Lagos developers lament rising costs, warn buyers and tenants will pay more
Real estate developers, investment analysts and a quantity surveyor have said that rising land prices, construction materials, labour and infrastructure costs are putting significant pressure on the cost of developing residential properties in Lagos, with developers increasingly passing the higher costs on to buyers and tenants. The post Lagos developers lament rising costs, warn buyers and…
Real estate developers in Lagos are expressing concern over rising costs, warning that buyers and tenants will face higher prices. The experts attribute the increase to land acquisition, materials, labor, infrastructure, regulatory charges and more. Land prices have more than doubled in several parts of Lagos, while material costs have moved in line with inflation since 2020.
Cement and iron have seen significant price hikes, with builders also facing higher costs for aluminium, electrical and plumbing materials. Experts emphasize that interest rates alone are not the main driver of rising development costs, as many projects are financed through equity, private investors and joint ventures.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
