Like a prophet, I once listed out likely implications of increasing house rent in Lekki, Lagos in a previous post on 5 Implications of High Cost of Property in Lekki, Lagos. Today, that ‘prophecy’ is coming to pass.
One of the implications I highlighted was that:
Real estate developers on the Island may be forced to bring down the prices of their properties.
Nigeria’s real estate sector is going through a tough time as the country grapples with a recession, and a sharply devalued currency.
If there’s one city that’s taken a direct hit, it’s Lagos, the commercial capital. The number of vacant houses, especially at the higher end of the market, has risen sharply over the past year.
This video report by CCTV captures the information better.