing any family’s income.

No wonder Lekki Gardens is going places and repositioning the real estate sector in Nigeria.

http://www.daylight.ng/meet-richard-nyong-the-34-year-old-nigerian-behind-lekki-gardens/

Hungry cretins like Azuh Amatus would write whatever you want for food in their belly.

While this crook is getting people unlawfully arrested:

http://www.vanguardngr.com/2014/10/businessman-sues-ig-others-unlawful-detention/

He is likely a front for some crooks:

http://www.topcelebritiesng.com/richard-nyong-denies-ex-gov-godswill-akpabio/

Where in the UK is this? I want to send a cheque

Sagamite:


You are getting this all wrong.

There is no house in Nigeria you can buy for N100K (£400).

The houses cost around N26m to N35m. Roughly £100,000.

To get the Deed of Assignment, they paid another N500K. Roughly £2,000.

Electricity cost is about N50K per month. Roughly £200.

I am using the old exchange rate of £1 = N250 because the video clip is old.

Ah! I get you now - thanks

phoenix480:
@Sagamite
Some of the facts you have stated cannot be argued with. Nevertheless, some of those theories (e.g. Demand and Supply) does not work in parts of Nigeria. And this Real estate bubble people have been mentioning for years, I am yet to see any. There have been prediction of prices crashing in places like Banana Island as early as 5 years ago, yet guess what happened...The land reclamation in places like Osborne Ikoyi is baffling despite the relatively high vacancy rate on the Island. I know of someone who spent over N150million reclaiming land in Osborne Forshore but recently rejected an offer of over N500million.
From my personal experience, since I took the plunge in investing in Nigeria's real estate, the returns have been impressive (albeit the unorderly business terrain).I have invested in a UK property several years ago so I can make a decent comparison on both sides.
Anyway at the end of the day, depending on each person's objectives: different strokes for different folks...

I remember a time when people in the West (especially the US) thought properties were the best investment and the only way the investment would go was "UP". So they saw it "a no-brainer investment". Many made a killing until it came crashing.

Some few spotted this groupthink and the risk.

A movie has just been made about it.


https://www.youtube.com/watch?v=GWMemC0AArs

@Sagamite
This takes me back to a real estate investment club "Inside Track" seminar I attend several years ago in the UK. This was what ignited my interest in real estate - the facts were just too good. Buying discounted Buy-to-let properties with guaranteed tenants, with little to no deposit, and the property doubling in price every 7-8 years. Truth be told, the only reason I didn't invest was because I was a student at the time.

I just did a google search now on the same investment club, only to realise they have closed up due to bankruptcy during the 2008 crisis.

All that glitters is not gold...

phoenix480:
@Sagamite
This takes me back to a real estate investment club "Inside Track" seminar I attend several years ago in the UK. This was what ignited my interest in real estate - the facts were just too good. Buying discounted Buy-to-let properties with guaranteed tenants, with little to no deposit, and the property doubling in price every 7-8 years. Truth be told, the only reason I didn't invest was because I was a student at the time.

I just did a google search now on the same investment club, only to realise they have closed up due to bankruptcy during the 2008 crisis.

All that glitters is not gold...

You too dey see?

That is one of the tools of the groupthink and hype that leads to bubbles.

They too have busted with their 'too good and easy to be true' investment.

As I said, make una no believe all that hype and utter misinformation by layman experts that Naija properties in highbrow areas would rent for thousands of dollars and you will just be rich and drunk on dollars.

There is a complete oversupply for that upper market that the demand cannot match.

By coincidence, exactly what I was telling you guys on this thread 5 days ago, Al Jazeera did a piece on saying exactly the same thing 2 days after I stated so:


https://www.youtube.com/watch?v=pViOW9RfJaw

They even mentioned the same 2% I mentioned.

How can (guessing here) over 50% of the decent housing stock be aimed at only 2% of the population to buy and can only be rented by these 2% and you don't see a bubble?

How many houses can the 2% live in at the same time? How many expatriates are companies bringing in?

Nigerian property market is a baba nla big bubble waiting to happen. A price correction WILL happen.

I actually spent my Xmas with some people who live in Abuja and they were telling me how many posh houses and flats are always empty in Abuja.

Most things in Nigeria are stupidly expensive apart from labour
Even food! 4 plaintains is N250 and a Kg of chicken is N700

As you said sagamite, there are heaps of empty mansions in Abuja.
Many have been on the market for years

It will burst, its just a matter of time, especially land and properties at the higher end of the market.

And now that Oga on top is making things difficult, and with BVN, there is not that much cash floating around and as blatantly spent as before.

@phoenix480 I also heard the statement that property doubles every 8 years, however its not true. . . . Unless you are buying ex council discounted property sha.
Buy to let is not that easy too. There is some money to be made, but massive gains are only most likely to be made by Shylock landlords with large portfolios and who do this as a main job.
We have just gotten rid of a bad tenant and It was only God that gave us a sympathetic judge or it could have gone terribly wrong.

