Media personality Frank Edoho has called the state of the Nigerian Real Estate industry ‘armed robbery’ stating the industry is not consistent with the current standards of living prevalent across the country.
Speaking during a recent interview Edoho stated “Real estate prices have gone up ridiculously states prices. I think It’s armed robbery Leonardo DiCaprio owns an island.
“I saw one post that Leonardo DiCaprio has an island owns an island in America worth $1.7 million, There’s a house in Osapa, They call it a mansion which goes for $1.5 million dollars. Osapa that has no drainage, What are we talking about? It’s armed robbery.”
He further questioned the source of income used in purchasing such houses noting “Where’s the money coming from? Look at the minimum wage? … people working in government was their minimum wage is it up to N100,000? So where are these people getting money mind you the economy is down.
“How much is Dollar to the naira? Where are you people getting those buying? I’m asking where you are getting the money.”
To solidify his arguments he noted people in diaspora who earn in foreign currencies do not participate much is such sales compared to home based Nigerians. It’s “Who are your clientele? Where are they from are they government officials, the Yahoo boys, pastors? No So who?”
Current State of Nigerian Real Estate Market
Nigeria currently faces a housing deficit of nearly 15 million units, according to the Federal Ministry of Housing yet Nigeria’s Real Estate and property market has increasingly become tailored towards high end clientelle effectively cutting out ordinary Nigerians who need the homes more. This has further exacerbated Nigeria’s housing crisis.
In Lagos, the commercial capital of the country property prices reflect this problem more glaringly, Thee are some of the asking price for properties according to the Lagos real estate market report (Q1 2026).
| Property | Approximate Asking Price (2026) |
|---|---|
| 2-bedroom apartment, Lekki Phase 1 | N180–N350 million |
| 3-bedroom terrace, Lekki | N250–N500 million |
| 4-bedroom detached house, Ikoyi | N800 million–N3 billion+ |
| Luxury apartment, Banana Island | N1–N10 billion+ |
This asking prices are very detached from reality and the same thread weaves through the rental market where getting suitable apartments for decent prices has become a tall order.
What Can be Done to Remedy Situation
There is a need for Nigerians to embrace Mortgage financing as mortgage penetration in Nigeria remains among the lowest globally. The few available mortgage products carry interest rates that are unaffordable for average households, while lenders typically require substantial equity contributions which further reinforces cash purchases or developer instalment plans, excluding a large share of potential buyers.
There is also a need to match property prices and present economic realities in terms of architecture and pricing instead of planning based on the small percentage of high net-worth Nigerians who can afford such grand properties.
