What is the average price per sqm in Nigeria?

Authored by the expert who managed and guided the team behind the Nigeria Property Pack

Everything you need to know before buying real estate is included in our Nigeria Property Pack

Who is the author of this content?

THE AFRICANVESTOR

A team specialized in real estate investing in African countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Nigeria. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At The AfricanVestor, we explore the Nigerian real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Lagos, Abuja, and Port Harcourt. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What's the average price per square meter right now in Nigeria overall?

As of September 2025, Nigeria's average property price per square meter ranges from ₦100,000 to ₦1,300,000, which translates to approximately $70 to $900 USD depending on location and property type.

The national average reflects extreme regional variations, with luxury urban areas in Lagos commanding ₦1.2 to ₦1.5 million per square meter, while rural and emerging areas can be found for as low as ₦15,000 to ₦100,000 per square meter. This massive price spread illustrates Nigeria's diverse economic landscape and varying levels of infrastructure development across different regions.

Lagos State dominates the premium segment, with prime locations like Ikoyi and Victoria Island setting benchmark prices for the entire country. These areas represent less than 5% of Nigeria's total real estate market but significantly influence national price averages due to their high transaction volumes and international investor interest.

It's something we develop in our Nigeria property pack.

How does the average price per square meter vary by property type?

Property Type	Price Range (₦/sqm)	Key Characteristics
Prime Urban Land	₦500,000 - ₦1,500,000	Ikoyi, Victoria Island, Lekki Phase 1
Suburban Land	₦17,000 - ₦400,000	Epe, Ikorodu, Yaba, Surulere
Apartments/Flats	₦200,000 - ₦1,300,000	Higher prices in Lagos, Abuja centers
Houses (Residential)	₦100,000 - ₦700,000	Detached, semi-detached, bungalows
Commercial Space	₦250,000 - ₦2,500,000	Prime Lagos and Abuja locations
Mixed-Use Development	₦300,000 - ₦1,000,000	Growing segment in major cities
Luxury Condominiums	₦800,000 - ₦1,500,000	High-end developments with amenities

Which geographical areas or cities have the highest and lowest prices per square meter at the moment?

The highest property prices per square meter in Nigeria are concentrated in Lagos State, specifically in Ikoyi at ₦1.5 million per square meter, Victoria Island at ₦1.2 million per square meter, and Lekki Phase 1 at ₦900,000 per square meter.

Abuja follows as the second most expensive market, with premium areas like Maitama and Asokoro commanding prices between ₦800,000 to ₦1.2 million per square meter. Port Harcourt, despite being an oil hub, maintains significantly lower prices at ₦150,000 to ₦400,000 per square meter in prime areas.

The lowest prices are found in rural areas and city outskirts, particularly in Ibadan's outskirts at ₦15,000 to ₦80,000 per square meter, rural Kano at ₦20,000 to ₦60,000 per square meter, and Lagos outskirts like Epe at ₦17,000 per square meter. These areas offer significant potential for long-term investors willing to wait for infrastructure development.

Emerging markets like Uyo, Asaba, and suburban Enugu present middle-ground opportunities with prices ranging from ₦50,000 to ₦200,000 per square meter, offering better value propositions for investors seeking balanced risk-return profiles.

How does price per square meter differ between central urban versus suburban or rural locations?

Central urban areas in Nigeria command ₦500,000 to ₦1,500,000 per square meter, representing premium locations in business districts like Ikoyi, Victoria Island, Lekki, Maitama, and Asokoro.

Suburban areas show dramatic price reductions, typically ranging from ₦17,000 to ₦400,000 per square meter in locations like Epe, Ikorodu, Kuje, Surulere, Ajah, and Gwarinpa. These areas often provide better value for money while maintaining reasonable access to urban centers through improved transportation networks.

Rural locations offer the most affordable options at ₦15,000 to ₦100,000 per square meter across most rural settings and outlying regions. However, these areas typically lack advanced infrastructure, reliable utilities, and may have limited resale liquidity compared to urban counterparts.

