Exposing Real Estate Scam by Developers & Agents in Lagos - Price Gouging |

Exposing the sharp practice of price gouging in Lagos by developers and agents.
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[@lanreadelowo]

great conversation. Value for money is almost non existent in the Lagos RE market

[@babafemiayinde4554]

You nailed it. This is the most sensible and accurate analysis of the current Lagos real estate landscape I've seen anywhere.

[@eljefe5122]

That's what we call a bubble. When it bursts expect a massive crash

[@VitalisNwn]

extremely valid point, there's been a lot of artificial inflation in a lot of property price tags and there's no correlating value to justify the said price point.

[@jayo3074]

This is EXACTLY why we need a national database on properties that have sold and at what price. This market is too opaque and full of uneducated real estate agents

[@hakeemkareem3211]

Valid point. That's what you get when every Tom, Dick and Harry gets into an industry that is not controlled. There is need to regulate the real estate industry in Nigeria to separate the wheat from the chaff.

[@babafemiayinde4554]

Facts

[@James_150]

I was about buying a 4bdrm duplex for 130m last year close to Ajah and was discouraged by wife to build instead, and I’m glad I did. I only needed to add 20m more to build a 5bedroom and 3 bedroom duplex in the land bought. Real estate in Naija is a legal scam

[@emmanuelosho3017]

Thanks for the education to most of us outside the country, keep up the good work.

[@sibidi894]

So as much as possible, it is better to deal directly with the actual owner.

[@victoredwards3959]

Unfortunately, this agent will do everything in their power to block any opportunity for the vendor to meet buyers.

[@sibidi894]

@@victoredwards3959 as a seller, how do I sell my property and avoid too many middlemen who are just plain greedy?

[@jayo3074]

​@@sibidi894that's the problem. Unless you have a good network of buyers it is difficult.

[@user-tn6gz4xo3h]

Well said,what this means is that in future people would not even be come to buy this property even for 100k

[@Seed318]

That’s why presently I’m so put off from buying property or land in Naija; because of the deregulation by the government on price control. Most developers are looking to make up to 200% increase most of the time, and at the buyers expense. Too many “ojoro” price

[@thesamolajide]

The problem is the chain, multiple agents involvement.

[@FadesonSamuel]

Very insightful

[@osisieelegbe3541]

Nice video man, your videos are really informative for people looking to get into real estate. But I feel your cries are falling on deaf ears, cause I’ve done my fare share of work for real estate developers and realtors alike as a multimedia specialist and trust me there is always something funny around the corner. it’s almost like it’s in their nature to be the way they are. Sweat less labor is their ecstasy. You really are one of the very few who are transparent with your operations kudos.

[@jayjesuyon1324]

These same people will question why tomatoes seller, meat seller and other basic food items sellers will increase their prices. They will cry of inflation etc.. is the land imported from abroad also?

[@harrisonnimako5423]

So imagine the seller intended to use the funds to purchase a luxury car or us treasuries or another property priced in $. Wd it be wise for him to keep the price unchanged when obviously the asset he had pegged his land to has gone up in price? Isn’t this what every business is set up to do ? Increase or at least protect equity

[@jayo3074]

What drove the increase in value of that land? That's the whole point...

[@victoredwards3959]

Unfortunately 99% of agents in Nigeria don’t have your integrity , they will rather sabotage a sale and allow the property to sit there , greed , corruption, dishonesty is the order of the day when it comes to property in Nigeria, last year I saw a 3 bedroom apartment in 1004 go up by 50 million over night . From 120 million, and 170 million. Not even 24 hours , the agents told me it’s because of the dollars. 🤬

[@jayo3074]

This is what happens when you have uneducated stupid agents in this industry

[@olusegunadebayo5306]

There is no metric to it.

[@victorkolo5142]

I saw a house in an estate selling for N500 million with only 2 car parking space no gate 😅😢 Estate developer & Estate agent - Haha that's not good

[@muobosa1236]

Well said. That is one of the major reasons why majority of deals are left unclosed. Sad! Kindly forward your # or email address. Cheers.