Nigeria luxury home market booms despite economic crisis
ฝัง
- เผยแพร่เมื่อ 2 ส.ค. 2024
- Nigeria's housing crisis has been made worse by the COVID-19 pandemic - with homeownership now out of reach for many people.
But for those who have the money, there is no shortage of options in a booming luxury housing market.
Al Jazeera's Fidelis Mbah reports from the capital Abuja - in the second of our four-part series on the rising cost of housing.
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#Nigeria
Electricity should be addressed first. How long is Nigeria going to rely on generators for power? Learn from Kenya 🇰🇪 with their windmills and geothermal clean energy.
Hhh
Kenyans don't have 24/7 power either what are you talking about?
True
Those earning through corruption never face an economic crisis.
THAT IS NOT TRUE; the problem is lame-media only report from Africa's at the edge of their civilization.
so it looks out of place but its NOT. Do you know how many Nigeria eCommerce stores are online?
My business is 100% online. I can move ANYWHERE on the planet that has wifi. 𝓪𝓷𝔂𝔀𝓱𝓮𝓻𝓮😳
----> these homes arent in the main city because THAT MODEL IS OUTDATED for the future. So is government ability to capture entrepreneurs. 'employee' is also going out of style. Ask any TH-camr.
𝐼 𝓈𝓊𝒷 𝒶 𝟤𝟦 𝓎𝑒𝒶𝓇 𝑜𝓁𝒹 TH-camr: 𝓌𝒽𝑜 𝓂𝑜𝓋𝑒𝒹 𝒻𝓇𝑜𝓂 𝒞𝒶𝓃𝒶𝒹𝒶 𝓉𝑜 𝒩𝒾𝑔𝑒𝓇𝒾𝒶 𝓉𝒽𝒾𝓈 𝓎𝑒𝒶𝓇 ; 𝒷𝑜𝓊𝑔𝒽𝓉 𝒶 𝓁𝓊𝓍𝓊𝓇𝓎 𝒽𝑜𝓂𝑒; 𝓂𝒶𝓀𝑒𝓈 𝓂𝑜𝓃𝑒𝓎 𝑜𝒻𝒻 𝓎𝑜𝓊𝓉𝓊𝒷𝑒 & 𝒽𝑒𝓇 𝓅𝓇𝒾𝓋𝒶𝓉𝑒 𝑜𝓃𝓁𝒾𝓃𝑒 𝒷𝓊𝓈𝒾𝓃𝑒𝓈𝓈. = its not corruption, its outdated mentality
What is also outdated saying Nigerians or African people can only achieve wealth through corruption only
✔️AFRICA IS THE FUTURE and the story is telling the truth to non-believers.
Circa: 2000's they did the same stories about China 'ghost cities' and today's China is popping out millionaires like popcorn.
📈 📉📊 Private markets do feasibility studies; it was crazy to doubt it then and now.
no matter the country business is in 𝒷𝓊𝓈𝒾𝓃𝑒𝓈𝓈 to make money. Nigeria has money.
@@cinnamonstar808 Thanks Professor 👏....!
Knowledge is Power!!
False just because someone is successful doesn't automatically make them corrupt.🤣😂
Shameless thing. You are one those whom think africans poor. Go into Nigeria and you get the shocker of your life. If all these properties are bought by corrupt people, then that means half of Nigerians are government officials. We run our economy in Nigeria and not the leaders. You heard him say "There is no price control" and " People pay cash for these properties". Lol
They keep building homes without the basic infrastructures and public amenties that addresses safety, elaborate Water drainage system , sewage management and proper city planning..Its a bad investments for those who really want to maintain the future market value of the properties. These properties will depreciate like motor vehicles the day its sold of occupied.
Everything in Nigeria is just badly runned.
It's the government's job to build basic infrastructure not the private sector
Abuja has all of that, stop capping
the homes in Abuja have T public amenties that addresses safety, elaborate Water drainage system , sewage management and proper city planning....
“Luxury.”
They should invest in some decent architects.
