Speaking on a recent episode of The HK Show, Edoho argued that the prices of high-end properties have become completely disconnected from the economic realities facing most Nigerians.
Drawing a comparison with international real estate, he questioned why luxury homes in Lagos command prices comparable to private islands abroad.
"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 ₦2.4 billion). Osapa that has no drainage. What are we talking about? It's armed robbery."
He also questioned who could realistically afford such expensive properties in a country grappling with economic hardship and low wages.
"Look at the minimum wage. Is it up to ₦100,000? The economy is down. Dollar, how much is the dollar to the naira? Where are these people getting the money? Who is buying? The pastors, the yahoo boys?"
Edoho further challenged real estate developers to explain who their target market is, wondering whether luxury homes are being built for politicians, pastors, internet fraudsters or Nigerians living abroad.
According to him, the pricing of premium properties bears little resemblance to Nigeria's current economic reality and remains out of reach for the average citizen.
Video:
Post a Comment