In 2024, it’s now more difficult than ever for many Nigerians to afford a house, Here are 5 factors behind it.

Urbanization
Although slow, urbanization is a major factor affecting house prices in Nigeria. Places around Lagos, Abuja, Ibadan, which 20yrs ago were cheap or bushy, have now become industrial hub, buzzing with churches, schools, etc. If land in Epe is 10m and a plot in Lugbe is 12m, where else can low-income earners afford them?

Lack of Amenities
In terms of real estate prices, amenities are a big factor in Nigeria, a bigger factor than proximity. People now pay tens or hundreds of millions naira to buy properties in well planned layouts, regardless of the distance. While the cheap or affordable villages mostly lack good roads, electricity, or even good security.
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Watch the video for full details on the factors impacting housing affordability.