Broadcaster Frank Edoho has openly condemned the escalating property prices in Lagos, characterizing the local real estate sector as a form of theft. Speaking on The KK Show, he expressed skepticism regarding who can actually afford the premium homes appearing across the city.
Edoho drew a sharp comparison between international property markets and those in Nigeria. He noted that Hollywood star Leonardo DiCaprio reportedly purchased an island for roughly $1.7 million, a figure he argued is alarmingly close to the $1.5 million price tag on a home in the Osapa area of Lagos, which he noted lacks proper infrastructure like drainage. He described this pricing as unjustifiable given current economic conditions.
The media figure further highlighted the disconnect between luxury property costs and the national minimum wage. He questioned the source of wealth for local buyers, especially as the naira continues to lose value against the dollar. While acknowledging that Nigerians living abroad might have the income to afford such homes due to foreign earnings, he remained critical of who is purchasing these properties within the country. He openly questioned if the clientele consists of government officials, fraudulent individuals, or religious leaders.
In response to these concerns, the developer interviewed on the show denied that their buyers fall into any specific category. He stated that developers typically set prices according to established market trends and suggested that even skeptical buyers eventually align their expectations with current market values.
