Real Estate Values Lagos Nigeria - Free Property Value Analysis. Compare Real Estate Prices
That is one of the first questions real estate investors ask when considering investing in Lagos Nigeria real estate.
| Answering that question helps property investors know the capital outlay required and what sort of return to expect. So, what are real estate values like in Lagos Nigeria? Simple answer . . . property value is high and low, cheap and expensive depending on where you choose to look. |
Lagos Nigeria is divided into two major areas . . . Lagos mainland areas and Lagos Island areas.
As in every city, some properties are prime properties while others are low cost real estate. Since property values are a function of location, it makes sense to discuss Lagos real estate values on the basis of the location.
| This will help you . . . 1. Understand the impact of location on Lagos real estate prices and 2. How to take advantage of price variations to grow your profitability Ready? Let's start the property value analysis right away. Lagos Mainland ClassificationLagos mainland can be further sub-divided into two key categories: 1. Premium property within the city centre and 2. Property outside the city centre Lagos mainland city centre, as used in this article, includes areas like . . . Other developed neighbourhoods that cannot be rightly called "city centre" include . . . |
Lagos mainland city outskirts include . . .
Note that the list above is not exhaustive.
Now, let's compare real estate values in the mainland areas.
Lagos Mainland Real Estate Prices - Rental Values
Let's take an area like Ojodu and two estates within Ojodu.
A 3 bedroom flat in Ojodu area of Lagos Nigeria goes for between 300,000 to 400,000 Naira per annum.
The same 3 bedroom flat in Morgan Estate Ojodu goes for between 500,000 - 600,000 Naira per annum.
If the 3 bedroom flat is in Omole phase 1 (same Ojodu area), the price will be between 800,000 - 1.0m Naira per annum.
Let's take another location within mainland Lagos.
A 3 bedroom flat in Agege area goes for about 250,000 - 300,000 Naira.
However, the same 3 bedroom flat in Medium income estate in Agege goes for 600,000 to 700,000 Naira per annum.
Let's take a look at the property value range or real estate prices in one more location.
A 3 bedroom flat in Ayobo area of mainland Lagos cost between 100,000 to 150,000 Naira per annum. And you will agree that this is peanuts compared with what the same flat cost in Omole phase 1 estate in Ojodu.
What accounts for the price differences?
Simple answer . . . location.
Lagos Mainland Property Values - Sale Values
A 3 bedroom bungalow for sale in Ojodu goes for between 12-15 million Naira.
The same 3 bedroom flat for sale in Omole phase 1 in Ojodu area goes for 28-30 million Naira.
See the difference in real estate values even within the same neighbourhood?
The property value tag on the Omole phase 1 bungalow may seem outrageous. But before you reach that conclusion, take a look at the price of bare land within the Ojodu area.
A bare plot of land in Ojodu area of Lagos Nigeria cost between 12-16 million Naira while the same plot of land in Omole phase 1 cost between 32-38 million Naira.
On the other hand, a plot of land in Ayobo area of Lagos Nigeria cost 3-5 million while the same plot of land in Ikorodu will cost between 800,000 to 2.0 million Naira.
Why the huge difference in real estate values?
Location, of course!
My Advice?
Assess your financial capability and invest accordingly.
P.S: Please note that the property values 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.
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