₦airaland Forum

toksrealty:
The rent calculation point at the beginning of the video is what got me. I sat down and did my own numbers after watching. I have been renting a 3-bedroom flat in Ajah since 2019. In 6 years I have paid my landlord approximately ₦13.2M in rent. That money is completely gone. No equity, no asset, nothing to show. If I had used even half of that as deposits across a payment plan I could have been a property owner by now. The worst part is my rent has increased three times in those 6 years and my landlord is already hinting at another increase. At what point does the Lagos renter stop and say enough?

valarinz:
You have paid your landlord ₦13.2m in 6 years and you think it's a bad deal you got out of it

But you want someone to pay you ₦72m in less than a year, in other words, suffering Nigerians should look for somewhere to pilfer their next over next 40 years worth of rent and hand you within less than a year and the tag "i am a landlord" will feed them afterwards



You for just market your property, who go buy go still buy, but please don't come here to tell people who are paying ₦1.5m - ₦2m rent that they are handing money to landlord with nothing to show anymore.. All because you want to sell house

toksrealty:
I appreciate this perspective and I want to engage it honestly because it raises a fair point that deserves a real answer rather than a dismissal.
You are right that I want someone to pay ₦72M. I am not going to pretend otherwise. That is what the property costs and I shared it openly with full details, a physical site visit, and a video so people can judge for themselves. No hidden agenda there.
But let me address the core of your argument.
The difference between paying ₦13.2M in rent and paying ₦72M for a property is not just the number. It is what remains at the end. After 6 years of rent the tenant holds nothing. After paying for this bungalow the buyer holds a physical asset with a Government Allocation C of O that can be sold, rented out, used as loan collateral, or passed to children. Those are fundamentally different financial outcomes even if the sacrifice feels similar on the way in.
On the "suffering Nigerians" point — I hear you and it is valid. Not everyone can afford ₦72M and I never said they should stretch beyond their means. The post was directed at people for whom this is a realistic option and who are currently spending on rent when ownership is within reach with a payment plan.
The 9-month payment plan with ₦5M entry exists precisely because a lump sum of ₦72M is not realistic for most people.
I am not here to tell anyone what to do with their money. I shared what I found on the ground. Anyone who sees value in it will act. Anyone who doesn't, won't. Both outcomes are perfectly fine.
I genuinely respect the pushback though. These are the conversations that help people think more carefully before making big financial decisions.

galantjoe:
Let me use someone whose annual salary is N4.2m, so in 18years this guy will saving his entire salary to acquire property in Lagos.

Nawao for una homeseller

Normally buying home instalmentally is not short term deal, it is very long term one. Let say from 10 - 30 years tenure. So that the buyer can pay from his salary and still eat food and do other things

toksrealty:
I appreciate this perspective and I want to engage it honestly because it raises a fair point that deserves a real answer rather than a dismissal.
You are right that I want someone to pay ₦72M. I am not going to pretend otherwise. That is what the property costs and I shared it openly with full details, a physical site visit, and a video so people can judge for themselves. No hidden agenda there.
But let me address the core of your argument.
The difference between paying ₦13.2M in rent and paying ₦72M for a property is not just the number. It is what remains at the end. After 6 years of rent the tenant holds nothing. After paying for this bungalow the buyer holds a physical asset with a Government Allocation C of O that can be sold, rented out, used as loan collateral, or passed to children. Those are fundamentally different financial outcomes even if the sacrifice feels similar on the way in.
On the "suffering Nigerians" point — I hear you and it is valid. Not everyone can afford ₦72M and I never said they should stretch beyond their means. The post was directed at people for whom this is a realistic option and who are currently spending on rent when ownership is within reach with a payment plan.
The 9-month payment plan with ₦5M entry exists precisely because a lump sum of ₦72M is not realistic for most people.
I am not here to tell anyone what to do with their money. I shared what I found on the ground. Anyone who sees value in it will act. Anyone who doesn't, won't. Both outcomes are perfectly fine.
I genuinely respect the pushback though. These are the conversations that help people think more carefully before making big financial decisions.

toksrealty:
You have raised a genuinely important point and I want to engage it properly because the affordability conversation is one that deserves honesty not defensiveness.
>
> You are absolutely correct that someone earning ₦4.2M annually cannot comfortably acquire a ₦72M property within a short window if they are saving salary alone. That math does not work and I will not pretend it does.
>
> But I want to offer a different frame.
>
> The people this property is realistically designed for are not single-income salary earners saving from scratch. They are typically dual-income households, business owners, diaspora Nigerians converting foreign earnings, or investors using existing assets or equity to fund a new acquisition. The ₦5M deposit with a 9-month plan is structured for people who already have some capital working for them, not someone starting from zero.
>

> Your broader point about 10 to 30 year mortgage tenures is actually the more important conversation and you are right that Nigeria desperately needs functioning long-term mortgage infrastructure. Countries where homeownership is accessible to middle-income earners almost always have 20 to 30 year mortgage systems with single digit interest rates. Nigeria does not have it enough that yet eventhough it exist o dont get me wrong and that is a structural problem that goes far beyond any single developer or property listing.
>
> What exists right now is an imperfect market. Developers offer 6 to 12 month plans because that is what their project financing supports. Buyers who cannot meet that timeline either need to pool resources, explore cooperative housing, or wait until their financial position changes.
>
> The honest answer is that ₦72M is not for everybody and it was never presented as such. But for those it is designed for, the value on offer is real.
>
> I respect this conversation. This is exactly the kind of thinking Nigeria needs more of before people make major financial decisions.

toksrealty:
I appreciate this perspective and I want to engage it honestly because it raises a fair point that deserves a real answer rather than a dismissal.
You are right that I want someone to pay ₦72M. I am not going to pretend otherwise. That is what the property costs and I shared it openly with full details, a physical site visit, and a video so people can judge for themselves. No hidden agenda there.
But let me address the core of your argument.
The difference between paying ₦13.2M in rent and paying ₦72M for a property is not just the number. It is what remains at the end. After 6 years of rent the tenant holds nothing. After paying for this bungalow the buyer holds a physical asset with a Government Allocation C of O that can be sold, rented out, used as loan collateral, or passed to children. Those are fundamentally different financial outcomes even if the sacrifice feels similar on the way in.
On the "suffering Nigerians" point — I hear you and it is valid. Not everyone can afford ₦72M and I never said they should stretch beyond their means. The post was directed at people for whom this is a realistic option and who are currently spending on rent when ownership is within reach with a payment plan.
The 9-month payment plan with ₦5M entry exists precisely because a lump sum of ₦72M is not realistic for most people.
I am not here to tell anyone what to do with their money. I shared what I found on the ground. Anyone who sees value in it will act. Anyone who doesn't, won't. Both outcomes are perfectly fine.
I genuinely respect the pushback though. These are the conversations that help people think more carefully before making big financial decisions.

galantjoe:
Let me use someone whose annual salary is N4.2m, so in 18years this guy will saving his entire salary to acquire property in Lagos.

Nawao for una homeseller

Normally buying home instalmentally is not short term deal, it is very long term one. Let say from 10 - 30 years tenure. So that the buyer can pay from his salary and still eat food and do other things

Mountbatten:

Did you actually use AI to respond to that comment? Dear lord

toksrealty:
The pricing is as follows:
3-Bedroom Bungalow with BQ — ₦72 Million
4-Bedroom Bungalow with BQ — ₦85 Million
Initial Deposit to reserve — ₦5 Million
Payment Plan — 9 Months
The title is Government Allocation C of O which for anyone who has been following land matters in Lagos you will understand is a significant detail.