Raphmaths Estates CEO: Nigerians Can Afford Homes with Better Spending Choices

Chief Raphael Ojiribe, the Chairman and Chief Executive Officer of Raphmaths Estates, believes that many Nigerians, especially those with low incomes, can afford homes if they change how they spend their money. He spoke to reporters in Onitsha, Anambra State, about the housing shortage in cities and the challenges low-income earners face in buying homes.

Ojiribe pointed out that many young Nigerians often choose to spend their money on luxury cars instead of investing in land, which can increase in value over time. He argued that if these individuals focused on their spending habits, they could improve their chances of owning property.

He gave an example of people who might spend around ₦15 million on a car instead of using that money to buy land. He questioned whether such individuals could truly be considered low-income earners if they make such spending choices.

To help buyers, Raphmaths Estates has introduced payment plans to make land purchases more affordable for different income levels. Ojiribe encouraged potential buyers to take advantage of these plans and invest when they have the chance.

He also mentioned the company’s Sea View Estate in Awka, which was launched for sale at ₦15 million per plot earlier this year. The price has since increased to between ₦25 million and ₦30 million, showing how early investment can lead to significant financial gains.

While Ojiribe acknowledged that some people struggle to afford homes, he urged them to reconsider their spending choices. However, he also noted that factors like income levels, land prices, and access to loans can still make it difficult for low-income households to buy property, even with careful spending.