Oak Holdings CEO Questions Ikoyi's Rising Land Prices

Land prices in Ikoyi have escalated to approximately N6 million per square metre, a significant rise from N1.8 million to N2 million three to four years ago, as reported by Olukayode Olusanya, founder and CEO of Oak Holdings. During the Drinks & Mics episode titled “Cars, Homes & Wahala: Why Is the Nigerian Dream So Expensive?”, Olusanya expressed skepticism regarding the economic justification for such increases, suggesting that individual sellers set higher prices, which then establish new market benchmarks.

He noted that this trend often begins in affluent areas like Banana Island, where property owners can dictate their asking prices. In contrast, Sanni Faruq, Lead Consultant at Senior Homes and Properties, argued that real estate pricing is influenced by economic principles, including supply and demand dynamics.

He emphasized that the Lagos real estate market is experiencing strong demand and limited supply, which drives property prices upward. Lagos is now the second-most expensive market for prime residential land in Africa.