After three years of house price falls, Nigeria’s property companies are now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand.
“The residential real estate market in 2018 was without significant adjustments to prices when compared to the previous year,” said Nigeria-based online property firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, essentially the most affluent neighborhood of Lagos, registered the highest y-o-y house price growth of 20% in May 2019, followed by Ibeju Lekki, with annual price increase of 12%, according to figures from your Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.
On the other hand, Ikorodu saw the largest loss of house prices of 25% in the past year to May 2019, followed by Ikeja (-16.7%), Alimosho (-10.7%), Isolo (-9.1%), and Victoria Island (-8.7%).
Lagos is regarded as the expensive city in Africa. In Ikoyi, the average cost of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments are offered for an average expense of NGN 350 million (US$972,266).
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