Is Owning a House Still a Good Investment in Nigeria Today?
My uncle is 70 years old and owns about 10 blocks of flats in Surulere, Lagos. Today, he makes around ₦40 million annually in rent, and that investment allows him to live a very comfortable life.
What makes his story interesting is that he didn’t become a property owner overnight. He was a civil servant and built the property gradually through his cooperative savings over almost 20 years.
I have always admired his journey, and recently I started asking myself:
Is property really one of the best long-term investments someone can make?
But when I discussed this with my cousin (his son), he had a completely different opinion.
He said if he had that same money today, he would rather invest in stocks or other assets. His argument was that he remembers the difficult years when the family struggled because a large part of his father’s salary was deducted for cooperative contributions and building the property.
He also pointed out the challenges that come with being a property owner:
But I still believe there is something powerful about owning property. Land appreciates over time, it provides security, and it can create generational wealth.
Some of my friends also disagreed with me. They believe businesses, stocks, and other investments may provide better returns and more flexibility.
So I’m bringing this question to the forum:
What do you think?
Is buying a house the smartest investment a Nigerian can make?
Or Should people focus on other investments before buying property?
I would like to hear your opinions
