Quick Take: There’s a real risk of a future generation with no property to pass down—just vibes, gadgets, and screenshots of old wallet balances. But, until we fix access, affordability, and trust in property systems, it’s no surprise that Gen Z, among other young people, are choosing the cloud over the compound.
- What Changed? The System Ate the Dream
- What Are Youths Choosing Instead?
- What Are the Risks We’re Not Talking About?
There was a time—not too long ago—when wealth in Nigeria was measured by two things: the size of your plot of land and the roofing sheets on your self-built house in the village.
That was the dream. Own land, build a house, retire into a compound with three tenants and a borehole. If you didn’t have land, your name was not in the book of the living.
Today, ask a 27-year-old in Lekki or Yaba what their idea of wealth is and you’re likely to hear: “Freedom.” Freedom from landlords, from mortgages, from the crushing weight of concrete ambition. A good phone, a remote job, a crypto wallet, and the ability to book a Bolt without checking their balance—that’s the dream now.
And I can’t even blame them.
The Old Script: “Land Is Life”
Our parents believed in land the way people believe in prayer. You didn’t just own property; you built legacy. Land gave you leverage, respect, and protection against the unpredictability of the future.
There was logic to it. Property prices appreciated steadily. Rents were tolerable. And you could still buy a piece of land in Ogba without selling your kidney.
But that era is over. Completely.
What Changed? The System Ate the Dream
1. Property is Now a Fantasy
As of March 2024, the average price of land in Lagos was ₦200,000 per square metre in mid-tier areas, and up to ₦800,000 in the “affordable” zones of the Island. Let’s do the maths—just a plot (about 600 square metres) would cost ₦120 million in high-demand locations.
What Gen Z is earning doesn’t even come close. According to Jobberman’s 2024 Nigeria Talent Report, the average monthly salary for entry-level tech and creative professionals is ₦180,000 — ₦250,000. That’s without rent, food, subscriptions, or social living. So, unless they inherit property, the numbers simply don’t add up.
2. The Hustle Economy Doesn’t Mix with Mortgages
Our economy is becoming more informal and digital. Young Nigerians, including Gen Z, are building careers on freelance gigs, YouTube channels, product design, and coding for companies in Berlin. There’s no job stability, and certainly no pension.
Mortgages require consistent monthly payments and formal employment history. That’s a setup for failure. Why tie yourself to a bank when you can build a crypto portfolio or earn in dollars?
3. The Land Itself is Broken
Even if you had the cash, good luck navigating the issues of property documentation. According to a 2023 World Bank report, only 3% of land in Nigeria is formally registered. Land agents double-sell plots. Governments revoke Certificates of Occupancy without warning. Even the educated get scammed. It’s a bureaucratic quagmire.
What Youths Are Choosing Instead
1. Digital Assets Over Physical Ones
Crypto, NFTs, tech stocks. Say what you will, but they are liquid, portable, and global. A Binance wallet gives you more peace of mind than a disputed land deed in Ibeju-Lekki.
2. Mobility Is the New Security
Why be stuck in one city when remote work lets you jump between Lagos, Nairobi, and Accra? Owning land locks you down. Renting offers freedom—even if the landlord behaves like a village chief.
3. A Shift from Legacy to Lifestyle
This generation wants to enjoy life now, not mortgage their youth for a house they may not live long enough to enjoy. Call it selfish, call it shallow—but it’s survival.
The Risks We’re Not Talking About
Now, let’s be honest. This new way of living isn’t foolproof.
- Rents are rising: Lagos rent increased by over 45% between 2022 and 2024. If salaries remain stagnant, renting may become just as painful as buying.
- Crypto is volatile: One tweet from a billionaire and your portfolio loses half its value. Gen Z knows this—but many would still risk it over dealing with Nigerian surveyors.
- No lasting assets: What happens in 30 years when you’re older, less mobile, and still renting? There’s a real risk of a future generation with no property to pass down—just vibes, gadgets, and screenshots of old wallet balances.
This Isn’t Just Economics—It’s Rebellion
Make no mistake, this is ideological. Gen Z is rebelling against broken commitments: government housing schemes that never happen, banks that punish the low-income earners, and a property market rigged against them.
They’ve decided to write their own version of wealth. One where happiness, flexibility, and digital leverage matter more than title deeds.
It may not be the wealth our parents recognise, but it’s the one this generation understands—and can afford to chase.
So, What’s the Real Lesson Here?
Maybe the question isn’t “Why don’t young Nigerians want land anymore?”
Maybe it’s “Why should they?”
Until we fix access, affordability, and trust in property systems, it’s no surprise that young people are choosing the cloud over the compound.
And honestly? Who wants to fight Omonile, pay a bribe, and still build their house on a drainage channel?
Let the kids enjoy their freedom. They might just be onto something.
