Houses for sale in Lagos Nigeria are OVERPRICED || Here's why

[@PN-TV]

My question is, why do you all Nigerian developers avoid greenery in your environment. You build so much houses with no room for shrubs and trees. No oxygen circulation at all. You all are doing good except for greenery. It’s very important for a healthy ecosystem

[@DURUBOND]

I will create a video for this

[@tobioguntunde8614]

Everything falls back on the government for lacking enforcement in the ecosystem.

[@PN-TV]

@@DURUBOND that will be great, it’s one thing that I see that is so much lacking for all this beautiful houses. And it affects the environment a whole lot.

[@littleshopworld4894]

That's very that's very easy because people can't live on top of a shrub Nigeria is half the size of Alaska and has 220 million people every inch of space is needed for overpopulation

[@ucheo9144]

my dear...sigh

[@okunrinjutobiloba6082]

Well articulated and intelligent delivery of information. You’re well informed and I love the way you educate your viewers. You’re extremely rational and no sentiment. You just say it as it is. I love your content man. As a young real estate developer i learn a lot from your content and I can confirm you’re 100% right. I wish people would watch this with open mind instead of being unnecessarily sentimental. Lastly you’re a prudent person. Thumbs up man 👍

[@DURUBOND]

I really appreciate this. Thank you 🙏🏾

[@uplayitIlisten]

none of this makes sense why buying a house is this insane & different then buying a home in usa 🫥

[@e.u7778]

Nobody talks about the money laundery aspect of real estate in Nigeria..specifically in Lagos abd Abuja.

[@jamesbenjamin7973]

Developers in Canada go through similar problems...high construction costs, interest on their loans, development fees, park, school levies imposed by the government etc. One of the main reasons housing is overpriced in Toronto. 25% of the purchase price for consumer goes to government in fees for new build condos.

[@DURUBOND]

I guess that's why Canadian real estate is also a mess.

[@elnukthebaker]

don't forget foreign investors.. lots of foreign money is sustaining the market. supply and demand is also a problem. over a million people came into Canada in 2023 and majority of them stay in Toronto. Govt fail to release permits easily. Lastly the internal money that is sustaining GTA property is mostly from people using a line of credit from equity built into their existing home.

[@ChrisofHNH]

Thank you for another wonderful, educative and insightful content as usual. I love your passion to share your knowledge and skills particularly in your area of specialty. Everything you said is 100% correct and I’d like to add that one way government could lift its people out of poverty is making land documents easier enabling people to sell their land easily or use title documents to obtain loans for remodeling, building or taking out equity loans on existing property. Continue the good work for us biko we are learning.

[@surajdeeniliyas225]

Marvelous and insightful content. I quite admire the politeness and respect shown to those referred in the video. Also, backing claims with facts is a display of professionalism. Thanks for the enlightenment. 👍🏽👋🏽

[@DURUBOND]

Thank you

[@afolabiadio342]

Your take on the real estate business in Nigeria is on point 👍. Thank you !!!.

[@DURUBOND]

I'm glad you like it. More to come 🙏🏾

[@Nigerianprince419]

Please continue with your channel, very needed channel especially in this hectic Nigerian property market scene

[@DURUBOND]

More to come. 🙏🏾

[@IfexcoPlus]

Odogwu, thank you very much for the information. I am learning a lot from you. Blessings

[@Richard-yt4rk]

If you see person wey sabi, you go know! Very informative, and remarkable delivery. Sub’d!

[@DURUBOND]

Thank you!

[@eddyabuabu9852]

Bro thanks really well articulated I was one of the people ranting about high housing prices. My knowledge has just been elevated to another level.

[@david_bensonux]

Very good Analysis. However, if there's drop in the interest rate it will affect the economy from a different dimension. More productive economy is the best solution. Good job!

[@MrBamshy]

First, thank you for your videos and it's great to see developer's perspective. On a light note, I think you didn't mention the 50% that goes into developers' pockets as stupendous profits. Seriously now, I have no issues with whatever amount developers are selling their properties. I am sure it's because they know there is a willing buyer at that price. However, we are beginning to hear on social media about how developers are asking off plan buyers to start paying variation prices i.e. changing the cost price after the fact citing economic concerns. The seems like a rip off to buyers who are also in the same economy just because some developers want to greedily hold on to budgeted profit margins. How would you address this on both sides? Thanks

[@lka6448]

I think you and I should be worried about how much profits developers charge. Pls let's stop having this "I don't care attitude" to life as long as I can afford things, or my family is OK. Not caring could and is resulting in a society where only shady rich business people can afford housing and other resources, whilst the hard working middle to working class starts becoming the poor, and the poor turns around to harm, kill or literally eat the rich for survival.

