July 31, 2025 | Lagos, Nigeria
Real estate expert and Founder of the Nigerian PropTech Association, Roland Igbinoba, has revealed that only five percent of residential properties in Lagos are affordable to the average citizen, raising concerns about the growing housing crisis in Africa’s most populous city.
Speaking at a recent industry dialogue in Lagos, Igbinoba disclosed that rising land costs, excessive speculative investments, and poor urban planning have pushed the majority of Lagos residents out of the property market. He emphasized that many areas once considered prestigious, including Lekki, no longer retain their elite status due to rapid, unregulated development and infrastructural decay.
“Lekki used to be the dream destination for the upper-middle class and the elite. Today, it’s riddled with congestion, poor drainage, and a property bubble that doesn’t match the real income of most Lagosians,” Igbinoba stated. He pointed out that despite high rental and purchase prices, the real value of housing in Lekki and similar areas is declining due to inconsistent quality and lack of urban planning.
Igbinoba further warned that without urgent government intervention in the form of affordable housing policies and infrastructural upgrades, Lagos may face a worsening housing inequality crisis. He called on developers and policymakers to focus on sustainable and inclusive urban planning strategies.
This revelation underscores the growing disconnect between Lagos’ booming real estate market and the living realities of its residents, particularly young professionals and low-income earners seeking decent accommodation in the sprawling megacity.
