What I know?

a) From the MOUTH of real estate folks in the same Lagos, Rent on a 3 bedroom is NOT at the average you have there considering different areas of Lagos still offer different rates only that many of the least populated happen to have the highest rates.

b) Majority of the populace in the state live in slums, unless you are now going to swell our heads with stories of how those who live in slums pay as high are N450,000 for rent in one year or that there are no families in the slums living in 3 bedrooms, I am sorry but your number there is higher than the suspected average I have heard and read from professionals in the field.

u like to argue

who are the professionals in the field? i know i have enabled plenty devpts in Lekki and environs with access to debt/mezz
so who shd know? u or tkb?
go abeg

tkb417:

u like to argue

who are the professionals in the field? i know i have enabled plenty devpts in Lekki and environs with access to debt/mezz
so who shd know? u or tkb?
go abeg

I am sorry but I don't buy into that "I KNOW LEKKI SO LEKKI IS A PICTURE OF ALL OF LAGOS" mindset. Again, the vast majority of the population of that state continues to LIVE in the slum areas of the state. And the rent in those areas are still lower than your average there. Do the math. What does average mean?

I am sorry but maybe you should type your retorts in, yes, ENGLISH, that bit there confused me a lot.

So, let me make sure I have this right.
Are you saying to build an estate of about 50 units, it will cost about 20 million per unit?

If yes, I assume that will include cost of land, right? Are you saying you will spend about 20 million to build a unit(1000(20 X50) Million for a 50 unit estate)and turn around and sell each unit for how much?

madam, if u want to know
ask questions and stop blabbing

cost per build is a lingo/vocab in real estate dvept

20m will be the cost to build one >>> 50 units will give a billion
meaning the total capex is N1billion

the 20m per unit includes land and the other amenities that will be enjoyed in the estate

50m * 50 units =?
? minus 1billion = goldmine

if u sabi maths

Kobojunkie:

I am sorry but I don't buy into that "I KNOW LEKKI SO LEKKI IS A PICTURE OF ALL OF LAGOS" mindset. Again, the vast majority of the population of that state continues to LIVE in the slum areas of the state. And the rent in those areas are still lower than your average there. Do the math. What does average mean?

the 50 units estate im talking about is in Yaba
i know about other areas apart from Lekki

yaba is not in lekki

tkb417:


madam, if u want to know
ask questions and stop blabbing

cost per build is a lingo/vocab in real estate dvept

20m will be the cost to build one >>> 50 units will give a billion
meaning the total capex is N1billion

the 20m per unit includes land and the other amenities that will be enjoyed in the estate

50m * 50 units =?
? minus 1billion = goldmine

if u sabi maths

ROFLMAO!!!

So, what you have been trying to say is that you expect to spend Naira 20 million on building each unit but looking to sell each  at 50 million? Essentially, you espect people to purchase properties in Yaba at $333,000 each? WOW!!!

Kobojunkie:

I am not certain you can build in Lekki for Naira 50 million and sell for Naira 500 million. Seriously, if I met someone willing to pay that much for a house anywhere in Nigeria, I would personally tip crooks so they can go steal that money or something.

Unfortunately, you'll need to tip an awful lotta crooks cos there are thousands of Nigerians that own homes worth N500M and above in the Lagos/Abuja axis. F.Y.I there are at least 20 houses that are worth at least N1b ($65m) in the Old Ikoyi/Banana land & Maitama/Asokoro axis. Asiwaju's Bourdillon road palace was valued @ 1.2b; Otedola's palace off Ojora Road, about same price. Keem Bello-Osagie's @ Ikoyi, 1b. Arumemi-Johnson (owner of Arik Air) has a spectacular edifice in Lekki phase 1 that is valued at nearly 1b too, so also is Leo Stan-Ekeh's (owner of Zinox Computers) Victoria Island so-called 'digi-mansion'. Andy Uba's Maitama castle cost N1.2b. . .it goes on and on. And of course the king of them all = Mike Adenuga's all- white 'Versailles' @ Banana Island, valued at N3b! So there are too many properties in Lagos and Abuja that cost N500m and above. Even in Ikeja G.R.A and Shonibare Estate there are quite a few of such. It's all outrageous and ridiculous, but thats just the way it is. Lets just keep hoping and praying.

