Nigerians Are Delaying Homes as Living Costs Crush Big Purchases
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The dream of owning a home is being pushed further away for many Nigerians. Rising living costs and expensive financing are forcing households to prioritise survival over major investments.
Nigerian households are postponing major purchases, including homes and vehicles, as inflation and rising living expenses continue to reduce disposable income.
A report by Credit Direct found that consumers are becoming more cautious, prioritising essentials such as food, transportation, healthcare and education over long-term assets.
The slowdown is creating new challenges for Nigeria’s housing market, where affordability, high construction costs and limited access to mortgage financing already restrict homeownership. While demand for housing remains strong due to the country’s large housing deficit, developers and lenders may face slower sales as buyers delay commitments.
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