“Buying Property in Nigeria Is a Financial Trap” – Investor Jeffrey Benson Sparks Heated Debate 🏠💸

A Nigerian-based investor, Jeffrey Benson, has stirred strong reactions online after claiming that buying a house in Nigeria may not be a smart financial decision in today’s economy.

His comments, centered on real estate and currency instability, have opened up a wider debate about whether property ownership is still a reliable investment in Nigeria amid rising inflation and foreign exchange volatility.

Why he says buying property is risky

According to Benson, one of the biggest problems affecting real estate value is the instability of the naira against the dollar. He explained that while property prices may look stable in naira terms, their real value in dollars can fluctuate heavily.

He stated:

“Buying a house in Nigeria is a huge financial mistake. It’s better to just rent. I bought my house for $475,000 (about ₦500 million). Today, that same $475,000 is worth ₦600 million, yet no one is willing to buy at that price.”

His argument highlights a major issue in the property market — the mismatch between dollar valuation and local purchasing power, which often leaves high-value properties stuck without buyers.

Currency pressure on real estate

Benson noted that his property, initially purchased at an equivalent of ₦500 million, has now appreciated to about ₦600 million due to exchange rate changes. However, he says market demand has not followed the same direction.

This, according to him, creates a situation where owners appear to be making gains on paper, while struggling to find real buyers willing to meet the updated valuation.

Rent vs ownership debate reignited

The statement has triggered a fresh debate across social media and investment circles.

Supporters of Benson’s view argue that renting offers more flexibility in an unstable economy, especially where income is earned in naira but assets are tied to dollar fluctuations.

On the other hand, critics insist that real estate remains one of the safest long-term investments in Nigeria, pointing out that land and property values generally appreciate over time despite short-term market distortions.

Bigger economic conversation

Beyond the controversy, Benson’s comments reflect a growing concern among investors about:

• Currency depreciation
• Dollar-linked property pricing
• Low liquidity in the high-end housing market
• Reduced purchasing power among middle-income buyers

As the debate continues, his statement has once again placed Nigeria’s real estate sector under the spotlight — raising questions about affordability, valuation, and the future of property investment in a volatile economy.

“Buying a house in Nigeria is a huge financial mistake. It’s better to just rent. I bought my house for $475,000 (N500million). Today, $475,000 is worth N600 million, yet no one is willing to buy for that amount.” — Jeffrey Bensonpic.twitter.com/Gp15trAKvp

— YabaLeftOnline (@yabaleftonline) April 24, 2026