The price differential between central urban and rural areas can exceed 50:1 in extreme cases, reflecting Nigeria's uneven development patterns and the concentration of economic activities in major metropolitan areas. This gap presents both challenges for affordability and opportunities for strategic investment timing.

What's the typical total purchase cost including fees and taxes for properties per square meter in Nigeria?

The total purchase cost for Nigerian properties extends 13% to 25% beyond the base property price per square meter due to mandatory fees and taxes.

Legal fees typically account for 2% to 5% of the property price, while stamp duty ranges from 0.75% to 1.5% of the property value, with lower rates applied to residential properties. Registration fees vary significantly by state, with Lagos charging 3% to 5% of the property value.

Governor's Consent represents the largest additional cost, ranging from 8% to 15% in Lagos State, though rates vary substantially across different Nigerian states. Survey and surveyor fees add approximately $500 to $2,000 to the total transaction cost regardless of property size.

For a property priced at ₦500,000 per square meter, buyers should budget an additional ₦65,000 to ₦125,000 per square meter for all associated fees and taxes. This means the true acquisition cost ranges from ₦565,000 to ₦625,000 per square meter for the same property.

What are the mortgage or financing costs per square meter if buying property now?

Current mortgage rates in Nigeria exceed 27.5% per annum according to Central Bank of Nigeria policies, dramatically increasing the effective cost per square meter for financed purchases.

High interest rates combined with relatively short maximum loan tenors of 5 to 20 years push the total cost of ownership significantly above cash purchase prices. For a property at ₦500,000 per square meter, a 20-year mortgage at 28% interest rate would result in monthly payments equivalent to approximately ₦140,000 per square meter annually.

Mandatory mortgage insurance, processing fees, and valuation costs add another 3% to 5% to the financed amount, further increasing the effective per-square-meter cost. Most Nigerian banks also require substantial down payments of 20% to 30% of the property value.

The combination of high interest rates and additional financing fees means mortgaged properties can cost 2.5 to 3 times the cash purchase price over the loan term, making cash purchases significantly more attractive for those with available capital.

It's something we develop in our Nigeria property pack.

If someone wanted to live in the property, how do prices and rental returns compare per square meter?

Area	Purchase Price (₦/sqm)	Annual Rental Yield (%)
Ikoyi, Victoria Island	1,200,000 - 1,500,000	6% - 8%
Lekki	500,000 - 900,000	6% - 8%
Yaba, Surulere	200,000 - 400,000	7% - 9%
Abuja (Premium)	800,000 - 1,200,000	5% - 7%
Emerging Areas	15,000 - 100,000	2% - 4%
Mid-tier Lagos	300,000 - 600,000	6% - 8%
Secondary Cities	50,000 - 200,000	4% - 6%

If renting out short-term versus long-term, what are the per-square-meter yields now?

Short-term rentals through platforms like Airbnb can generate up to 30% higher profits per square meter compared to long-term leases in upmarket Lagos areas including Ikoyi, Victoria Island, and Lekki.

In premium locations, short-term rentals achieve gross yields of 8% to 12% annually per square meter, while long-term leases typically provide 5% to 8% gross yields per square meter. However, short-term rentals involve significantly higher management costs, vacancy periods, and operational complexity.

Long-term rentals offer stable, predictable income streams with yields of 5% to 8% per square meter in prime urban zones, requiring minimal day-to-day management. These arrangements provide better cash flow predictability and lower operational stress for property owners.

The choice between short-term and long-term rental strategies depends on location, target market, and owner involvement capacity. Areas with high business travel and tourism activity favor short-term rentals, while residential neighborhoods with stable local populations work better for long-term leases.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Nigeria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What are the average purchase prices per square meter today for investment with intent to resell at a higher value?

High-appreciation zones suitable for resale investment strategies include Ikoyi, Victoria Island, and Lekki at ₦1.2 to ₦1.5 million per square meter, offering potential for capital gains through property flipping and value appreciation strategies.

