Is Real Estate Truly Expensive in Nigeria?

When people say, “Real estate in Nigeria is too expensive,” they’re often thinking of the high prices in places like Banana Island or Ikoyi. But the reality is this: real estate is not truly expensive, delay is what makes it feel that way.


The Celebrity Example

Take Nigerian singer Davido, for example. He bought land in Banana Island a few years ago for about ₦400 million to build his dream home. Today, that land is already worth far more than what he paid.

Now, think about those who dismissed Banana Island years back as just swampy land. They thought it was too expensive or not worth the risk. Today, that same swamp is Africa’s most prestigious neighborhood.

The Everyday Investor Example

It’s not just billionaires or celebrities. In 2015, a young professional bought a plot of land in Ajah for ₦3 million. Less than 10 years later, developers are offering him over ₦28 million for the same land. That’s almost 10x growth, all because he took action while others hesitated.


So, Is Real Estate Truly Expensive?

The truth is, no, it isn’t. What’s expensive is waiting too long. Real estate prices in Nigeria keep rising because of:
• Population growth (over 220 million people and counting).
• Urban development (new bridges, expressways, and estates).
• High demand vs. limited land supply.

The Smart Solution

If you want to avoid being priced out, here’s what you can do:
1. Start Small, Start Early, Buy land in developing areas like Epe, Ibeju-Lekki, or Mowe where prices are still affordable.
2. Invest in Off-Plan Projects, Properties are cheaper before completion, and you can pay in installments.
3. Think Long-Term, Real estate is a patience game. The earlier you start, the more you gain.
4. Learn from Billionaires,From Aliko Dangote to Warren Buffett, the world’s wealthiest know this truth: real estate is one of the safest and most profitable ways to grow wealth.

✅ Final Takeaway:
Real estate in Nigeria isn’t expensive, procrastination is. The best time to buy was yesterday, the next best time is today.