This is Nigeria we are talking about, one of the most poorest countries in the world. Most people there don't have homes made of brick and concrete and live in tents. So a house that's made of brick and concrete is a luxury
@@babaralveena you know nothing about Nigeria. People living in tents like seriously? The 4th most expensive mansion in the World is in Nigeria owned by a woman and the mansion is worth more than $750 million. Nigeria has 36 states with the North ravaged with poverty and terrorism and the south where I came from things are very different. No one lives in tents cos there are no IDP camps. The homes they showed in this clip are not luxury homes at all.
@@babaralveena As of 2021, Aliko Dangote (a Nigerian) is the richest man in Africa. He has a net worth of 11.7 billion U.S. dollars and ranks 183 worldwide.
@@babaralveena you know nothing about Nigeria...
@alveena babar you're such an ignorant fool
NIGERIA govt should tackle the current situation of Boko haram and security, Goverment that cannot secure it's people , talkless of Government housing
Boko haram isn't a problem
@@slayerofcrusadersandsmallh6404 Yes, you are the problem
@@mikebalogun1892 Leave him he doesn’t have sense how can boko haram not be a problem? Thats how this herdsmen issue got worse in the south.
@@neggro123 BokoHarem is a scavenger group residing in a single forest in a single state out of 36 far up North away from 98% of the Nigerian population.
@@shangothunder1055 Im not going to sit and argue with you because i don’t know all the facts but what i do know is they were attacking abuja which is just above the South a few years ago. They retreated and went back up North but spread this has caused many indigenes to leave and be displaced persons. No where in the world is a terrorist organisation allowed free reign except for a country like Nigeria there should be no excuse they pose a security risk to Southern Nigeria and West Africa at large. If tomorrow America said well theres a terrorist group up North they don’t pose a threat do you think US citizens would take it likely?
This love affair with "private sector" has got to stop.
Those who preach and welcome predatory and checked capitalism LOVE talking about the private sector until it collapese and taxpayers have to bail it out.
I can't agree with you more.
Any nation without a thriving private sector is a failed one.
@@davismate6999 you’re right, but if you look at some of the biggest economies on earth, they are mostly state planned.
@@davismate6999 l disagree with you. Those private sector companies are in it only for themselves. They "internalise" profits and externallise" losses. There is nothing in it for the common man and the taxpayers other than for their failures to be picked up.
Apparently the government of Nigeria created 500 new government jobs which are clerical in nature and that was enough to spark a luxury housing boom.
Fake news. Where are the jobs and how can 500 jobs change anything in a country that has 35% unemployment rate? The government is the enemy of development. All they do is borrow loans from China and share most of the money. Very incomplete government. If you wanted a change what they should do is to bring federalism as against unitary system that encourages laziness where some people will fold hands and wait for money from other regions every month. Constitution of 1999 and the system of government are major part of the problem. If there is enough employment it will reduce insecurity as many will be engaged in works.
Why can't they do like Equatorial Guinea with decent housing for the poor? What's the point of those $500k houses if they are too pricey for the people??
Its market based and not charity!
They can have home owners building the houses themselves to bring down the cost. Nigeria government is so evil. 😢
@@evano5635 False; stop trying to talk about something you no nothing about. Save your tear cry baby.
@@chiefs5822 but is civilized country, the government built houses that are cheaper for middle and lower class. What Nigeria government does best is loot public money and export them to USA and UK and come back empty handed to loot more.
@@RealityStand Government are not responsible for building homes! thats a socialistic idea from the 60s
Private sector builds homes!
Always thinking for themselves you could easily have house that are 30k but our people at the top are so greedy
So it’s greedy to spend your money how you want, but not greedy to expect others to take care of you?
@@willpower3317 u r not smart. Pls remember that. People like dangote and his expensive cement are one of the reasons housing cost is ridiculous. But according to you we are bad for calling out greed. You be mumu.
@@evano5635 I wouldn’t say bad, I’d say “greedy”.
@@evano5635 if its too expensive then you can’t afford it. Stop crying in the comments
No one should be homeless, but sadly so many are. Property is just becoming more and more unaffordable. Whilst some live in palaces, with more rooms they will ever need, people suffer on the streets. So much injustice in this world. COVD19 proved that the small insignificant person, (deemed by the people in power) are the ones that keep the country, and economy thriving.