[@lka6448]

Just joking about "eat" the rich, but you get my point 😅!?

[@MrBamshy]

@@lka6448 You are right but capitalism allows for it. Not sure we want socialism either. You know how many times I hit my head against the wall when I hear developers use the phrase "helping to bridge housing deficit" while they buy themselves g-wagons and even some who struggle to buy these houses with 30yrs of savings get swindled or taken advantage of because buying a land yourself is not straightforward. Having said that, I also will not blame someone who sees a market where he can make ridiculous profits and takes advantage of it. The day the people buying now have had enough, the developer will look elsewhere or change strategy, until then, I think it's just normal they take advantage of the times. To address your main concern, it's more of people we vote into power, their governance style and policies that allows ordinary members of the society access to housing at fair and reasonable cost than asking business people to do us that favor I think. And as for "eating" the rich, they know how to control us as long as they don't sleep off. The tools are there - police, gangs, religion, tribalism, bribery, politics, you name it

[@KingsleyMaduka-v1e]

You're a top notch real estate influencer. You've really taught the us and dispelled our doubts

[@PatrickItoyaimamu]

No extra story, you just say it as it’s in the simplest form. I watched your video on ikota demolition, my respect on your perspective is 10/10. Your videos are strictly for people who want to get knowledge. Thank you sir.

[@philipokongene9920]

Very insightful, gained a lot from this as regards Lagos real estate.

[@marysalako6156]

Weldone brother, you answered so many questions that I have been struggling to find out the answers. Well illustrated and God bless. 🙏👍😘

[@kliyn3703]

You did well on your explanations and detailed analysis of the real estate market in the Country.lt seems there is no end in sight to the overpricing.

[@oparahugochukwu6548]

Well said brother.....as it stands now, na to build my house by myself

[@DURUBOND]

Lol. You will still encounter the same challenges PLUS the stress of dealing with artisans.

[@RoyalMo13]

I must say, your contents are really rich and valuable. Keep up the good work bro.

[@DURUBOND]

Thank you 🙏🏾

[@codelove2113]

I have really loved your explanation Am a young enthusiast in real estate development Am currently in University and rhis year i started buying land Can you please make a video on how to choose land for real estate investment and how to decide on what to envision in developing in that land

[@mofewilkie5707]

I keep telling people. Different countries have different factors influencing real estate prices. People seem to think a house is the same even if it’s on the moon 🙂

[@akinmontana9372]

Nice video bro. I’m following you already. With love from US

[@tekendum1917]

With the glasses and Topic i almost scrolled pass. But glad i listened abit more. How you speak i think you will make it big in the industry.

[@DURUBOND]

Thank you 🙏🏾

[@ayom406]

Thank you. So insightful. Good job 👍❤

[@ProsperIbeabuchi]

I got a lot of value from this video, SUBSCRIBED!!! Keep up the good work boss👍

[@samlawaniunscripted]

Sujimoto Penthouse is listed for $14 Million Dollars. It shooked my mind what that money will get me in Dubai or New York

[@jimmyaki849]

I doubt if his target audience are Nigerians who live and work in Nigeria. Maybe politicians

[@umehchima6225]

You mean $1.4million

[@samlawaniunscripted]

@@umehchima6225 LOL. i know what I said. $14 Million Dollars (fourteen)

[@adewalesanusi6919]

@@jimmyaki849you guys should stop or this stupid talk of target market. If you have $14m will you buy house in Lagos? When you can get a better deal in London, Dubai or Switzerland. “The target market” doesn’t even buy, they build their own houses

[@victoradedamola4797]

@@samlawaniunscripted $14 million USD in a slum called Lagos. 🤣That money will fetch you a palace in Europe or UAE.

[@HousinginfoNG]

Very insightful! High construction cost is really affecting the prices of real estate properties in Nigeria and I don't see any sign of things getting better soon.

[@abdulidi733]

Duro,you are the best. I Love your analysis on real estate investing!!

[@lextherealtor]

Nahh… this is super insightful. I have never seen the factors behind prices of a property from this angle before. Thank you for sharing! Looking forward to more videos too! 🙏🏽

[@jamescarmell2714]

What I like about your channel is that you’re truthful…

[@willykywilloughhby450]

Thank you for the information and insight on this matter. I have always thought that the developer are greedy and they are overcharging the customers.

[@sunnye.452]

Good video, was looking forward to your explanation on the "documentation" , the costs, challenges etc, perhaps you can do justice to that in a subsequent video. Well done!

