Lagos Real Estate Industry Is Armed Robbery – Frank Edoho Slams Unreasonable Cost of Luxury Homes

Lagos Real Estate Industry Is Armed Robbery – Frank Edoho Slams Unreasonable Cost of Luxury Homes

Speaking on a recent episode of The KK Show, Edoho argued that property prices have become completely disconnected from the economic realities of ordinary Nigerians.

Drawing a sharp comparison with international real estate, he said, "Leonardo DiCaprio owns an island. The whole island costs $1.7 million. There's a house in Osapa they call a mansion, and it's $1.5 million (about N2.4 billion). Osapa that has no drainage.

What are we talking about? It's armed robbery." His comparison has since gone viral, with many Nigerians echoing his frustration over the widening gap between housing costs and average incomes.

The veteran broadcaster also questioned the purchasing power of Nigerians, noting that wages have not kept pace with the skyrocketing cost of luxury properties. "Look at the minimum wage. Is it up to N100,000? So, where are these people getting money?" he asked.

He further pointed to the country's economic challenges, including the depreciation of the naira, and openly wondered who the actual buyers of these expensive properties are. "The economy is down. Dollar to the naira, where are you people getting the money? Who is buying?" he queried.

When the show's host suggested that many buyers were Nigerians in the diaspora earning foreign currency, Edoho maintained that his concern was directed at buyers within the country.

"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?" he asked.

A property developer featured on the show pushed back, insisting that prices reflect market rates and that clients come from diverse backgrounds beyond those Edoho mentioned.

Edoho's comments have sparked widespread discussion online, with many Nigerians agreeing that the current state of the real estate market does not reflect the economic conditions facing the average citizen.

The country faces a housing deficit of nearly 15 million units, yet the property market has increasingly been tailored towards high-end clientele, effectively cutting out ordinary Nigerians who need homes the most.

As the debate continues, Edoho's comparison of Osapa to DiCaprio's island has become a viral symbol of the perceived injustice in Nigeria's property market.