21/07/2026
WHY ONLINE PROPERTY PRICES CAN BE MISLEADING
Have you ever seen a property advertised online for ₦120 million, only to hear later that it was sold for ₦100 million?
Or perhaps you've wondered why two similar properties in the same neighbourhood have completely different prices.
The answer is simple:
An asking price is not the same as a property's market value.
When a property is listed online, the seller or agent usually sets an 'asking price'. This price may be influenced by expectations, marketing strategy, or room for negotiation. It doesn't necessarily reflect what informed buyers are willing to pay in the current market.
Think of it this way:
Imagine you're shopping for a smartphone. One store advertises it for ₦900,000, while another sells the exact same model for ₦800,000.
Would you conclude that the phone is worth ₦900,000 simply because that's the advertised price?
Probably not.
You would compare prices, assess the condition, verify the specifications, and determine what represents fair value.
The same principle applies to real estate.
Take land sales by property developers, for example.
You may come across an advert that says:
> Normal Price: ₦20 Million
> Promo Price: ₦10 Million – 50% OFF!
At first glance, it looks like you've saved ₦10 million.
But here's the important question:
Was the land ever worth ₦20 million in the first place?
The truth is, an advertised price, even the "normal" price before a promotion is 'not automatically the market value' of the land.
Real estate companies are free to determine their selling prices based on their business strategy, marketing objectives, payment plans, promotional campaigns, or other commercial considerations.
This means that 'the price displayed before a promotion should not be mistaken for the actual market value of land in that location.'
Likewise, a promotional discount does not necessarily mean you're buying below market value.
This is why professional property valuation is so important.
A Registered Estate Surveyor & Valuer does not rely on online advertisements or promotional prices to determine value.