By Firdaus Jibril
Nigerians are increasingly postponing the purchase of homes and landed property as high living costs and elevated borrowing rates continue to limit household spending.
This was contained in the latest Household Expectations Survey by the Central Bank of Nigeria (CBN).
According to the survey, buying conditions for buildings and landed property stood at 30.0 points below the 50-point threshold indicating that respondents generally considered the prevailing environment unfavourable for major property purchases.
The willingness to purchase was even weaker, with buildings and landed property recording 19.2 points, while the outlook index for house purchases stood at -56.9.
The CBN noted that the Buying Conditions Index for major purchases remained below 50 points during the review period, reflecting a weak consumer appetite for durables, vehicles, buildings, and landed properties.
The survey also linked household spending pressures to concerns over inflation and borrowing costs.
While food remained the top spending priority, households also prioritised essential expenses such as household goods, education, transportation, electricity, and water.
This weak demand for property comes amid the Central Bank of Nigeria’s tight monetary policy stance, with the Monetary Policy Rate retained at 26.5 per cent at its July 2026 meeting.
The combination of high living and borrowing costs could continue to influence household decisions regarding home purchases and other long-term property investments.