NIGERIA’S HOUSING MARKET STABILIZING, AMIDST IMPROVING ECONOMIC CONDITIONS

After 36 months of house price falls, Nigeria’s property marketplace is now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand.
“The residential real estate market in 2018 was lacking significant adjustments to prices compared to the previous year,” said Nigeria-based online property firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, essentially the most affluent neighborhood of Lagos, registered the best y-o-y house price increase of 20% in May 2019, then Ibeju Lekki, with annual price increase of 12%, according to figures through the Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.

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