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Recession: Number of Vacant Houses Increase in Lekki &Ikoyi (Watch Video): Business : Nigerialog.com - Nigeria's Premier Online Forum

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Recession: Number of Vacant Houses Increase in Lekki &Ikoyi (Watch Video)

By: dayan (M) |Time : September 17, 2016, 07:46:34 PM
As the economy of Nigeria continues to slide further into recession, the real estate sector continues to suffer from it.

Lagos has taken a sever hit as the number of vacant houses, especially at the higher end of the market, has risen sharply over the past year.

Watch CCTV’s report below:

[youtube]https://www.youtube.com/watch?v=d6-CHIM7TbQ[/youtube]

Re: Recession: Number of Vacant Houses Increase in Lekki &Ikoyi (Watch Video)

By: dayan (M) |Time : September 17, 2016, 07:54:32 PM
This problem was bound to happen. When the economy was booming and house prices started to get ridiculous, I always knew that it would come to this eventually, because we didn't have the economy to support it.

How can anyone convince me that a building in banana island should cost more than the most expensive building in the US, when the Naira was a dwarf compared to the dollar? You see a piece of land somewhere in Abuja or Lagos and they say it is $100 million. :o

I told whoever cared to listen that those are products of theft of public funds, and that any day we get a government that fights corruption, all those real estate will collapse. I think we are seeing the first signs of what is to come.

No house in Nigeria (where there are no reliable public utility) should cost more than houses in developed countries, after all that is where our thieving politicians go to hide their loot.

Houses in Nigeria should never be above $100,000, unless the Naira has appreciated to reasonable levels, and our GDP per capita has reached about $10,000 per person.

When we start to fight corruption and theft of public funds, wind go blow and we go see fowl nyash!  ;D

Re: Recession: Number of Vacant Houses Increase in Lekki &Ikoyi (Watch Video)

By: Adenosine (M) |Time : September 17, 2016, 08:13:27 PM
This is serious, they can't afford to pay the rent again that is why some HR will tell you that if your salary for a month can't pay your house rent for a year, you haven't get job. From grace to grass, God will need your intervention in this country.  :-

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