Its not the best rich or wealthy peoples faults
This is simply not true and misleading. The report said there are no statistics; so how do they know the market is booming.
Anecdotally I know a lot of developers having problems moving product
Tell your developer friends to use mud bricks instead of cement so that housing cost can be significantly reduced. Mud bricks are just as strong and are better for the environment. They naturally cool and warm the house without any AC. Also tell more of your developers friends to build houses inspired by African architecture. We have so much beauty and diversity, we don’t need to be copying the west. Look at denmas Nwoko house. It’s extremely beautiful and better than most houses Nigerian elite have.
Who are those building these houses and those buying them, where did they get the money from, through embezzlement? when people are suffering, selfish human beings.
Two things yahoo and money laundering.
Double digit interest rates 🤯🤯🤯🤯🤯
Yes people in India are very much interested in purchasing these properties.
My prince invested my money in one of these houses, it will be our love nest 💕💞💘
😂😂😂
Lol
Lmaoooo
Where you from
How are those houses 500k. At most 200k they are worth.
if its 500k then buy your own land build a mansion.
Nigeria is the shame of Africa.
Nigeria & Somalia should be world power and they are not. There GDP should be 100's of trillions but its not
this why they have so many foreigners in their lands .(both are cage tigers)
Its a strong lesson to their ancestors: 𝑔𝒾𝓋𝒾𝓃𝑔 𝓎𝑜𝓊𝓇 𝒹𝑒𝓈𝒸𝑒𝓃𝒹𝒶𝓃𝓉𝓈 𝑒𝓋𝑒𝓇𝓎𝓉𝒽𝒾𝓃𝑔; 𝒹𝑜𝑒𝓈 𝓃𝑜𝓉 𝑒𝓆𝓊𝒶𝓁 𝓈𝓊𝒸𝒸𝑒𝓈𝓈 in the future. ✔️their assets dont help them ✔️their strong minds dont help them ✔️their strong cultures dont help them ✔️their premium location + natural resources dont help.
BOTH COUNTRY have to relax; breathe and come back to their natural self in order to defeat defeatism + center their ego. then they can stand as the true pillars of Africa East + West
they got 10 years before the rest of Africa runs circles around them; if they use their own people power neither can be defeated; Both land should have strong inventors[ they do abroad only 🤷] that is the shame. 'under performance'
Lol yet its the biggest economy in africa (1.1 trillion dollar economy PPP)
Has the biggest richest africans
3rd biggest movie industry in the world ( Nollywood at 5 billion dollars)
Biggest music indusrty in africa
What does ethiopia have?
@@chiefs5822 Ethiopia is not the shame of Africa.
So what’s Ethiopia? Or are you trying to compare Nigeria with Ethiopia?
@@Abraham_Tsfaye What does Ethiopia have?
Best movie industry?
Best music industry?
best banks?
big economy?
what makes it better than nigeria lol?
Nigeria are facing serious security challenges and Al Jazeera was just concerned about the housing, what a people
I'm telling you
What about the infrastructure though??? 🤦🏾♂️
Abuja is a new city with better infrastructure
You built good roads and electricity plants source
Wow, finally I see the media focusing on positive in africa.
Why are the locals not benefiting from the number of build projects? Who are the contractors employing and at what rates?
If nobody is benefiting how are these homes being financed, built, and purchased?🤪
Are you kidding me ,what private sectors have right to a estate in nigeria. Except our politicians
Yes life has to move on but security should be key before any idea comes up of these big homes
This only means if you invest only in housing you will get 500% ROI. The population in Nigeria is ever increasing and people needs to live in luxury. Poverty and insecurity is going to be there in every society but there are people who are stinkly rich.
Nigeria has a booming young middle class...
Plus understand, Nigeria is a mirage...
The more you see the less you understand because of a very very large informal sector... The internet economy that government itself does not understand neither can tax contributes billions of dollars in GDP...
