Popular media personality Frank Edoho has criticised the soaring cost of properties in Lagos, describing the state’s real estate market as “armed robbery” and questioning how ordinary Nigerians can afford the luxury homes being sold.
Speaking during an appearance on The KK Show, Edoho argued that the prices of high-end properties in Lagos are difficult to justify, especially when compared to similar investments in other parts of the world.
According to him, some luxury homes in Lagos are priced almost the same as properties abroad despite the poor state of infrastructure in some areas.
“Lagos real estate prices, the real estate industry, I think it’s armed robbery,” Edoho said.
To support his argument, the broadcaster compared a luxury home in Osapa, Lagos, to an island reportedly owned by Hollywood actor Leonardo DiCaprio.
“Leonardo DiCaprio owns an island. The cost of the whole island is $1.7 million. There is a house in Osapa… that is $1.5 million. Osapa that has no drainage. What are we talking about? It’s armed robbery,” he stated.
Edoho also questioned who can genuinely afford such expensive properties, noting that the country’s minimum wage and current economic realities do not reflect the prices being demanded.
“Look at the minimum wage. Is it up to ₦100,000? So, where are these people getting money?” he asked.
The veteran broadcaster further pointed to the depreciation of the naira and the country’s economic challenges, wondering who the real buyers of these luxury homes are.
“Where are the Nigerians? Who are your clientele? Are they government officials? Are they Yahoo boys? Pastors? Who?” he queried.
Responding during the programme, the real estate developer dismissed the suggestion that his clients belong to any particular group, explaining that property prices are largely determined by prevailing market values.
He added that while some clients initially question the cost of Nigerian properties, many eventually sell at the same market rates.
Source: The KK show
