— Raphmaths Estates boss says some prioritise luxury cars over land
By Chimaobi Nwaiwu
NNEWI — The Chairman and Chief Executive Officer of Raphmaths Estates, Chief Raphael Ojiribe, has said that some Nigerians who consider themselves low-income earners and unable to afford homes could improve their chances of property ownership by prioritising their spending.
Ojiribe said many people, particularly young Nigerians, preferred spending money on luxury cars and other expensive personal items rather than investing in land, which he said could appreciate in value over time.
He spoke with journalists in his office in Onitsha, Anambra State, on Wednesday while responding to questions about housing shortages in urban areas despite the growing presence of property developers, as well as concerns over the affordability of homeownership for low-income earners.
According to him, some people classified as low-income earners could own property if they exercised greater financial discipline and took advantage of available payment plans.
“Many people that are classified as low-income earners can actually afford to own houses of their own, but the problem with many is that they do not know how to set their priorities right,” he said.
Ojiribe cited the example of people who spend about ₦15 million on cars instead of investing the money in land, arguing that such spending decisions could limit their ability to acquire property.
“Many people, particularly young boys, prefer to use ₦15 million to buy a car instead of investing the money in land. Can you call such people low-income earners?” he asked.
The estate developer said Raphmaths Estates had introduced payment plans intended to make land purchases more accessible to buyers with different financial capacities.
He, however, urged prospective buyers to take advantage of such arrangements and begin investing when opportunities arose.
Citing the company’s Sea View Estate in Awka, Anambra State, Ojiribe said the estate was launched for sales in February at ₦15 million per plot.
He said the company had reduced its prices at the time to encourage low- and middle-income earners to acquire land, adding that the price of a plot had since risen to between ₦25 million and ₦30 million.
According to him, buyers who invested at the initial price could have recorded substantial gains based on the current asking prices.
Ojiribe said the price adjustment was intended to encourage early investment and that buyers across different income brackets had benefited from the promotional offer.
He maintained that some people who complained about being unable to afford homes could reconsider their spending choices, noting that expensive vehicle purchases did not necessarily translate into long-term asset ownership.
However, the affordability of housing also depends on income levels, land prices, access to mortgage financing and other living costs, factors that can limit the ability of low-income households to buy property even when they manage their spending carefully.
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