A Nigerian man recounts a conversation with a landlord who purchased 2-storey building in 1990.
In a post on his X handle, @john-doe opened up about his landlord’s age and how much he purchased the 2-storey building in 1990.
Man Speaks Out
According to the X user, the landlord purchased the 2-storey building, which comprised 6 flats, for ₦1.5 million in 1990.
During their conversation, he asked the elderly landlord how much he intended to sell the property for.
Meanwhile, the landlord intends to sell the property for ₦350 million.
”I asked him if he wants to sell it today, now much would he sell it?.N350m..36 years later.Do you think it was a good investment?”,The tweet reads.
Reactions Trailing Below……
Eniola stated, “It’s a good investment. Consider the fact that he has put up those 6 flats for rent for 36 years. And it’s even better not to sell, he should keep putting it up for rent”.
John O added, “A solid investment.The rent he got from those units from 1990 till date is the interest on the principal. Meanwhile, his principal is still growing”.
Steve noted, “He was a really wealthy man in 1990. 1.5m in 1990 is significantly higher than 350m today. If we factor fx, inf, and interest rate, he is selling at a big discount , a loss. In real term, not a good investment.However it’s the nature of residential real estate business”.
El Magnico added, “With the current value of our currency/current exchange rates, it’s not that good of an investment. If the Naira was performing strongly against the Dollar, that property would be valued much more than N350m”.
See below……
