Television host and media personality Frank Edoho has stirred debate after criticising the rising cost of luxury properties in Nigeria, describing the country’s real estate market as excessively expensive.
Speaking during a recent interview, Edoho questioned the pricing of high-end homes in Lagos, arguing that some properties are being sold for values that far exceed what their surrounding infrastructure justifies.
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According to the broadcaster, the disparity becomes more striking when compared with certain properties abroad.
“The real estate industry is armed robbery. Leonardo DiCaprio owns an island in America that costs $1.7 million. There’s a house in Osapa, it is $1.5 million; Osapa that has no drainage. It is armed robbery,” Edoho said.
His remarks quickly gained traction on social media, with many Nigerians joining the conversation about the affordability of housing and the pricing of luxury developments, particularly in Lagos.
While some users agreed that property prices have risen sharply despite concerns over infrastructure in some upscale neighbourhoods, others argued that factors such as land scarcity, demand, construction costs, exchange rate fluctuations and location continue to influence the value of premium real estate.
Edoho’s comparison between a reported overseas property and homes in Osapa, a fast-growing residential area in Lagos’ Lekki axis, has also generated discussion over how Nigeria’s luxury property market measures against international standards. The specific comparison cited by Edoho has not been independently verified.
In recent years, Nigeria’s real estate sector has experienced sustained price increases, driven by inflation, the rising cost of building materials, foreign exchange pressures and growing demand for premium housing in major cities.
Despite continued investment in luxury developments, housing affordability remains a major concern for many Nigerians, with experts repeatedly calling for improved infrastructure, increased housing supply and policies that make home ownership more accessible.
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Edoho’s comments have added fresh momentum to the conversation, highlighting the wider debate over whether property values in some parts of Nigeria accurately reflect the quality of infrastructure and public amenities available to residents.
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Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