Will someone pls explain to me how Nigeria has one of the worlds worst Human Development Index rankings yet has some very prosperous neighbourhoods. These people can comfortably send their children to Oxford etc. and when they emigrate they’re one of the most educated and wealthy migrant groups e.g United States and UK. At the same time theres overpopulation, unstable government and conflict. In the same country… So contradictory and bizarre.
How can people afford these with no proper mortgages in the system. So they can just shell $500k within a few months
Yes they can, yes they can. THIS IS NIGERIA.
Almost nobody buys house with mortgage here, they either save or just build it themselves gradually.
But certain people have $500,000 lying around in empty houses they don't use like Politicians, footballers, musicians, yahoo boys, pastors and others
@@Biobele yea same in India, my parents build a house that took few years slowly. But most people use their savings to build houses here
We don't know what's mortgage here. We save we build on our land and it is yours forever.
And houses don't cost $500k like the US. My parents build nice 4 bedroom two floor house in India for just $70k, with savings
It will continue to boom because those earning their livings through corruptions and other dubious means have the money to buy. The question is where does it leaves the poor many of whom have been made homeless to make way for the luxury homes. Pathetic to the core l will say.
Uncle
@@iamaformerhistorystudent Grand Papa
Lmao not everybody that is successful is corrupt.😂
@@shangothunder1055 no one says every successful person is corrupt. As for Nigeria and Nigerians most successful people earned and continue to earn their wealth through corruption. That's the truth.
@@oluakinwale4859 stop blaming the rich
Luxury or no luxury always be proud of your brand and try working to improve. I love luxurious lifestyles. All thanks to crypto I just got my first Lamborghini 💝. My advice to y'all invest in cryptocurrency or gold.
Investing in crypto is the only big chance of making money
For real crypto is profitable
Crypto is the new gold
Absolutely right , I got 70% of my total portfolio in crypto and I have been making good profits
I wanted to trade Crypto but got confused by the fluctuations in price
@@luishagy8814 That won't bother you if you trade with a professional like Mr Charles blake
Nigeria does not have economic crisis. That’s for developed nations. Nigeria is on a cruise📌
A crisis is basically people losing money and very few people gaining from those losses.
Double digit interest rates?? Wtf?? Interest will eat your country inside out.
US had double digits rates in the 80s. It's not new
The luxury home they build is even ugly 🤣😂😂
Who in this world would have a sardine can as a dream home?
How do you mean? Judging houses you didn't see well.
Yahoo boyz tinz u know
India will help Nigeria in building 20 million homes with modern technology. Yes with pre fabrication construction technology houses could be built in months and also 3 dimensional housing is also coming up so a lot of work to be done by the both countries.
if its too expensive then you can’t afford it. Stop crying in the comments
The rich is getting richer. Capitalist system is exacerbating the gap between the rich and poor. The wealth needs to be redistributed
I am a yahoo boy and have already placed my down payment on one of these homes. My lover in the Netherlands wired me the money.
Sorry your are not a Nigeria and stop pretending to be a Nigeria rather stop saying rubbish about Nigerians
Go and sleep troll, you are worthless.
Nigerians are not shame of there self at this age with all we have in that country we are still borrowing money from abroad shame on nigeria governmnet hausa has destroy that country
Why are you not talking about the Nigeria problem, we are facing security big problem
Aljazeera is Qatari they support Hamas, Nigeria's security crisis is largely caused by islamists like them
@@Biobele this is is a low level oversimplification of literally everything. Nevertheless the housing crisis has always been an issue in Nigeria especially in Abuja.
@@Biobele you are correct
@@nzesunday7811 thank you, it's sad other people don't understand this news stations like TRT and Al Jazeera are pro islamists.
Turkey took hajia Sophia they didn't cough, Turkey took Northern Cyprus they didn't complain, boko haram took territories in Nigeria no problem not even news worthy but look at the way they covered Al Aqsa very well and very one-sided. The way they showed Israel in bad light they didn't interview fairly and when Hamas did show of force after the cease fire they didn't show it. We should be wise when watching these things
@@Biobele and also USA and European countries are supporting Israel to destabilize the palastinian people in there on land, if what you are claiming is true its welcome development 🇶🇦🇶🇦🇶🇦💖💖💖
Why y’all hating on all my Nigerian homes. Let them live in their nice houses
Wwwsssss
Millions of homes for those making $2000 a year?
