Media personality Frank Edoho has criticise the high cost of properties in Lagos, describing the city’s real estate market as armed robbery and questioning the affordability of luxury homes amid Nigeria’s economic challenges.
Edoho made the remarks during an appearance on The KK Show, where he argued that the prices of upscale properties in Lagos are disproportionate to the country’s economic realities and existing infrastructure.
The broadcaster compared the cost of luxury homes in Lagos with properties abroad, claiming that some mansions in the city are priced almost as high as an island reportedly owned by Hollywood actor Leonardo DiCaprio.
“Lagos real estate prices, the real estate industry, I think it’s armed robbery,” Edoho said.
He cited a mansion in Osapa, Lagos, reportedly valued at about $1.5 million, despite the area’s infrastructure shortcomings, including inadequate drainage.
Edoho also questioned who could afford such properties, noting that Nigeria’s minimum wage and prevailing economic conditions do not support the pricing of luxury homes.
“Look at the minimum wage. Is it up to N100,000? So, where are these people getting money?” he asked.
Edoho further expressed concern over the widening gap between property prices and the purchasing power of Nigerians, particularly amid the depreciation of the naira.
While acknowledging that Nigerians living abroad and earning in foreign currencies may be able to invest in such properties, Edoho questioned whether the local market was being driven by government officials, internet fraudsters, religious leaders or other wealthy individuals.
Responding during the programme, a real estate developer dismissed the suggestion that their clientele was limited to any particular group.
Estate developer stood his ground by saying that property prices are determined by market forces, explaining that developers price homes based on prevailing market values.
He made a clear example of a client who initially challenged Nigerian property valuations but eventually sold the property at the market rate.