[@DURUBOND]

I will make a separate video on that. We are currently in the process of one. I MIGHT document it so people experience it rather than just me talking.

[@obieWanmotivation]

Agreed presuming documentation encompasses land titling, building permits, and environmental concerns, etc. The video is much needed partly in consideration of ongoing drainage induced demolitions.

[@bhapampa]

Watching this video with admiration. You broke it down.

[@obieWanmotivation]

This Duru guy is very good at what he does. Very, very informative video ❤

[@tuoyojaft]

Boy I like your content very informative and detailed videos. Valuable information

[@DURUBOND]

Thank you

[@toyinakiode101]

You are detailed and very knowledgeable about your subject. I have been enlightened and educated. Well done!

[@DURUBOND]

I appreciate this. Thank you 🙏🏾

[@lka6448]

Charge a previous buyer 550k for a 50k home, use the 500k to build a new home and sell to the new buyer at the same 500k (plus your profit margin on top). Double charging of 500k from TWO customers!? Im surprised nobody caught on to the fact that this guy just indirectly said developers double charge on one house -by charging both an old customer and a new one for the new customer's house. That is stealing from the old custoner!

[@MondaySam-xr1iy]

Na only you get sense for this comment section. There is no justification for the prices these people sell homes in Lagos. They are thieves😅😅😅😅

[@vbbb808]

I love this guy's analysis...Sharp man..kudos

[@oriehi_raphael_paul]

Great video. Would love to see more of this

[@DURUBOND]

More to come! Thank you

[@TimmyAdubi]

Thank you for this. Its really clear now

[@charles4163]

Can you do a video on why property demolition is common in Lagos and Nigeria?

[@DURUBOND]

Already done this. Check the channel.

[@helicopterbros7988]

Very educational keep it up man !

[@merrytv1963]

It now a Happening in benin as well. Especially student area like ekpoma. To rent one room flat here is about a million plus

[@MegaSammytee]

WELL ELABORATED AND EXTREMELY EDUCATIVE!👍

[@DURUBOND]

🙏🏾🙏🏾

[@emmanuelngwa462]

Thanks Bond excellent information

[@seanolanrewaju9]

Can’t thank you enough for your videos 🙏🏾

[@DURUBOND]

Glad you like them!

[@sugarfaceman]

This is very enlightening. Shame we can't get housing right in the country. The work is too much for the likes of Duru and other small developers.

[@olamao786]

Very interesting. Hope there’s more bettter solutions even for buyer to access mortgage banks with good interest rates

[@DURUBOND]

I will create a video on this.

[@WunmiXP]

Bond, You too much! Your provided good information and communicated in a framework that is easy to understand. Carry Go!!!!!

[@DURUBOND]

Thanks chief 🙏🏾

[@deenuts3117]

You sabi this thing, kudos.

[@tobiolubanjo4563]

Thanks for this explanation

[@Em3ka-O2R]

Well delivered 👏🏽

[@techwithtolu]

Great explanation. Thank you

[@Afro_Updates]

I love your analysis

[@AnthonyDivine-mn1ty]

Good thanks for the information

[@ayomideogungbemi118]

Well Analyzed

[@kehindelewis4964]

Always with fact & analysis

[@NonFictionStory]

Thank you for your education

[@olugbengakayode2516]

Please do a video on the new Lagos-Calabar express way. Thanks.

[@DURUBOND]

I've done that already. Check my channel

[@daviduba5658]

GREED ……simple and short. You could invest a fraction of that cost in real estate in many places in africa and get much more returns than in nigeria. Also the terrible state of the economy and unstable forex makes it a very unwise decision, talkless of the lack of the rule of law , where the govt can wake up one day and demolish or take over your property with little or no compensation. Let’s say you bought a house 5 yrs ago for usd 500k (about n200million) when the exchange rate was n360 to $1. Today the house the house is worth n350million but the exchange rate is now about n1000 to usd1, meaning in effect the house is now worth less than usd400k if you were to recoup your usd by selling it.

[@aa-cw8ky]

If you build illegally, your house will be demolished

[@Naija4K]

Its based supply and demand... Lagos is one of the most populous cities in the world. It is also one of the strongest growth markets on earth! People can make BIG MONEY in Nigeria today and they are willing to pay what it takes to get a comfortable place to live there.

[@BlessedAssurance2007]

Bond, do you have houses in the East, precisely in Owerri for sale? Those of us overseas are no longer confident that our houses in Lagos are safe. The demolition of houses in Lagos has shocked us all.

