- Jeffrey Benson, a Nigerian investor, has sparked debate over real estate investment in Nigeria.
- He argues that purchasing property may not be a financially sound decision.
- The volatility of foreign exchange rates has impacted property values when assessed in dollars.
A Nigerian-based investor, Jeffrey Benson, has stirred conversation online after sharing his controversial opinion about real estate investment in Nigeria, claiming that buying property in the country may not always be financially wise.
According to Benson, the rapid fluctuation of foreign exchange rates has significantly affected property values when measured in dollars, making it difficult for homeowners to recover their investments in the resale market.
He said:
“Buying a house in Nigeria is a huge financial mistake. It’s better to just rent. I bought my house for $475,000 (N500million). Today, $475,000 is worth N600 million, yet no one is willing to buy for that amount.”
His statement highlights a growing concern among investors about currency depreciation and the widening gap between dollar-based valuations and local purchasing power.
Benson explained that while the property was originally purchased at what was then equivalent to ₦500 million, the current exchange rate has pushed its naira value to about ₦600 million. However, he noted that potential buyers are unwilling or unable to meet that price, leaving the property stuck in a difficult market position.
The comment has since sparked debate among Nigerians, especially on social media, with some agreeing that rent may be a more flexible option in an unstable economy, while others argue that real estate remains one of the safest long-term investments despite short-term market challenges.
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