Emerging "hotspot" areas like Epe, Ajah, and Ibadan present opportunities at ₦17,000 to ₦100,000 per square meter, where infrastructure development drives rapid future growth potential. Some locations in these areas have historically doubled in value since 2020.

Budget-friendly investment options exist in Ibadan outskirts, Port Harcourt, Asaba, and Uyo at ₦20,000 to ₦150,000 per square meter, suitable for long-term value appreciation strategies with higher risk tolerance.

The key to successful resale investment lies in timing infrastructure development, government projects, and economic zone establishment. Areas designated for new airports, ports, or industrial complexes typically see substantial price appreciation before and during development phases.

Which areas are currently the most expensive, which are emerging, and which are budget-friendly per square meter?

1. **Most Expensive Areas (₦1.2M - ₦1.5M per sqm)** - Ikoyi - Established luxury with international standards - Victoria Island - Financial district with premium amenities - Maitama (Abuja) - Capital city's diplomatic zone - Lekki Phase 1 - Modern development with quality infrastructure - Asokoro (Abuja) - Government and diplomatic area2. **Emerging Areas (₦17K - ₦100K per sqm)** - Epe - Rapidly developing with new infrastructure projects - Ajah - Growing residential and commercial hub - Ibadan (selected areas) - Industrial growth potential - Uyo - Oil industry expansion driving development - Nasarawa (Abuja outskirts) - Benefiting from capital expansion3. **Budget-Friendly Areas (₦15K - ₦80K per sqm)** - Ibadan outskirts - Agricultural and light industrial potential - Rural Kano - Northern Nigeria's commercial center expansion - Ogun State outskirts - Manufacturing corridor development - Ondo State - Natural resources and agriculture focus - Cross River State (excluding Calabar) - Tourism potential

How have prices per square meter changed compared to one year ago and five years ago?

Lagos property prices have experienced dramatic increases, with prime areas nearly doubling over the five-year period from 2020 to 2025, including significant spikes of 39.5% in 2024 alone.

Secondary cities like Ibadan and Enugu have shown more moderate growth patterns, averaging 5% to 8% annual increases from 2020 to 2025, demonstrating far less volatility than Lagos market extremes. These markets provide more predictable appreciation patterns for conservative investors.

National urban hub averages show 10% to 15% year-on-year increases, with major surges concentrated in designated growth corridors where government infrastructure projects drive demand. Areas benefiting from new transportation links or industrial development have seen above-average appreciation.

The COVID-19 pandemic initially slowed price growth in 2020-2021, but recovery has been robust, with prices exceeding pre-pandemic levels by significant margins across most urban markets. Remote work trends have also shifted demand patterns toward suburban areas with better living conditions.

It's something we develop in our Nigeria property pack.

What do forecasts predict for average price per square meter in one year, five years, and ten years?

One-year outlook for 2026 anticipates another 10% to 15% increase for Lagos and Abuja markets, with secondary cities expected to grow 8% to 10% annually based on current demand trends and infrastructure development timelines.

Five-year forecasts through 2030 predict continued upward trends in urban centers, with premium Lagos and Abuja markets showing steady appreciation while faster growth occurs in up-and-coming suburban areas benefiting from infrastructure expansion.

Ten-year projections to 2035 indicate strong potential if demographic trends and development patterns persist, as Nigeria's housing demand and urbanization will likely keep prices rising, particularly in areas where infrastructure improvements are planned or underway.

Compared to regional peers, Lagos and Abuja command higher prices than most West African cities except Accra, due to Nigeria's larger population, economy, and international business presence. This positioning suggests continued price support from regional economic leadership.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Aparthotel.com - Nigeria Property Analysis
2. The African Vestor - Nigeria Price Forecasts
3. Lexshield Properties - Nigeria Land Buying Guide
4. LinkedIn - Nigeria Real Estate Market Analysis
5. LinkedIn - Nigeria Investment Opportunities
6. Estate Intel - African Cities Real Estate 2025
7. Business Day - Nigeria Interest Rates Impact
8. The African Vestor - Average House Price Nigeria