The notion that real estate markets can remain irrational longer than investors can remain solvent holds a unique meaning in Nigeria, where "irrational" pricing has become the norm. The assumption that property prices would eventually correct has proven to be a costly miscalculation for many.

In 2023, analysis of a N1.1 billion duplex in Pinnock Beach Estate revealed that developers were using larger plot sizes to justify premium pricing. Even when adjusted for inflation, the dollar-equivalent values of these properties remained relatively unchanged. However, many prospective buyers believed these prices were unsustainable and that patience would lead to a better deal.

This belief was unfounded. Prices continued to climb, leaving those who waited behind. The cost of waiting has become steeper in Lagos, with land prices across prime corridors appreciating by 50% in 2023 alone. Specific areas like Ogudu and Abraham Adesanya experienced cumulative growth of 275% and 254% respectively between 2018 and 2023, according to the NIESV Lagos Land Price Appreciation Index, 2024.

This trend is not unique to Lagos real estate. Following a dip in 2022, investors who waited for further decreases in the S&P 500 missed out on cumulative gains of 53% through early 2026, as reported by Macrotrends. The article suggests that waiting for a market correction is the most costly investment option, driven by four structural forces that make patience an expensive strategy.