After 36 months of house price falls, Nigeria’s property information mill now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand.
“The residential market in 2018 was lacking significant changes in prices when compared to the previous year,” said Nigeria-based online real-estate firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, essentially the most affluent neighborhood of Lagos, registered the greatest y-o-y house price growth of 20% in May 2019, then Ibeju Lekki, with annual price increase of 12%, according to figures in the Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.
However, Ikorodu saw the biggest loss of house prices of 25% in the past year to May 2019, then Ikeja (-16.7%), Alimosho (-10.7%), Isolo (-9.1%), and Victoria Island (-8.7%).
Lagos is among the most expensive city in Africa. In Ikoyi, the normal tariff of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments can be bought with an average cost of NGN 350 million (US$972,266).
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