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Truth About Overpriced Houses in Lagos; Are Realtors Responsible?| Ownahomeng TV | Feel at Home
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- Опубліковано 15 тра 2024
- In the wake of the soaring prices of houses in Lagos, Nigeria, the question the role of real estate agents in this phenomenon must be brought to question. Are they driving up prices for their own gain? Join us as we uncover the truth behind the inflated housing market in Lagos and explore potential solutions.
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#LagosRealEstate #OverpricedHouses #RealEstateBubble #NigerianProperty #HousingMarket #Realtors #AffordableHousing #LagosProperty #PropertyPrices #RealEstateAgents #HousingCrisis #scam
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Pinnock Beach in Lekki 6 beds 6 baths house cost 550M NGN from the Owner...fast forward the realtor jacked the cost up to 950M NGN! That's not borderline fraud - that's STRAIGHT UP "THEFT"
haha i think i know this property
Housing prices in Lagos is a criminal enterprise and fraudulent activity so shameful no law and government don’t care
Even the owners and the realtors are big time thieves they should be indicted if Nigeria is a responsible country
@@margaretoludotun2351 yes oooo!!! But? na our own na! so nothing will happen until the house of card crashhhhhhhhhhhhhhhhhhh!!!
They charge as if naija is a first world country. With the kind of money they are charging, its like day time robbery. No light, not big enough land and yet they tell you that you are paying ror location. If i am paying for location, at least put first world touch on everything from landscaping, estate roads and every other infrastructure. Capetownn is justified, Mauritius, Johannesburg. No neighborhood in naija has a real 5 million dollar house but they will slap the peice on it anyway. I also think our government should make trees and grass mandatory for everybody in naija because its like the developers are beefing with nature. They dont like real grass rather, they will put fake grass and that narrow swimming pool by the fence like wtf?.
Finally someone is talking about how there is no rational In Nigeria real estate ! It has to be regulated… There must be a regulatory body to saveguard the industry !
There's REDAN and theres NIESV but they are useless. There needs to be a company that values the property for buyers
Is it borderline fraud or just fraud. I don’t know real estate laws in Lagos but in the US, if you’re selling to the public through a broker and it is listed on MLS then you will go to jail because you’re a thief. You cannot change prices. Buyers can get in a bidding war though and the home ends up being sold at a different price or even negotiate with the seller directly and get it cheaper but never ever ever is the real estate broker much less the agent deciding the selling price and/or changing it on different platforms. So it’s not almost fraud, it’s criminal. It can’t be easy speaking with a fake accent all day either so maybe the charge is for the acting performance we get from some of these agents.
yes na! dey all be "OLE" "BARAWO"!!!🤨
I believe in Uche as a Realtor
Nice and good infos, thank you.
Ramos of Lagos is guilty of this.. i notice they usually add up to N50 million to the original price which i saw on other realtors pages
They are greedy
10:51 well explained Uche! Great Job! OMG! "Loadin"
Haha thank you!
The reason why this overpriced houses are on the rise in Nigeria, Lagos in particular is because the funds used in purchasing these houses are from corruption. I just finished watching a video from Steven Ndukwu about real estate in Johannesburg, honestly you will never buy any properties in Lagos. It’s simply a scam. And guess what! Those houses will be sold in weeks
All the houses cannot be fraudulent, but I appreciate your perspective
You are not far from the truth. Many of the houses is a funnel for money laundering. I bought a land for 25m last year which a realtor was telling me is 32m but luckily I know a friend who knows an agent who is close to real estate company owner.
Always baffles me how people will pay hundreds of thousands of dollars for a house in Nigeria when you can buy solid homes for half the price in Europe/US with zero wahala, scam and currency risk. Abeg.
Most people who buy luxury homes in Nigeria already have houses in Europe and/or America.
Talking about solid homes, Nigeria has better homes. But yea I would rather build one myself than buy an overpriced house in Nigeria
me 2 ooo! if there's another word for"baffles" l'll use it!!!!
