GMH and the Cost of Keeping its Promises
As it marks its eleventh anniversary, Vanessa Obioha looks at how the real estate company has navigated rising construction costs while maintaining customer confidence
When the naira began to lose significant value in 2023, Nigeria’s real estate developers faced a problem that went beyond rising construction costs. For developers selling properties off-plan, the bigger question was what to do about homes that had already been sold at prices agreed before the currency depreciation.
GodMade Homes Limited, popularly known as GMH Luxury, found itself facing that dilemma across eight developments.
Construction materials had become more expensive, particularly those linked to the foreign exchange rate. Labour and other project costs also rose. Yet customers who had committed to the properties had done so based on earlier prices.
