NIGERIA’S HOUSING MARKET STABILIZING, AMIDST IMPROVING ECONOMIC CONDITIONS

After several years of house price falls, Nigeria’s property market is now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand.
“The residential housing market in 2018 was without significant alterations in prices in comparison to the previous year,” said Nigeria-based online real estate property firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, one of the most affluent neighborhood of Lagos, registered the best y-o-y house price increase of 20% in May 2019, as well as 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.

Alternatively, Ikorodu saw the most important loss of 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 among the most expensive city in Africa. In Ikoyi, the common cost of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments are sold for an average cost of NGN 350 million (US$972,266).
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