It’s armed robbery, Frank Edoho decries soaring Lagos real estate prices

Media personality Frank Edoho has sharply criticized the soaring real estate prices in Lagos, likening the market to "armed robbery" and questioning the genuine affordability of the luxury homes on offer. Edoho expressed his views on a recent episode of The KK Show, contrasting Lagos property costs with international benchmarks and finding them unjustifiable given Nigeria's economic conditions.

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Lagos real estate prices, the real estate industry, I think it’s armed robbery

Edoho highlighted a significant price disparity, noting that Leonardo DiCaprio owns an island valued at approximately $1.7 million, while some Lagos mansions are priced near $1.5 million. He pointed to specific areas like Osapa, which he noted lacks proper drainage, yet features homes with such high price tags. "What are we talking about? It’s armed robbery," he declared.

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Leonardo DiCaprio owns an island. The cost of the whole island is $1.7 million. There is a house in Osapa, they call it a mansion, that is $1.5 million. Osapa that has no drainage. What are we talking about? It’s armed robbery

The broadcaster also raised concerns about the purchasing power of Nigerians, emphasizing that minimum wages have not kept pace with the escalating costs of luxury properties. "The economy is down. Dollar to the naira, where are you people getting the money? Who is buying?" he asked, questioning the clientele, including potential government officials, online scammers, or religious leaders.

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The economy is down. Dollar to the naira, where are you people getting the money? Who is buying?

A property developer on the program rejected the notion that clients largely belonged to those categories. The developer explained that pricing is based on prevailing market rates and that even skeptical clients eventually sell at similar market values. However, Edoho maintained his focus on buyers within the country, acknowledging that those in the diaspora earning foreign currency might have a clearer path to purchasing such properties.

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It’s even the people in the diaspora that you can understand because they’re earning in foreign currency. Where are the Nigerians? Who are your clientele? Are they government officials? Are they Yahoo boys? Pastors? Who?