Housing Market, Economic Issues, Real Estate Trends, Cost of Living, Inflation Effects, Building Materials, Rental Prices, Landlord-Tenant Relations, Local Economy, Urban Development

Citizen . 30 December 1991 . Pg 21

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The housing market in Lagos has seen a dramatic increase in rental prices since 1989, with three-bedroom flats now costing between 800 and 1,200 Naira per month, compared to just 300 to 400 Naira in the past. This surge in costs is attributed to various factors, including the rising prices of building materials, which have skyrocketed due to inflation and the poor state of the Naira against foreign currencies. Landlords are raising rents without warning, leaving tenants with little choice but to pay or move out. The high costs of essential materials like sand, gravel, and cement are making it increasingly difficult for middle-income earners to afford housing. Experts suggest that stabilizing the Naira could help alleviate some of these issues.

Summary

Summary may not be accurate; generated by machine learning.

The housing market in Lagos has seen a dramatic increase in rental prices since 1989, with three-bedroom flats now costing between 800 and 1,200 Naira per month, compared to just 300 to 400 Naira in the past. This surge in costs is attributed to various factors, including the rising prices of building materials, which have skyrocketed due to inflation and the poor state of the Naira against foreign currencies. Landlords are raising rents without warning, leaving tenants with little choice but to pay or move out. The high costs of essential materials like sand, gravel, and cement are making it increasingly difficult for middle-income earners to afford housing. Experts suggest that stabilizing the Naira could help alleviate some of these issues.