- A Nigerian man shared an interesting conversation he had with a man who owned the house next to his
- According to the young man, the 65-year-old had purchased a two-storey building for about N1.5 million in 1990
- Thirty-six years later, the older man is now set to sell the same building for a price far higher than what he paid for it years ago
A Nigerian man recounted a conversation he had with his neighbour about property value and time.
The discussion centred on a two-storey building that stood beside the younger man’s own residence.
Photo credit:
SolStock, Peeter Viisimaa/Getty Images.
Depicted man has no relationship with story. Photo for illustration only.
Source: Getty Images
Man set to sell building for N350 million
The post showed how real estate prices changed over several decades in the country.
The story was posted on X by a user identified as @jonddoe who explained that he spoke with the landlord of the building adjacent to his.
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The landlord was 65 years old at the time of their talk. According to the post shared, the older man acquired the property in 1990.
The building contained six flats spread across two storeys. The purchase price he paid then was N1.5 million.
Decades passed before the topic of sale came up again. During their conversation, the younger man asked the older man whether he would consider selling the property in the current market.
The landlord stated an asking price that reflected the appreciation the building had experienced since its purchase.
The figure mentioned was N350 million. That meant 36 years had elapsed between the original acquisition and the potential time of sale.
Netizens were intrigued by the contrast between the two amounts and they shared their opinions in the comments.
The narrative showed the difference between property values in 1990 and those in 2026.
Photo credit: Bloomberg/ Getty Images.
Source: Getty Images
It also illustrated how long-term ownership of real estate could yield significant returns.
Reactions trail current selling price of old building
Nigerians had different things to say in the comments section.
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Ekiran said:
“If he rented each flat a average minimum of 1.5m/flat for 20yrs out of the last 36yrs. He would have earned 180m. That earning+ property valuation puts his ROI to around 500m.”
Chimezie said:
“Someone in I know sold 2 blocks of 16 flat with a large garden for just N180m in the heart of Surulere. The seller became tired of speculative buyers who come and go. He eventually settled for a buyer that came with ‘cash’.
Alfred added:
“N350m is just part of the actual value of the property. The person has been getting rent from the property for 36yrs. The real value of the investment today is the cumulative value of those rents plus the current value of the property. Imagine if he saved and reinvested those rents; today, he would have built himself an empire. That’s a solid investment.”
See the post below:
Young man flaunts his first property
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Meanwhile, Legit.ng previously reported that a Nigerian man went viral on social media after showing off the first property he acquired at the early age of 27.
In a now-viral video posted via his official account, he displayed the structure of the uncompleted building and expressed joy.
Source: Legit.ng