Oil rich but poor af. Something's seriously wrong in that continent. Must be the Nigerian Prince fault...
all the scam money !!!!
Were you scammed, oh sorry, is because you are greedy that's why you can be scam by Petty Nigeria scammers.
Boom boom that's what we keep hearing 😂 wealth only circulating round few people hands while the public suffers
Lifestyle of the rich only
Show baharia town of Pakistan
I love Islam iam Muslim form Pakistan 🇵🇰🤝🇨🇿
Nigeria is immune to most -ve economic indices. Even d devil n Corona are baffled😁. Nigerians die hard
People should migrate to villages and make life happy.
Boko haram is there.
Cosa nostra
Nigeria is looks poor
I have been to Kenya
It’s ten times better
Lol, check Abuja, Lagos, PH
Nigeria is far better than kenya
Nigeria look poor, hmm you are funny
❤️❤️
Nigeria don cast o
All overseas Nigerians
Politicians, Musicians like Timaya, BurnaBoy, DavidO, Actors, Pastors, Sports men like Israel Adesanya, Musa, Mikel obi, Business men like Dangote, Otedola etc, Army Generals, Judges, Yahoo boys, TH-camrs like mark angel & Emmanuella, ambassadors, House of representative members, senators, senior police officers, senior customs officers, senior of anything in government. People are making money in Nigeria stop being a clown 🤡. Most people abroad don't have houses in Nigeria and they don't intend to come back, I know this because I have families abroad many many one just died days ago aged 99 and was buried there in the UK, I never met him he went to the UK before I was born before even my dad was born, he had kids and grandkids who I have never met, my dad has never met and none of these people have sent money back to Nigeria or built anything in Nigeria many such family members from other uncles and aunts are also there too, another set are in Canada and few in USA but most of them are in UK and they have ABSOLUTELY no plans of coming back to settle in Nigeria permanently ever again. People in Nigeria make money too even though the majority may not be making big money but there are certainly people making it big real big.
@@Biobele Nigeria is not a country but a failed state. Poverty in addition to insecurity every where
@@kingsleykester8167 that's really cool, but nobody sleeps in the street in Nigeria, like what we have seen in the riches countries, USA and Europe homeless people everywhere.
@@gulamdabi663 Nigeria is not a country but a failed state. For your information, Nigeria is incomperable
@@kingsleykester8167 i need more explanation about facts that Nigeria is a fail state?
Solution = 3D Print houses
Is that why there's so many scammers that live there
U sound like scammer
Nigeria doesn’t have the resources for its current growth
It does, Nigeria has the most oil in Africa the 5th largest producer of oil in the world, the largest gas reserves in all of Africa, top 5 cocoa producers in all of Africa, top 5 coal producers in all of Africa, largest population in all of Africa, Nigeria has 98% fertile land suitable for farming ALL YEAR ROUND, Largest film and music industry in Africa and second largest in the world, Nigeria has gold, bauxite, iron ore, and almost all natural resources you can think of, there is currently plans for the biggest refinery in all of Africa, plans for the largest and longest gas pipeline in all of Africa sending gas from Nigeria to Morroco, largest cement manufacturer in Africa.
Nigeria has so much more potential if the government wakes up or the private sector gets good loan funding somehow there's alot of money to be made in Nigeria.
I myself have made my business plan but I have no access to financing there are more than a million people just like me with various ideas whenever the Government fixes it's loan facility the private sector would pick up at an even faster rate, foreign loans aren't coming in due to fear, everyone is scared of investing in Nigeria or Nigerians which is both a good and bad thing, but mostly bad.
@@Biobele just because you have natural resources laying around doesn’t mean the government will give it to its people for it to be used on infrastructure
@@joshr24 you said and I quote "Nigeria doesn't have the resources for its current growth"
I listed and explained how Nigeria has more than enough resources for its current growth and you are saying it doesn't mean it would be used for infrastructure??? Why are you shifting the goal post?
