₦500 Million Lagos House Causes A Stir Online
Check Out This 500 Million Naira House That Is Currently Trending On Social Media. Can You Spend Such Amount Of Money To Buy It.
Seen lots of reaction on this property. Having actively been in the Lagos real estate sector since 2018 and I can tell you the profit the developer will make on this building will be less than 50m.
Full 600sq/m of land in Osapa sells for around 150/200m and could be more if inside one of the expensive estates (Peanock Beach or Arcadia Estate). Erecting this building with the high cost of building materials, Piling of foundation because the house is built on water land, Gov Approvals, 6/9 months of continuously paying workers, all this will cost way more than 250m.
This properties are basically expensive because of where the land is located and I can tell you it’s like that all over the world and I think you should look into the prices of properties in London to better understand this.