I was listenng to the radio in Abuja last month and a lady was advertising some property company in the USA. She was making it look so easy and with so much profit to be made. She said houses started from 3 million naira or something and they will remit the hundreds of thousands of naira for rent back to the landlords in Naija. I just smiled. No mention of bills, taxes, maintenance or rent arrears. False promises!!

tearoses:
Most things in Nigeria are stupidly expensive apart from labour
Even food! 4 plaintains is N250 and a Kg of chicken is N700

As you said sagamite, there are heaps of empty mansions in Abuja.
Many have been on the market for years

It will burst, its just a matter of time, especially land and properties at the higher end of the market.

And now that Oga on top is making things difficult, and with BVN, there is not that much cash floating around and as blatantly spent as before.

@phoenix480 I also heard the statement that property doubles every 8 years, however its not true. . . . Unless you are buying ex council discounted property sha.
Buy to let is not that easy too. There is some money to be made, but massive gains are only most likely to be made by Shylock landlords with large portfolios and who do this as a main job.
We have just gotten rid of a bad tenant and It was only God that gave us a sympathetic judge or it could have gone terribly wrong.

I was listenng to the radio in Abuja last month and a lady was advertising some property company in the USA. She was making it look so easy and with so much profit to be made. She said houses started from 3 million naira or something and they will remit the hundreds of thousands of naira for rent back to the landlords in Naija. I just smiled. No mention of bills, taxes, maintenance or rent arrears. False promises!!

Most of the properties are owned by crooked public officials through bogus companies or fronts. Once the heat is on them or BVN has trapped their money, they might decide to sell or rent because they need the money or because they want to hide the money.

This is already happening:

http://royaltimes.net/icpc-probe-super-rich-civil-servants-rush-to-sell-houses/

We are just not yet seeing the impact on prices because some owners of the houses are still in denial they will have to reduce the prices (and probably make a loss).

Fashola would surely look at land prices and cost of building to deliver on his housing responsibilities. If this leads to reduction in cost of building, new houses that are cheaper to build would come into the market at lower prices, plus volume of new builds would be high, hence forcing the over-priced older ones to reduce price.

If roads are good and trains can be built, it would exacerbate the price crash.

Afterall, without the good roads, trains and tube, many living in Esher, Weybridge, Rickmansworth etc would all be fighting to live in Knightsbridge, Mayfair, Kensington and Westminster. And those places would even be more expensive.

Even those living in Milton Keynes, Chatham, Croydon etc would be fighting to live in Hackney and Peckham.

Good infrastructure would spread things out and reduce prices.

If this government half performs, things will change. Many holding the properties will lose like a murrafucker.

Sagamite its not just only that
Naija houses are also just too big
Gone are the days of having 6 kids
These days people are having one or two kids and calling it a day.
All those huge 6 bed, 7 bathroom mansions are of no use and will stop being popular in due course.
The bigger the house, the bigger the maintenance bill.

And after the floods that we have seen here in the UK these past few weeks
I am not even sure that these 50million lands in Lekki are actually even worth a tenth of that.

tearoses:
Sagamite its not just only that
Naija houses are also just too big
Gone are the days of having 6 kids
These days people are having one or two kids and calling it a day.
All those huge 6 bed, 7 bathroom mansions are of no use and will stop being popular in due course.
The bigger the house, the bigger the maintenance bill.

And after the floods that we have seen here in the UK these past few weeks
I am not even sure that these 50million lands in Lekki are actually even worth a tenth of that.

Actually most of the apartments (mainly flats) being built now have 3 bedrooms or less.

Even houses being built rarely exceed 5 bedrooms except it is some money-miss-road person is the owner.

I think considering the lack of style, plan and brain exhibited in the Nigerian house I posted on this thread, one can guess it is owned by some money-miss-road person.

So I think the stock of 6-8 bedrooms would not really exceed demand.

As for Lekki, the land is fcking overpriced. And it has the most over-priced housing stock in Lagos bar the flats in Ikoyi and VI.

Once Eko Atlantic City is finished, Lekki folks will be the biggest losers. That is when the N4m to N6m a year earners will be able to state their rightful rental claims there.

See what Nigerians are advertising for £3.3m ($5m).

Look at the poor worksmanship of the lift, the pathetic mini-tennis court, the algae in the jacuzzi, the cheap kitchen cupboards and so on.

Brand New Exquisitely Finished 7 Bedrooms Duplex 2 Bedroom Guests Chalet And 2 Rooms Boys Quarters

[quote author=Nicklee post=41244515]The Nigerian bubble is going to burst much sooner than later. At an average $110/bbl of oil, Nigeria was awash with petrodollars and combined with misappropriation (corruption, etc) fuelled the current real estate bubble we are seeing. At $36/bbl of oil and the subsequent cash crunch, it is difficult to see how the present economy can sustain Nigeria's overinflated housing market without a significant correction. I think all the available data point to some form of corrections that will begin in 2016.[/quot


So apt..

[quote author=kafeii123 post=48963651][/quote]


Very correct analysis

Ahhh good old times on Nairaland

So after some years what are the prices of these two....