Look at Lagos and follow Nigerias Transportation minister and see all the infrastructure that's popping up across the country thanks to resources like oil and gas.
If Nigeria focuses on other resources there is no way with more money and more resources to mine, extract, process, export and more workers needed to do all these there is NO WAY Nigeria won't have more infrastructure.
You have no idea what you're talking about.
Family planning. Family planning. Family planning.
no child policy for those below poverty and one child policy for those below median income.
Lol come and enforce that.
Poor solution to a problem that isn’t about population.
@@zayt.t3047 it is about population.
@@jarrodyuki7081 unregulated private industry in a city strictly segregated across class divide worsened by urban migration due to poor investment in rural regions. Plus poor infrastructure, security and high costs of materials and you really think population is the problem.. the people having scores of children are definitely not the ones fighting for middle class accommodation. Th problem is government incompetency, and artificial resources inflation because of corruption. But go ahead and blame poor people
@@zayt.t3047 yep all nations are aristocracies and oligarchies cant avoid that. and education is the only way for the lower class to rise.
@@jarrodyuki7081 so you probably know nothing about Nigeria. This is a problem in Abuja, though they interviewed a guy looks to be working class in outskirts of the city, the issue of housing in the city is facing the middle class, there are houses within Abuja that sit empty because people who live in the city cannot afford them, these people do not have children that’s much above the global average.
Luxury with out electricity lol
Richer get richer poor get poorer
Money laundering at work
oi linda família
✓
Non Of the African countries are important, you just can tell by how much America and Britain are spending trillions on their military defence just entirely for Asia 👍:)
'Non of africa countries are important' watch what always u type....rethink then type and after that ask yourself if u are okay!
@@decoloniz_afro Does it has a nuclear submarine for political strategy and determination or is it just pointless for Africa as no one is interested in it?
السلام عليكم ورحمة وبركاته انا اختكم ام محمدمقيمة في مخيمات النزوح عله الشريط الحدود مع تركيا زوجت شهيد وام ل 3اطفال يا اهل الخير والله وضعنا صعب يعلم الله بحالتنا وطالبه المساعده من اهل لخير وماعنا الارحمت رب العالمين الي يحب يساعدنا لوجه الله تعالى يتركلنه رقمو واتواصل معا ويتاكد من حالتنا الله يبارك فيكم يارب🤲🤲
These homes are not even luxury
Overpopulation in Nigeria is big problem. Why people produce so many offsprings?
Greater chances of survival, religion, tradition, superstition, more hands on deck, more chances that one will become rich one way or the other, etc etc etc
@@Biobele Greater chances of famine, unemployment, war and other problems
@@Biobele dafuq are you talking about?
ITS NONE OF YOUR BUSINESS.
stop being jealous
@@tugful you said the same thing about China in 2000. and they showed the world. those "ghost cities" were real buyers.
🛀...💎China is creating 120 millionaires a month ! for the last 12 years. Its also creating Billionaires
✖ envy is a sin
Folks, Jesus Christ, the Son of God, died for our sins.
He was buried and resurrected on the third day.
Believe in Him to be saved.
Yeah Jesus didn't bother to come meet us down here in Africa throughout his lifetime so why should we bother?
@@Biobele IF GOd rEaL WHy DoeS Bad ThiNg HaPpeN?
@@Biobele His original purpose was to minister to only the Jewish people and not the Gentiles or outside of the House of Israel. When Jesus first sends out his disciples he specifically tells them not to preach to Gentiles (Matthew 10:5-6 ).
@@Sisiboi In Matthew 14:33, after Jesus walks on water, the disciples tell Jesus: "You really are the Son of God!" In response to the question by Jesus, "But who do you say that I am?", Peter replied: "You are Christ, the Son of the living God". And Jesus answered him, "Blessed are you, Simon Bar-Jonah!”
@@garfieldarbuckle1317 fork your god then, if he wants me to worship him tell him to come and see me. Down here in Africa.