Let's talk about fundamentals. Location, location, location. It's a cliché, but it's true. When people question why properties in Banana Island command such high prices, they're missing a crucial point: prime real estate isn't priced based on building costs alone. In Dubai Marina, land costs average $5,500 per square meter. Mayfair, London? Between £2,000-4,000 per square meter. Banana Island? Around $2,000 per square meter. Suddenly, our "overpriced" market doesn't seem so outrageous.
Here's what keeps me up at night: we're letting the wrong voices shape the conversation about quality in Nigerian real estate. Yes, there are issues with design and build quality - I'll be the first to admit it. But when we allow these shortcomings to dominate the narrative, we overlook the fundamental value that exists in our market. This week alone, I've toured a penthouse in Banana Island that rivals any global luxury residence and a meticulously designed 3-bedroom in Ikoyi that sets new standards.
The interesting part? The base prices aren't actually as high as comparable locations in other countries. What makes these properties seem "overpriced" is the severe wealth gap in our economy, combined with a narrative that nothing in Nigeria can be truly premium. We seem to have this perception that nothing can be high value in this country because of all its problems.
Where are the voices of quality in our market? The developers who spend extra on proper waterproofing? The architects who fight for better designs? The property consultants who insist on international standards? We're too quiet, and that silence is costly.
It's time for industry leaders to:
- Showcase success stories
- Educate the market about true value metrics
- Set and maintain higher standards
- Challenge misconceptions with data
Yes, some properties in Nigeria are overpriced. Yes, some developments cut corners. But that's not the whole story. When we see a $2 million property in Lagos, we shouldn't automatically assume it's overpriced - we should ask what value it delivers.
The Future at Stake
If we don't change this narrative, we risk: • Continued undervaluation of prime assets • Decreased investment in quality • Perpetuation of poor standards • Lost opportunities for market maturation