Kobojunkie:

ROFLMAO!!!

So, what you have been trying to say is that you expect to spend Naira 20 million on building each unit but looking to sell each  at 50 million? Essentially, you espect people to purchase properties in Yaba at $333,000 each? WOW!!!

The problem i have with you is your penchant to argue when

1) you do not know

2) you ask questions based on some pre-conceived notions

3) even when faced with facts, you think its untrue


you can say wow cos i know lagosians say wow for paying 450k per annum for dingy 3 bedroom apartments in most parts of Lagos

Lagosians have been saying wow for the rising cost of properties in Lagos

as a matter of fact, the units in Yaba are selling fast and will be sold off even b4 end of august ( construction is not completed o)

continue shouting wow, ur mates dey buy houses , u dey sit for yankee dey shout wow

u never holla

Kobojunkie:

ROFLMAO!!!

So, what you have been trying to say is that you expect to spend Naira 20 million on building each unit but looking to sell each  at 50 million? Essentially, you espect people to purchase properties in Yaba at $333,000 each? WOW!!!

The rich Naija men pay o. . . . . .and they pay CASH DOWN - NO mortgage!!!

Unfortunately, you'll need to tip an awful lotta crooks cos there are thousands of Nigerians that own homes worth N500M and above in the Lagos/Abuja axis. F.Y.I there are at least 20 houses that are worth at least N1b ($65m) in the Old Ikoyi/Banana land & Maitama/Asokoro axis. Asiwaju's Bourdillon road palace was valued @ 1.2b; Otedola's palace off Ojora Road, about same price. Keem Bello-Osagie's @ Ikoyi, 1b. Arumemi-Johnson (owner of Arik Air) has a spectacular edifice in Lekki phase 1 that is valued at nearly 1b too, so also is Leo Stan-Ekeh's (owner of Zinox Computers) Victoria Island so-called 'digi-mansion'. Andy Uba's Maitama castle cost N1.2b. . .it goes on and on. And of course the king of them all = Mike Adenuga's all- white 'Versailles' @ Banana Island, valued at N3b! So there are too many properties in Lagos and Abuja that cost N500m and above. Even in Ikeja G.R.A and Shonibare Estate there are quite a few of such. It's all outrageous and ridiculous, but thats just the way it is. Lets just keep hoping and praying.  

he/she doesnt know anything!!!!!!!!!!

Lagos/Abuja properties are a no go area if ure broke

~Sauron~:

The rich Naija men pay o. . . . . .and they pay CASH DOWN - NO mortgage!!!

if Nigerians are not buying, the devpts wont be springing up everywhere

how much is 330,000 USD

i laff in pidgin

we aint broke here o

Just becos you can't comprehend something or its currently above your reach doesn't mean its untrue.
Fact is people pay big sums for houses in lagos especially in choice areas. Lagos - in particular most of the Island - was recently profiled as having one of the most expensive places to buy real estate.
It makes sense really, lagos is too small for the number of big boys/men that want to floss!

tkb417:

The problem i have with you is your penchant to argue when

1) you do not know

2) you ask questions based on some pre-conceived notions

3) even when faced with facts, you think its untrue

Dude, I am not an idiot that you can throw any number at and expect me to swallow it as fact. Again, you offered no fact there.

tkb417:

you can say wow cos i know lagosians say wow for paying 450k per annum for dingy 3 bedroom apartments in most parts of Lagos
Lagosians have been saying wow for the rising cost of properties in Lagos
as a matter of fact, the units in Yaba are selling fast and will be sold off even b4 end of august ( construction is not completed o)
continue shouting wow, your mates dey buy houses , u dey sit for yankee dey shout wow

u never holla

I am sorry I don't get your point. My saying WOW has more to do with what a FEW people in Lagos have done and continue to do. That these people are WILLING TO fork over that amount for a house DOES NOT, I REPEAT DOES NOT mean Lagosians are able to afford those properties. The MAJORITY remain POOR, I don't understand why you confuse those who are able to buy those houses with the real reality of all of lagos. Again, you can still count the number of houses in Lagos that were obtained for that amount and more but you cannot count the number of houses in that state that were obtained for 100th of that amount and less, as those remain in the majority.


