Nigerians have reacted to the cost of an apartment located in Eko Atlantic which goes for N4m per month as rent.
Nigerians wasted no time in blasting the ridiculous pricing of the apartment. To many, it was not luxurious enough to be valued at that price, while others concluded it was just to outrageous to spend that amount of money on a small apartment.
The apartment goes for N4 million ($11,000) every month while it costs $100,000 per annum.
However, A member of the House of Representatives, Akin Alabi criticized those complaining about the amount.
He said: “Everyone comparing the $1m apartment in Eko Atlantic with other apartments in other cities simply got how real estate works very wrong.
“Who determines worth? See, in the same Lagos, you will use $1m to build a magnificent building. You see in London, a tacky flat in some areas will cost you over £1m.”
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A user then tweeted that he could get two apartments in Dubai with $1 million.
Alabi replied: “Unfortunately, you are not the target market.
“The apartment doesn’t have to be luxurious to be expensive. It can even be an incomplete building and still be mad expensive.”
A few people agreed with the house rep. They agreed that the price was not for the content of the apartment but was for the location of the apartment.
See tweets below:
