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House Prices Lagos Nigeria - Real Estate Prices And Free Tips

House prices Lagos Nigeria - Real estate prices vary from location to location. There are cheap homes for low income earners, real estate with medium house prices, luxury apartments for the rich and high income earners, and furnished apartments for visitors.

Obviously, the property prices will be dependent on the category of property.

For example, cheap homes are usually in low cost residential areas like Agege, Ajegunle, Abule-Egba, and several other locations in Lagos where the houses are mostly poor quality, the living conditions poor, or the property clean but located in the outskirts of Lagos where prices are low.

Generally, house prices are subject to the law of demand and supply. The higher the demand, the higher the price.

For example, Ikeja is one of the oldest locations in Lagos Nigeria with many old buildings. Some of these buildings have been renovated several times over the last few decades and still wear a new look. Whereas others are obviously old and lack great appeal.

Nonetheless, property prices in Ikeja are very high because demand for Nigeria real estate in Ikeja is overwhelming. And the reason is not far-fetched.

Ikeja is the capital of Lagos Nigeria and, hence, the city centre. Ikeja boasts of many industries and is second only to Victoria Island in terms of commercial activities and the volume of businesses cited there.

As it is, most people prefer to live close to where they work. Consequently, Ikeja is a favourite location for many residents of Lagos. This has resulted in a massive rush for both residential real estate and commercial property in Ikeja.

This high demand for Ikeja real estate has resulted in a corresponding rise in property prices in Ikeja.

Here's a brief overview of house prices in key locations in Lagos Nigeria to give you an idea of how location impact on real estate prices. Let's consider here the rental prices of a standard 3 bedroom flat in different locations in Lagos Nigeria.

CAUTION: Please note that the property prices below are valid as at the time of this writing. Prices change over time.

1. 3 bedroom flat off Toyin street Ikeja - 850,000 Naira per annum

2. 3 bedroom flat at Oke-ra Ogba - 300,000 Naira per annum

3. 3 bedroom flat at College road Ikeja - 450,000 Naira per annum

4. 3 bedroom flat at Akowonjo - 250,000 Naira per annum

5. 3 bedroom flat at Ipaja - 150,000 Naira per annum

6. 3 bedroom flat at Marshal Surulere - 550,000 Naira per annum

7. 3 bedroom flat at Isefun Ayobo - 70,000 Naira per annum

8. 3 bedroom flat at Lekki phase 1 - 2.5 million Naira per annum

9. 3 bedroom luxury flat at Bourdillon Ikoyi - 12 million Naira per annum

10. 3 bedroom luxury flat at Banana Island Ikoyi - 15 million Naira per annum

The ten listings above for the same category of 3 bedroom flat tells the story of how location and category of apartment can influence house prices profoundly.

Obviously, you can only accept Lagos accommodation that you can afford to pay for. So, whether you live in Nigeria or overseas, think through your budget and what it can afford. This enables you to plan realistically and, thus, limit the amount of time you spend trying to secure homes for sale or homes for rent.

I wish you the best in your apartment search. Plan ahead and make a success of it.

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