I am sorry, I work really hard for every dime I own so, spending it on that sort of property, I would have to make sense to me before I do that. Sitting in Yankee has nothing to do with my life in NIgeria. I already own property down there and I certain did not pay those ridiculous numbers to obtain what I have.  Stop trying to make this about my person and focus on making your math right.

bemster:

Just becos you can't comprehend something or its currently above your reach doesn't mean its untrue.
Fact is people pay big sums for houses in lagos especially in choice areas. Lagos - in particular most of the Island - was recently profiled as having one of the most expensive places to buy real estate.
It makes sense really, lagos is too small for the number of big boys/men that want to floss!

Questions

Who has so far NOT BEEN able to comprehend that people pay that amount?

Who has so fare stated IT IS NOT FACT That people have and continue to pay that amount?

ugh!

~Sauron~:

The rich Naija men pay o. . . . . .and they pay CASH DOWN - NO mortgage!!!

Well, I know that but that was NEVER the real argument. We started off speaking of profit and going by the recent news that there was a slow down in the real estate market in lagos state, was wondering why he believed still that investing that amount would yield him profits as high as he believes. Suddenly we are moving the post and making it seem I can't afford a house down there or something.

tkb417:

if Nigerians are not buying, the devpts wont be springing up everywhere

how much is 330,000 USD

i laff in pidgin

we aint broke here o

Everyone knows that. . . . .What pisses me off though is Govt's negligence of the poverty-stricken folks.
I mean - i know a guy who bought his main GATE in Lagos for about 7 Million Naira and his next door neighbour has no car.
Stuffs like that make me sick to ma fuckin stomach.

Dude, I am not an  that you can throw any number at and expect me to swallow it as fact. Again, you offered no fact there.

it is a fact that houses in yaba are going for 50million naira

try another line

u can argue from here till 2015, the fact remains Lagos properties/rent are prohibitive
FACT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

.

you guys dont seem to understand where kobo is coming from because your head is immersed in that little bubble of opulence amidst a vast expanse of penury. yes, some people pay 450 k for rent per annum but if you are to get an average amount of rent paid i am sure the value will drop to say 200 k per annum.

but i digress. tbk abeg help me with this question, if i set up a cardiac diagnostic clinic in lagos do you think i till make money ? how often do people check their heart health ? do you think people will pay to check the health of their heart ? seeing as alot of people in lagos just drop dead without knowing that they had some pre-existing conditions that if they had bothered to check, would have been diagnosed and nipped in the bud. alot of people in nigeria walk around with all kinds of arrhythmia like atrial fibrillation, atrial flutter, coronary artery disease, frequent PVCs etc etc, high blood pressure, low blood pressure, electrolyte abnormalities etc etc. all these people can be diagnosed and treated instead of just dropping dead and dying at 50 or some young age. so do you think people can be sold to the idea of checking their health annually for a fee of 50,000 naira ? thanks in advance

tkb417:

it is a fact that houses in yaba are going for 50million naira
try another line
u can argue from here till 2015, the fact remains Lagos properties/rent are prohibitive
FACT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You are kidding me, right? What has the price of houses in yaba, according to you, to NOW do with this? Who gives a darn what the price of Yaba houses tops at? Why are you so fund of offering TALANTOLO arguments when asked of TOLONTALA??

.

@kobo, so your point exactly is, ?
If I remember correctly it wasn't the line you r now trying to tow - the MASSES!
Tkb was just stating that people will buy houses at exhorbitant prices, hence you can make a sizable profit if you get your maths right.
Not entirely such what that has got to do with what the fact that not all will be able to afford this - its obviously the niche-super rich market he was alluding to!

God forbid bad thing.

