Causes and Solutions on How to Solve Inflated Property Prices in Lagos

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Many have complained about the outrageous prices of duplexes mostly in lekki, Ajah and Ikoyi axes of Lagos. Some have compared Lagos property prices with those of Dubai, New York, and other developed countries; and came to the conclusion that Lagos Property prices are relatively higher than other countries.
This is one of the biggest issues facing Lagos Real Estate Market.

Below are some factors that influences the rise in prices of properties and how it can be solved.

  1. Land Prices: The price of landed properties in those listed areas have appreciated to a far greater extent. Imagine buying 1 plot of land at Lekki Phase 1 for 150M-200M, Ikota for 65-70M, Chevron 70-90M, VGC 85-100M depending. I believe that to reduce the price of properties in Lagos, government has to come into play, thereby reducing the prices of lands sold in various popular locations with high demand.
  2. Raw Materials: The cost of raw materials in Lagos is very high compared to other countries. The reason is that most raw materials used in construction are being imported into the country. I believe Government has a great role to play to reduce the cost of raw materials used in construction. They should provide an enabling environment for manufacturing companies to thrive in Nigeria, reducing the taxes levied on them, attracting local and foreign investors to invest in locally produced building materials and helping manufacturing companies get the necessary raw materials at a cheaper rate used in production. With these few points, definitely, there will be a reduction in the cost of raw materials.
  3. Devaluation of Naira: Nigeria currency is very weak and unstable in the financial markets. Naira is devalued. Developers pay more when they are importing raw materials with a weak currency.
  4. Taxes: Different charges, different types of taxes including import duties are paid at one point or another from the purchase of land to the finishing of the property. Inasmuch as paying taxes is very important in the country, there ought to be a reduction of taxes.

We have to collectively blame the government for the outrageous prices of properties in Nigeria. They are not doing well in the property sector. The average Nigerian cannot afford to buy a property.

But while waiting for the government to intervene, what should we do if we still want to acquire properties cheaper than market value? SIMPLE! Go for offplan projects, “Properties under construction are sold cheaper than when it is completed”.

Developed countries apply this method of Acquisition because it helps them find their projects and any investor that bought during development gets the property at a lower rate.

You can begin your journey Today!

Reach out to us, we will help you with the best offplan projects you can go for with track record of delivery.

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