Nigerian Luxury real estate

@mrabdulreacts

82.4K followers · usually 20.5K views a post

Views

66.3K

Likes

5.0K

Comments

573

614

SoundTikTok sound · original sound - axsnelmax

Why it worked

The video taps into a common sentiment of questioning exorbitant prices, especially for unfinished luxury goods, and uses a direct comparison between different markets to highlight perceived discrepancies. The creator's direct and somewhat incredulous tone, coupled with the visual of a massive, uncompleted mansion, likely resonated with viewers who are curious about or critical of the luxury real estate market.

Summary

The creator questions the valuation of luxury real estate in Nigeria, specifically an uncompleted mansion priced at 25 billion Naira ($18 million USD). They contrast this with what $10 million can buy in America and express skepticism about the rationale behind such high prices for unfinished properties in Nigeria, questioning the decision-making process of buyers and sellers in the luxury market.

Structure

1Introduction of US luxury real estate value vs. Nigerian luxury real estate value.
2Presentation of a 25 billion Naira ($18 million USD) uncompleted mansion in Abuja, Nigeria.
3Questioning the pricing and valuation of luxury properties in Nigeria.
4Skepticism about the rationale behind high prices for uncompleted buildings.
5Discussion on the role of financial advisors and the perceived lack of logic in such investments.
6Concluding thoughts on the disconnect between advertised prices and actual market value.

On-screen text

Nigerian Luxury real estate THIS IS WHAT $10 MILLION WILL GET YOU IN AMERICA. $8.5 Million Estate FULL HOME TOUR NOW, THIS IS WHAT 25 BILLION NAIRA, OR 18 MILLION U. S. DOLLARS, WILL GET YOU IN ABUJA, NIGERIA. Casually toured a 25 Billion Naira mansion in Maitama, Abuja. IRINI HOMES 25 BILLION NAIRA MANSION Maitama, Abuja NOW, I HIGH TIME WE HAVE A CONVERSATION ABOUT LUXURY REAL ESTATE IN NIGERIA. YOU GUYS SHOULD JUST COME OUT AND TELL DOING IN THAT INDUSTRY, BECAUSE I DON'T THINK IT'S REAL ESTATE. LIKE, I UNDERSTAND THE THOUGHT PROCESS, COMES TO LUXURY REAL ESTATE IN NIGERIA. HOW DO YOU GUYS VALUE YOUR PROPERTIES? BECAUSE YOU CAN'T TELL ME YOU JUST WOKE UP ONE DAY AND QUOTE, 25 BILLION NAIRA, 18 MILLION UNITED DOLLARS FOR AN UNCOMPLETED BU YOU CAN'T TELL ME, LIKE, YOU REALLY, REALLY, REALLY, REALLY THOUGHT SOMEBODY WOULD PAY THAT AMOUNT OF MONEY. NOW, BEFORE ANYBODY STARTS CALLING THAT I'M NOT THE TARGET AUDIENCE, BUT BEING BROKE DOESN'T TAKE AWAY MY RIGHTS TO HAVE AN OPINION, SO I'LL STILL HAVE MY OWN OPINION. LOOK AT WHAT $10 MILLION, $5 MILLION $3 MILLION, 15, $20 MILLION GETS YOU ELSEWHERE IN SANER CLIMES IN COUNTRIES THAT HAVE GOOD SYSTEMS, THAT ARE WELL ESTABLISHED. AND THEN IT GOES YOU ARE SELLING UNCOMPLETED BUILDING FOR 18 MILLION UNITED STATES DOLLARS DO YOU UNDERSTAND WHAT THAT MEANS? $18 MILLION. SO YOU WANT TO SELL AN UNCOMPLETED BUILDING FOR $18 MILLION FOR 25 BILLION NAIRA? WHAT'S THE RATIONALE BEHIND THAT VALUE? HOW DID YOU ARRIVE AT THAT VALUE? THAT, OKAY, MY PROPERTY IS WORTH 25 BILLION NAIRA. $18 MILLION? PLEASE, I WANT TO UNDERSTAND, BECAUSE THIS THING HAS BEEN HAPPENING EVERY TIME WE GO ONLINE, WE SEE SOMEBODY ADVERTISING THIS PROPERTY, 3 BILLION, 5 BILLION IN LEKKI. AND THEN WE SEE ONE SMALL SWIMMING POOL, LIKE A POND. WE SEE, ER, PO P. AND YELLOW LIGHTS, AND THEN THAT'S IT. SOMEBODY WAS ADVERTISING GOLD FAUCETS AS LUXURY. NOW IT HAS PASSED UNCOMPLETED BUILDING. I WANT TO UNDERSTAND, IS THERE ANYBODY THAT HAS $18 MILLION THAT WOULD ACTUALLY, AND REALLY, REALLY, REALLY, YOU KNOW, SPENT IT ON AN UNCOMPLETED BUILDING IN ABUJA? NOW, ASIDE THAT THAT PROPERTY IS IN MAITAMA, WHICH IS A GOOD, AREA IN NIGERIA, WE ALL KNOW MAITAMA IS WELL SOUGHT AFTER. ASIDE FROM THAT, THAT PARTICULAR FACT, WHAT ELSE, YOU KNOW, MADE YOU CONCLUDE THAT THAT PROPERTY IS WORTH $18 MILLION, 25 BILLION NAIRA? BECAUSE I DON'T THINK PEOPLE THAT HAVE $18 MILLION. I DON'T THINK STUPID PEOPLE EVEN HAVE $18 MILLION. BECAUSE NO MATTER HOW STUPID YOU ARE, YOU WOULD HAVE FINANCIAL ADVISORS. AND I DON'T THINK ANY FINANCIAL ADVISOR WILL ADVISE ANYBODY TO JUST GO AND THROW $18 MILLION ON AN UNCOMPLETED BUILDING IN MAITAMA, NIGERIA. SOMETIMES I WONDER, I. I REALLY THINK, LIKE, THESE THINGS ARE JUST. THEY JUST COME ONLINE AND QUOTE ALL THESE EXPENSIVE AMOUNTS, AND THEN WHEN THE BUYERS, WHEN THE REAL BUYERS ACTUALLY COME, THEY TELL THEM THE GUYS. IF I'M NOT FORGETTING, HEADQUARTERS IN ABUJA. IF I REMEMBER THAT TIME WHEN THEY WERE BUDGETING FOR THAT THING, 10 BILLION NAIRA. STAND TO BE CORRECTED. BUT I THINK IT WAS 10 BILLION NAIRA TO BUILD FCC. HEADQUARTERS IN ABUJA. YOU ARE TELLING ME THIS UNCOMPLETED BUILDING FOR OF HERE. HA HA HA. BYE BYE.