[@DURUBOND]

We are currently looking towards that. Recently we've seen a spike in demand for Imo, Enugu and Abuja especially.

[@BlessedAssurance2007]

@@DURUBOND Please, when you’re ready, make a video about it. I’m interested!

[@chincherri]

​@emekamarcel the moral of the story is don't build on unverified land and always survey ur land and get ur permits...there has been several demolitions in onitsha also over these same illegality issues..ppl need to learn to do the right thing..if not as a city or state grows there's more likeliness for ppl to start encroaching master plan and it will end demolition once a government wants to revert to city plan...lagos has been existing since 18th century and lot of ppl have encroached their master plan..so u can't really blame them

[@dennisnlemadim4676]

That thought line of building in Owerri to avoid the issues of house demolition due to bad site location or a political driven agenda is fully agreed with and has my support. For your information the video presenter should have links within his property developer network. Stephen Ndukwe does video like Duru Bond, you can DM both of them for assistance.

[@chincherri]

@dennisnlemadim4676 imo state government has marked some structures for demolition as we speak ...ensure u ppl do findings pls

[@SeeMeAfrica]

You're 100% Correct.

[@kasmirsdaughter6211]

The only difference really is the way the cost of things fluctuate in the Nigerian market. Everything else you mention every other market deals with. If price fluctuations is the only thing then developers should already have a system of hedging that. Interest rates might be higher in Nigeria to finance but they’re also higher in bond rates in Nigeria compared to any of these other countries. If the argument is that real estate is a finance business first then why are we separating all these things like they don’t all work together.

[@adebayoaladebo8017]

Yes oooo, walls have ears..lol Thanks for the info

[@Deconomiks]

Subscribed for telling the truth.

[@emmanuelmichael1700]

Boy , you are straight like a pin as we say in Uk. You cannot be faulted. Completely agree with your analysis

[@DURUBOND]

Thanks chief. More to come 🙏🏾

[@rachealkibaiya7593]

I have been saying this about Kenya too...How do you evaluate something is before buying it is beyond me

[@kesteraren4779]

Very informative

[@toladavidsmedia]

Well said sir.

[@toluayanwale8221]

Brilliant analysis 🫡

[@DURUBOND]

Thank you 🙏🏾

[@ibexy]

great video as usual

[@DURUBOND]

Glad you enjoyed it

[@WaleJohnson-zu7cg]

Thanks Bond for this great video, just wondering if Federal Mortgage Bank is of any help to developers?

[@DURUBOND]

It is not.

[@ChukwurahEmmanuel-m8m]

Thank you sir

[@adebiyiaboderin1509]

Well said

[@Profneuro]

For a very long time, I've always said to myself that houses in Lagos are highly overpriced. Let's be careful so we don't crash this sector. I love Osapa London because I believe it's not overpriced like others.

[@thesamolajide]

Raising funds with your network. What then is the best ROI to give them. Or how best can you structure their returns

[@DURUBOND]

It depends on a lot of factors. Risk for one.

[@azubikechristian710]

That's the dumbest question I get from customers "Did you not buy at the old price?" That question pisses me off because its common sense are we not going to buy again ?

[@olajidevictor5498]

Your argument avoids the demand side. As difficult as the bottlenecks to investing in real estate are you are still investing in real estate. This suggests that there is a surging demand for real estate. It would be interesting to know what the drivers of demand are in a country with overwhelming levels of unemployment, high interest rates, double digit inflation rate, extreme political corruption and a swelling underground economy (if you know what I mean!). If these bottlenecks you articulated so eloquently are eased economic theory suggests you will basically expand supply and reduce the price slightly (not by the amount of cost savings from real estate financing reforms). So contrary to your submission I think the overpriced real estate in Lagos is driven mostly by the demand for housing. I hope you have insurance in the event of a bursting of the real estate bubble because as it happened towards the end of the GEJ regime it may likely happen again.

[@tobioguntunde8614]

At the end of the day, blame it on the government for not being able to handle inflation.

[@Mythoughtonpoliticaltopics]

I disagree I have seen some home in lagos that are cheap. Some of the home that are going high compared them to Fl and La those homes are cheap. in Nigeira

[@timodele1888]

I would want to believe that one year tenor for funding from the capital market is a rarity, no? Sounds scary.

[@Madzvez5979]

Go to South Africa now

[@Yangagirltv]

Do developers discuss these problems with the state government? Or no hope for people doing business in Nigeria.

[@DURUBOND]

Hopefully things will get better.

[@chudiksc]

Real estate in Nigeria is over price ever since......

