Property Values Island Areas of Lagos Nigeria - Free Property Prices Analysis

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Welcome to property values guide Lagos Nigeria.

This property prices comparison and analysis page is for properties in Island areas of Lagos Nigeria. Visit the Lagos real estate values section for analysis of home prices in mainland areas of Lagos Nigeria.

Now let's talk about property values in the Island areas of Lagos. I will start with a brief classification of the Lagos Island areas for clarity.

Lagos Island Classification

The Island areas of Lagos Nigeria include . . .

  • Victoria Island
  • Lekki
  • Oniru
  • Ikoyi
  • Victoria Garden City (VGC) and
  • Ajah

    The factors that influence property values in the different locations on the island include . . .

  • The location of the property within the island
  • The type of property and
  • The purpose of the property (whether it is residential or commercial real estate )

    Let's take two specific examples to drive the point home.

    Property Prices For Lagos Island
    Real Estate

    A 3 bedroom flat in 1004 estate Victoria Island cost 2.5 million Naira to rent per annum while a similar 3 bedroom flat in Parkview Ikoyi will cost 6-9 million Naira per annum to rent.

    Compare this to the rental price of properties further away from Victoria Island, the commercial hub of the Lagos Island area.

    A 4 bedroom bungalow (equivalent to a flat) will cost 1.8-2.2 million Naira per annum to rent in Northern Foreshore estate in Lekki while a similar bungalow in Abraham Adesanya estate in Ajah will cost about 800,000 - 900,000 Naira to rent.

    The difference in home prices (or property values) that you see here is due to the distance from Ajah to Victoria Island the commercial nerve centre of Lagos Nigeria. Lekki is much closer to Victoria Island (VI) than Ajah. So Lekki attracts higher rental price.

    The same applies to the property prices for homes for sale in the island areas of Lagos Nigeria.

  • Property Prices For Lagos Island
    Real Estate

    Let's consider the property values for the properties for sale in the locations mentioned above.

    A 3 bedroom flat in 1004 estate Victoria Island cost 43 million Naira while a similar flat in Banana Island Ikoyi cost 200 million Naira.

    A 4 bedroom bungalow cost between 38-42 million Naira in Northern Foreshore Lekki while a similar bungalow cost 14-17 million Naira in Abraham Adesanya estate Ajah.

    Bottom line.

    Different location, different home prices. And when transacting in commercial buildings, expect the property prices to go off the roof in comparison to the property prices of residential houses within the same axis.

    P.S: Please note that the home prices quoted above are property prices as at the time this article was written. Check for current prices when you decide to invest. Want to buy a property? Simply contact us.

    Related Content:

    Apartment Guide ::: Apartments For Rent

    Buying A House ::: How To Build A House

    How To Sell Your House ::: Bank Owned Properties

    Investing For Income ::: Investing For Retirement

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