My people, make we yan about how Naija housing market don turn wahala for 2025! E be like say inflation don spoil better thing as housing no dey affordable again.
According to Michael Egbekoya wey be CEO of McYouniverse Group, average housing prices don climb like say na mountain, reach 15 to 25 percent from last year. Abeg, how we wan fit buy house when these prime areas like Ikoyi and Victoria Island dey hotter than fire?
Egbekoya talk say, luxury properties don rise like palm wine for IV; dem dey charge expatriates and those wey dey abroad well well. For that side, price don jump reach 25 to 40 percent, while low-income houses dey maintain their level. E no be say dem no get plans for affordable housing but na only upper-middle-income people fit enjoy am.
As rental market dey hot, prices too don waka sharp-sharp! Rental growth for major cities na 20 to 35 percent—if you dey look for house to rent, na double wahala for you. Reasons no be far fetch; cost of life don increase, and many people dey migrate to cities wey no fit handle them anymore, abeg!
Egbekoya also talk say construction material wey dey affect prices no be small. For 2025, cement go up by 20 to 30 percent, steel dey rise by 25 to 40 percent, and all those fancy materials wey we sabi like tiles go add extra 30 percent to the original price. Na so inflation dey carry us enter wahala.
Na wetin we go do now? E go better if government fit find way to make affordable housing wey go fit help wey dey hustle. Law dey on ground like Lagos Tenancy Law wey fit help bring sanity to real estate transaction. But if dem no enforce am, e go just remain talk.
Another sharp guy, Olorunyomi Alatise wey be estate surveyor don yan say housing demand dey grow faster than supply because all the young blood wey dey rush urban areas. Dis na big wahala wey fit burst our head for housing market if una no sabi am.
Babatunji Adegoke, wey be treasurer of Nigerian Society of Engineers, come join chat say as we dey enter 2026, e no go better soon. Prospects dey show say housing prices go continue to dey rise, because materials no wan come down, and new taxes dey wait for builders. Na only if di government, fit use brain come up with some solutions, we go see light.
Bottom line be say, Naija housing market dey face serious palava! E need serious overhaul before we go fit talk say we dey live fine. So, make we all dey shine our eye and wait because dis matter no go comot for ground overnight.
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