After 3 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 alterations in prices compared to the previous year,” said Nigeria-based online property firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, one of the most affluent neighborhood of Lagos, registered the greatest y-o-y house price development of 20% in May 2019, followed by Ibeju Lekki, with annual price increase of 12%, based on figures in the Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.
Alternatively, Ikorodu saw the most important decline in house prices of 25% during the year to May 2019, as well as 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 typical price of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments can be bought to have an average cost of NGN 350 million (US$972,266).
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