₦airaland Forum

Westbury?

Another colomentality naming!

Chii59:
I want a small outdoors wedding.
Not more than 50 people.
No selling of asoebi or whatever.
Everything under budget.
But don't joke with the ring. I want a quality ring to last me at 15 years before getting a new one.

Sensible girl.

DEXTROVERT:
My wife's wedding gown
Rented It at 17k
she wore it for 2hrs
And that's all
imagine that.

I thank
God
it was during corona
so the total money spent for the wedding was 37k..

Absolutely great day of your life.

You did not waste your comfort and children's inheritance.

Baybii:
Can't you resell some things? Like the gown. If you feel you wasted so much money. I'm sure a gown of that price would still be good enough to fetch you some money.

No 1: You have to find other women of the same size and maybe body shape.

No 2: Reduce that population to those that want that particular dress.

No 3: Further reduce it to those that are willing to buy second hand/bend down clothes for their wedding day.

No 4: You are unlikely to reap more than 40% of your purchase price back despite all this effort.

It just does not make sense to waste so much money from the start.

Sam Adeyemi has private jet?

habaabj:
It wasn't name after anyone.

So the naming is evidence of our society's severe colomentality?

habaabj:
A well sophisticated estate located in the heart of Lekki Lagos.

Who is it named after?

N1m ($2.5k) fine for people trying to smuggle $890K out?

You can tell that the Justice Sani has been bribed and is a crook.

Why would they not continue breaking the law?

They know if they are caught, they will only get a slap on the wrist after seeing our crooked judges.

Where is the luxury?

Who is Milton?

What is with this serious colomentality disease Nigerians have?

24SEVEN:
Edo state no get oil, yet they sited NPDC head quarters there. What happened to Rivers or Bayelsa. Bayelsa has history as the first oil producing state in Nigeria. Port Harcourt is Nigeria's oil capital. It's Unfair.

Foolish, local, poor education mentality.

Offices of an Oil and Gas company does not have to be in a region or state where oil is extracted.

Which "Queen"?

This is virtually £1m?

What is the owner smoking to think people will pay that much for this bug-standard thing?

Or this is just the Chalet part of it?

ethicallyright:
A business mogul should be in a smart skyscraper in the daytime thinking about the stock market and interest of his investors if he runs a public corporation or balance of payment if he runs a private firm.

At night, a Nigerian business mogul should be worried about the consistent degradation of the Naira when compared to the US dollars. If he should spray some worthless banknotes it should be done formally to a charity organization to force a tax cut.

Instagram whatever and the rest are the hallmark of overpaid entertainers who have a point to proof to their numerous concubines.

Nigerian yoots will call someone who has no idea what a balanced sheet is, what is IRR or NPV and who does not run any company professionally, a "business mogul".

Just post pictures of yourself in a private jet, wearing rolex wristwatch, drinking Moet, spraying money and claiming you have "several profitable investments" and our useless yoots would call you "business mogul".

........................................................Until EFCC or FBI come to carry you.

$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!

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.

Made4naijaceo:
Nigerian billionaire business mogul, E-Money has shown off gold plated interiors of his multimillion naira mansion.

The 39-year-old handsome, South-Eastern businessman shared a short video that captured mind blowing views of his living and dining rooms.

Watch video below

The day I see how yoots stop being incredibly foolish and then have an understanding of what a "business mogul" means, then I will know our education is recovering from its shit level.

jrusky:
Zombies goat noted. Pls mr idiot Soyinka advocate tell us where your client his and what happpened to him.

You are in severe pain and you will die of the pain gor sure because truth boiled you up.

I don't give a bleep what the hell is happening to your client but everyone that participated in putting Nigeria on his knee even to a point a village countries like Ghana and Togo turned Nigeria to a child play will not go unpunish.

And for you mr dumbass nonentity just shut da fu ck and suck sewage tank.

Low IQ, show some sense by going to do research!

You are not allowed to be this freely dumb!

jrusky:
Pls where is that same Soyinka now? He stood against Etteh N628M then whoch is commendable but today we no longer talk in Million loot but in Billions and yet the overvrown, bushy hair haircutting machine allegy hair man never say a word.

If your daft, low IQ ass could research and read, then you will know why you don't hear frequently from him again.

Dumb Nigerian yoot!

Ashawo-Crook Madam!

May you rot in hell soon.

Open your legs to get to the top and as part of ritual, only to get there and try to loot.

ASHI!

OLE!

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.

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.

$45, 000 for this pile of shithole junk?

What are they smoking?

FrLukas:
You aren't aware that your land was once a colony of Great Britain? Or you don't understand the meaning of colonization?

When did China become, or was, Great Britain?