Housing development expert Roland Igbinoba has revealed that less than 5% of new homes in Lagos are within reach for average-income residents, exposing a worsening housing crisis in Africa’s most populous city
During the launch of the third volume of the State of Lagos Housing Market Report, Igbinoba, founder of RIRFHUD, explained that most newly built homes are priced above ₦15 million, far beyond the budget of the average Lagosian who earns less than ₦100,000 monthly.
He also highlighted that areas like Lekki, once symbols of elite living, have become overcrowded and commercially diluted.
“Lekki is no longer elite. It has lost its exclusivity due to oversupply of luxury units and weakening urban planning,” Igbinoba noted.
The report also shows housing prices rose by 12% year-on-year, making the Lagos housing market increasingly inaccessible for middle- and lower-income earners.
Developers continue to prioritize high-end properties, while demand for affordable units remains unmet.
Igbinoba urged the Lagos State Government and private developers to shift focus toward truly affordable housing and rethink how land, financing, and urban infrastructure are managed.
Without intervention, Lagos risks becoming a city of renters, trapped in houses built only for the wealthy.
