Media personality Frank Edoho has criticised the soaring cost of real estate in Lagos, describing the state’s property market as “armed robbery” and questioning how Nigerians can afford the luxury homes being offered for sale.

Edoho made the remarks during a recent episode of The KK Show, where he compared the prices of high-end properties in Lagos with those in other parts of the world, arguing that the local market is difficult to justify considering Nigeria’s economic conditions.

According to him, the price of some luxury homes in Lagos is comparable to that of significantly more valuable assets abroad.

He claimed that Hollywood actor Leonardo DiCaprio owns an island valued at about $1.7 million, while a mansion in Osapa, Lagos, is reportedly listed for around $1.5 million despite what he described as inadequate infrastructure in the area.

“What are we talking about? It’s armed robbery,” Edoho said while criticising the pricing of the property.

The broadcaster also questioned the purchasing power of Nigerians, noting that wages have remained low despite the sharp increase in property prices.

He pointed to the country’s minimum wage, which he said is below ₦100,000, and wondered how ordinary Nigerians could afford homes worth hundreds of millions of naira.

Edoho further cited the depreciation of the naira and the country’s struggling economy, asking who the real buyers of such expensive properties are.

When the programme’s host suggested that Nigerians living abroad account for a significant number of buyers, Edoho acknowledged that those earning in foreign currencies could afford such investments but questioned who was purchasing the properties from within Nigeria.

He asked whether the clientele consisted mainly of government officials, internet fraudsters or pastors.

Responding to the concerns, the property developer featured on the programme dismissed the suggestion that his customers largely belonged to those groups.

He explained that property prices are determined by prevailing market conditions, adding that even clients who initially criticised the cost of homes often sold their own properties at similar market rates once they entered the market.