Man Plans to Sell Building Purchased in 1990 for N350 Million
A Nigerian man shared an intriguing conversation he had with his 65-year-old neighbor about property value and time. The discussion centered on a two-storey building adjacent to the younger man's residence. The older man, who acquired the property in 1990 for N1.5 million, is now set to sell it for N350 million—a staggering increase over 36 years.
The story was posted on X by user @jonddoe, who explained that he spoke with the landlord of the building next to his. The landlord, aged 65 at the time of their talk, purchased the building in 1990. The property contains six flats spread across two storeys. When asked if he would consider selling in the current market, the landlord stated an asking price of N350 million.
Netizens React to the Massive Price Difference
The narrative showed the difference between property values in 1990 and those in 2026. It also illustrated how long-term ownership of real estate could yield significant returns. Netizens were intrigued by the contrast between the two amounts and shared their opinions in the comments.
Ekiran commented: "If he rented each flat an average minimum of N1.5 million per flat for 20 years out of the last 36 years, he would have earned N180 million. That earning plus property valuation puts his ROI at around N500 million."
Chimezie added: "Someone I know sold 2 blocks of 16 flats with a large garden for just N180 million 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 noted: "N350 million is just part of the actual value of the property. The person has been getting rent from the property for 36 years. 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."
Real Estate as a Long-Term Investment
The story highlights the potential of real estate as a long-term investment in Nigeria. Buying property decades ago has proven to yield substantial returns, both through rental income and capital appreciation. The 65-year-old landlord's decision to hold onto the building for 36 years has resulted in a potential profit of over N348 million on the sale alone, not counting rental income.
This example serves as a lesson for younger investors about the value of patience and long-term thinking in property markets. As one commenter pointed out, the cumulative rental income over the years adds significantly to the overall return on investment.