Original caption

Do you think Nigerian real estate is worth the amount they always call? #fyp #realestatetiktok #nigerianrealestate #nigeria #mrabdulreacts

More from @mrabdulreacts

More breakout videos from this creator.

Transcript

This is what $10 million will get you in America. $8.5 Million Estate FULL HOME TOUR Now, this is what 25 billion Naira, or 18 million U.S. dollars, will get you in Abuja, Nigeria. Casually toured a 25 Billion Naira mansion in Maitama, Abuja. IRINI HOMES 25 BILLION NAIRA MANSION Maitama, Abuja Now, I think it's high time we have a conversation about luxury real estate in Nigeria. You guys should just come out and tell us what you're doing in that industry, because I don't think it's real estate. Like, I understand the thought process that comes to luxury real estate in Nigeria. How do you guys value your properties? Because you can't tell me you just woke up one day and quote, 25 billion Naira, 18 million U.S. dollars for an uncompleted building. You can't tell me, like, you really, really, really, really thought somebody would pay that amount of money. Now, before anybody starts calling that I'm not the target audience, but being broke doesn't take away my rights to have an opinion, so I'll still have my own opinion. Look at what $10 million, $5 million, $3 million, 15, $20 million gets you elsewhere in saner climes in countries that have good systems, that are well established. And then it goes, you are selling uncompleted building for 18 million United States dollars. Do you understand what that means? $18 million. So you want to sell an uncompleted building for $18 million for 25 billion Naira? What's the rationale behind that value? How did you arrive at that value? That, okay, my property is worth 25 billion Naira. $18 million? Please, I want to understand, because this thing has been happening every time we go online, we see somebody advertising this property, 3 billion, 5 billion in Lekki. And then we see one small swimming pool, like a pond. We see, er, PO P. And yellow lights, and then that's it. Somebody was advertising gold faucets as luxury. Now it has passed uncompleted building. I want to understand, is there anybody that has $18 million that would actually, and really, really, really, you know, spent it on an uncompleted building in Abuja? Now, aside that that property is in Maitama, which is a good area in Nigeria, we all know Maitama is well sought after. Aside from that, that particular fact, what else, you know, made you conclude that that property is worth $18 million, 25 billion Naira? Because I don't think people that have $18 million. I don't think stupid people even have $18 million. Because no matter how stupid you are, you would have financial advisors. And I don't think any financial advisor will advise anybody to just go and throw $18 million on an uncompleted building in Maitama, Nigeria. Sometimes I wonder, I. I really think, like, these things are just. They just come online and quote all these expensive amounts, and then when the buyers, when the real buyers actually come, they tell them the guys. If I'm not forgetting, FCC headquarters in Abuja. If I remember that time when they were budgeting for that thing, 10 billion Naira. Stand to be corrected. But I think it was 10 billion Naira to build FCC headquarters in Abuja. You are telling me this uncompleted building for of here. Ha ha ha. Bye bye.