Only 5% of Lagos Homes Are Affordable — Ronald Igbinoba Reveals Why Lekki Is No Longer Elite

On this episode of The Coffee Table with Ugodre (formerly Talknomics), real estate expert Ronald Igbinoba delivered a hard truth: “Lekki is not luxury anymore.” Despite the glitz and glossy brochures, Lagos’ most talked-about district is buckling under poorly managed infrastructure, chaotic planning, and sky-high prices.

But the real story is deeper, and more personal. For many young Nigerians trying to start life in Lagos, homeownership is no longer a goal. It’s a myth. Only 5% of homes in Lagos cost less than N15 million, and yet 87% of Nigerians earn less than N200,000 a month.

So who are developers building for? A growing number of properties are now owned by investors targeting short-let profits, not long-term renters. With yields as high as 15%, regular folks are being priced out of homes and pushed into unsustainable rents.“How do you talk about affordable housing when land itself is unaffordable?” Igbinoba asked.

With a housing deficit now at 3.4 million units, and rent swallowing more than half of people’s income, something has to give.

Watch the full episode of The Coffee Table with Ugodre on Nairametrics TV on YouTube. Your next rent might depend on it.