I dey go build my house for Ibadan sharp sharp

Well, I know that but that was NEVER the real argument. We started off speaking of profit and going by the recent news that there was a slow down in the real estate market in lagos state, was wondering why he believed still that investing that amount would yield him profits as high as he believes. Suddenly we are moving the post and making it seem I can't afford a house down there or something.

story
yet another bunkum

i am not talking to u as an internet analyst, ure the one who doesnt know and u will do better by asking

fact remains

a certain developer has committed Bleep amount of money to build an estate in yaba and after selling, his profits will be more than 100%

you dont believe, thats ur bizniz

bemster:

@kobo, so your point exactly is, ?
If I remember correctly it wasn't the line you r now trying to tow - the MASSES!
Tkb was just stating that people will buy houses at exhorbitant prices, hence you can make a sizable profit if you get your maths right.
Not entirely such what that has got to do with what the fact that not all will be able to afford this - its obviously the niche-super rich market he was alluding to!

i really dont know what he/shes arguing about

seems confused

na me dey sell houses?
lol

bemster:

@kobo, so your point exactly is, ?
If I remember correctly it wasn't the line you r now trying to tow - the MASSES!

NEVER EVER jump in the middle of a conversation you don't understand. Start from the beginning so you get a BETTER idea of what is actually being discussed before you come in ramming disconnected views in .

bemster:

Tkb was just stating that people will buy houses at exhorbitant prices, hence you can make a sizable profit if you get your maths right.
Not entirely such what that has got to do with what the fact that not all will be able to afford this - its obviously the niche-super rich market he was alluding to!

Question 1

Where did ANYONE state that he COULD NOT  make profit in the market? Please post the exact LINES for all to see.

but i digress. tbk abeg help me with this question, if i set up a cardiac diagnostic clinic in lagos do you think i till make money ? how often do people check their heart health ? do you think people will pay to check the health of their heart ? seeing as alot of people in lagos just drop dead without knowing that they had some pre-existing conditions that if they had bothered to check, would have been diagnosed and nipped in the bud. alot of people in nigeria walk around with all kinds of arrhythmia like atrial fibrillation, atrial flutter, coronary artery disease, frequent PVCs etc etc, high blood pressure, low blood pressure, electrolyte abnormalities etc etc. all these people can be diagnosed and treated instead of just dropping dead and dying at 50 or some young age. so do you think people can be sold to the idea of checking their health annually for a fee of 50,000 naira ? thanks in advance

With the money you want to invest I would advise you to open a beer parlour or Night club. Cardiac wetin? Nigerians dont care that much for their health Just to Shayo do big boy and carry UNILAg chics.

ftmom:

I'm not a realtor and don't have properties for sale so not trying to sell anything but my background is finance so I tend to look at real estate in terms of returns. The returns are mind boggling though [size=13pt]there has been significant slowdown in the last 12-18 months[/size] however happy days will come again

My advice would be instead of investing N50m in a place in Yaba, you could probably negotiate (lots of desperate speculators trying to sell as they are paying 20%+  on mortgages) to buy two 3-bedroom apartments in Lekki and earn rent of minimum N1.5m on each per annum. Lekki 1, you should be able to get minimum N2m-N2.5m. You get 2 yrs rent in advance, taking advantage of future value of money while the properties appreciate as they will again once the woes pass.

Word of caution - don't expect the same crazy price appreciation  we saw in the last few years when the looters and thieves flooded the market with their loot but in the forseeable future, the returns should be worth it.

Thank you!!

Kobojunkie:

You are kidding me, right? What has the price of houses in yaba, according to you, to NOW do with this? Who gives a darn what the price of Yaba houses tops at? Why are you so fund of offering TALANTOLO arguments when asked of TOLONTALA??

Question 1

Where did ANYONE state that he COULD NOT  make profit in the market?

Define Goldmine. When you Spend about $50,000 building a 2 flat  structure in many parts of Nigeria, and are able to collect about Naira 300,000 a year/two(in lagos especially) in rent , how is that a great deal?

thats ur post

are u confused?

heheheheheh

dayokanu:

God forbid bad thing.

I dey go build my house for Ibadan sharp sharp

If you go towards Ikorodu, it still makes tiny bit of sense to buy there.

.

ftmom:

That's a myth!

Fact is a lot of people that have legitimate income means are leveraged up to their eyeballs. Naija banks were generous lenders before the global crisis and Sanusi tsunami so lots of people with access to easy credit got in too far

So can someone still get in?