People are stupid rich and not everyone stays abroad on a permanent basis. Some just go there for weeks at a time, they don't wanna be in the cold.
I think it’s better to build!
What do you expect in a sector with wushu washy regulation? Hopefully the Lagos State government can continue its work to restore sanity in the sector?
They really need to fix this nonsense and put some sanity in the industry so the buyers can win. It's not just removing illegal structures. There must be sanity in real estate and greedy people, companies should be sanctioned. There needs to be an agency that consumers can report to and suing them should be made very easy if caught.
I think if you have the money you should buy the land and build your own. The houses are overpriced!
Very true but the hassle of building your own is stressful. I built my own home in Lagos but man it was mentally exhausting. I will never deal with Nigerian contractors ever again
If nobody was paying for it, then this would not be happening.
This is a great conversation bro talk more about this please. I think the main issue here is that theres no standardized valuation process in place that allows buyers and investors to understand the true value of the property they are buying
Honestly valuation companies and experts exist here not just that standardized
@@ownahometv I'm from the UK but I've visited Nigeria a few times and what I've noticed is that there is no publicly available land registry that shows how much a property has sold for and when. If this data is not available or does not even exist then it will be very difficult to accurately value a property in a standardized manner. The next best thing one should do is gather huge amounts of listing price data for property and then find the market median (not average because as you mentioned some agents can set ridiculous prices that distort the market) and this will give a buyer at least a better indication of value. It's not perfect but it's a good starting point so at least buyers can compare the market median with whatever the agent is listing the price for and decide for themselves if they think they are getting value. I wish one day the industry can get all the quacks and clowns out of this industry because it's ruining the potential of Nigerias growth.
true true. it has always been a dream of mine to collate accurate listings data from the whole country. it is possibe with dome months of serious ground work
@@ownahometv absolutely. There are a lot of opportunities for development in this area.
rubbish and over priced lekki houses
That is WHAT happened with Black people in general, they want to get INSTANT Rich BEFORE Fast. Uche, you are going into details about that property, other Realtors, they hardly say anything about that property...
And they are extremely unprofessional. They take terrible pictures.
@@jayo3074 Amara Musa, also a Lawyer, Realtor, she those show DETAILS in those Penthouses, however, I tried to get in contact with her for her Legal consultant, I am not able, about three years, I have not communicated with her. MOST Realtor, they Jack-up the price, ETC
Question - Who pay Realtor commission in Naija? Buyer or Seller?
Typically seller, but sometimes agent may request professional fees from buyer as well. So in that case both
Hello Uche, could you please sensitise your customers by covering the current horrible experiences by landlords in the hands of Wale Ayilara. I can make it possible for you to speak to the rep from the Exco, if you wish? Lawrence Utulu, psychotherapist
I replied you on a previous video. Send me a private message
Question please- why do u think a place like Tiara by Amen estate is selling a 500sqm for 30m and marbella is going 69m for same 500sqm. I mean that are on the same road about 15 mins from each other and offer similar amenities.
Off the top of my head I’ll say maybe Brand equity and marketing. Amen is not working with big time brokers like Landmark so probably cannot command same pricing and reach as well. Just conjecture of course
What would be your advice for us that wants to invest back home?
work with the right people honestly; and do your due diligence
This uncontrolled hike in the prices of properties stems from the inherent WICKEDNESS in the society which fuels the GREED that then reflects on the PRICES of properties within the Nigerian society.
To test my analysis, please examine critically the absurdly collosal sums politicians embezzle. The absurd sums they steal is what is reflecting in the pricing of properties and products generally within the Nigerian society.
In other words, there is a GET-RICH-QUICK culture within the society which is fueled by WICKEDNESS that results in utter GREED.
For the fact that politicians can steal such large sums is proof of what i am trying to explain here.
Interesting perspective