The Psychology of Home Buying in Lagos
December 2, 2024
There has been a very high demand for housing in Lagos. Home buying for Lagosians is a representation of security, status, and stability. All of these are why home buyers are very concerned with practical considerations like location, price, and infrastructure. However, on closer assessment, you would find that home buying in Lagos is also deeply influenced by certain psychological factors. Considering the hustling and bustling nature of Lagos state, it is not far-fetched that buyers allow some of these psychological dynamics to shape a buyer’s preferences and motivations in unique ways.
One psychological factor that affects home buying is emotions. Home buying in Lagos is, to some extent, affected by emotional drive. The first point of note is that some buyers see owning a home in Lagos State as an indication of success, considering the level of ambition and resilience in the country. Some of these buyers also look out for homes that are indications of their successes and aspirations and also homes that provide them a sense of pride. Some even allow emotions attached to family need, childhood dreams, or the desire for emotional comfort to transcend the logical considerations for a home.
There is also the psychological need for status and social validation. Lagos is a city that prioritiSes appearances and social status. There are some communities in Lagos state that are naturally considered as prestigious, and owning properties in some of these environments is seen as a mark of success. Some of these areas include Ikoyi, Lekki, and Victoria Island. Some other central areas in Lagos now have heightened rates that living there would mean you are a comfortable person in Lagos state. And there are also emerging areas like Ajah and Ibeju Lekki that will soon become hot spots in the Lagos home scapes.
There is also the psychological effect that comes with the fear of missing out. In Lagos, properties are getting scarce, and there is higher demand for them in the real estate space. This has created a sense of urgency as Lagosians are more concerned with strategic property investments or warnings about increasing prices. Real estate developments and agents sometimes capitalise on this, ensuring that people see the need to make quicker decisions so they do not miss out on what real estate is to become in Lagos State in the next couple of years.
The psychology of home buying is a complex interplay of emotional and social factors. The practical and logical concerns are deep and significant, but the psychological needs create an even deeper effect on the community of buyers. Investors and buyers need to understand these motivations. It gives the investor an edge to provide what is needed at the time, but it will also give the buyers a chance to make more informed decisions and navigate through the tough Lagos real estate market smoothly.