[@Travelwithmiracle1]

What is tayo and Steven doing on the thumbnail? 😢

[@joelelkanahtheoway9211]

From your explanation, it's not overpriced. Overprice means profiteering, which is not the case here.

[@antnam4406]

Federal Bank for building alreasy exists.

[@DURUBOND]

In Nigeria?

[@dipzy21]

What do Nigerian developers have against garages? I've always wondered

[@DURUBOND]

It is not necessary.

[@jamesbassey417]

I would like to know why garages are not necessary

[@MondaySam-xr1iy]

​@@jamesbassey417 all of us dey mad for this country😂... I go buy house for 90-100 million without garage i would hav to park on the street if i have more than two cars and a "self proclaim developer" is telling me that a garage is not important😅😅😅

[@promiseokere1270]

Nigeria is not sa Naija❤ has its good advantage too

[@MondaySam-xr1iy]

Mention them😅

[@kofidoonquah7581]

Hey what about getting financing through selling bonds

[@DURUBOND]

Can you give more information?

[@kofidoonquah7581]

@DURUBOND . I personally have not done this, but corporates sell bonds, typically less than what banks charge for building loans. It may work out to about 15%. The bonds are sold to persons or other companies to generate funds for the corporation selling the bonds. You can start with local or international bond rating agencies. I got this idea from a Nigerian builder who was using bank loans but switched to bonds. I can't remember his name, though. Let us know what you find out.

[@youme1414]

Lagos with poor public amenities. Jeez!

[@peterigwilopi]

Yes, ridiculously overpriced. Now, demolitions will deter and scare people from investments

[@okunrinjutobiloba6082]

Are you sure you finished watching the video ? He said a whole lot of things and you only picked the overpriced part and ignore the reason behind it. Take your time to learn please.

[@mountainroguestrange2868]

This your reply is off-point! Because prices are high means that illegality should be allowed??? Don't bring your victim mentality to this very informative video. Those illegal buildings will come down and heaven will not fall!!!

[@uplayitIlisten]

All I heard is we have fancy reasons even a biblical scripture lets add a special icing on the cake & say property is a financial business before it becomes a housing business 🙄 Look the AA diaspora must return ..2nd Exodus; with these rates how??? Now i see why usa charges crazy home tax🙄

[@youme1414]

Those buildings don't worth the price. I really don't know why they are doing this. It is so annoying.

[@ebubeemmanuel6231]

You go explain explain tire no Evidence. I rather acquires House 🏠 properties in Abroad with higher Inflated prices based on Citizenship by investment. Citizenship by investment is more prestigious and can give you more powerful returns than in that so called Lekki.

[@DURUBOND]

Lol. All roads lead to Rome.

[@jamesbenjamin7973]

Same Lekki had lands selling for below 30k naira in early 2000s, try getting land in Lekki now..

[@ChristopherJustin-yt2vf]

U think Lagos is overpriced until u check ABJ.. Lagos has beautiful houses

[@DURUBOND]

Yh. Abj is crazy

[@pandassassinoverlord9252]

I hear you but what about the illegal money that are buying real estate. A Yahoo boy would easily unscrutinized a real estate price to hide his money that would now be the same price of the stolen money. In other words, money laundering contributes to the crazy hike of Nigerian real estate.

[@DURUBOND]

False.

[@pandassassinoverlord9252]

@@DURUBOND How false? Prove it to me that all those homeowners in Lekki or Banana island are legit business owners or those corrupt politicians in Nigeria do not have money stolen from us laundered into those islands? Prove me wrong. I’m ready to let the world knows that illegal money drives up the price of our real estate and not those factors in the video.

[@RodioXYZ.]

😂😂 What an unintelligent comment!

[@MondaySam-xr1iy]

​@@DURUBONDyou know what he's saying is true but anyhow😅

[@AMAZINGTV853]

All over the world developers provide infrastructure in the community they are developing so you are wrong on saying it’s only in Nigeria that developers provide infrastructure

[@DURUBOND]

Which world? Developers in UK, US, Canada or even Ghana fix electricity, water, and roads? Show me a link.

[@CAANj]

As they should, that’s the reason they are selling packaged Estates

[@wale4862]

Abeg show us link, which developer in US builds roads?

[@iamdeji]

@@DURUBOND In mosr areas in Canada, The developer gets permits from the city and covers the cost of bring utilities to a new development. The city has inspectors to inspect. The cost is transferred over to buyers when they purchase homes. Ongoing maintenance after sales is covered by property taxes that homeowners pay.

[@DURUBOND]

@@iamdeji didn't know this. Maybe that partly why they have a housing crisis