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Everything you need to know before buying real estate is included in our Nigeria Property Pack
Nigeria's property market shows significant price variations across the country, with Lagos and Abuja commanding premium prices while smaller cities offer more affordable options.
As of September 2025, the average price for a 3-bedroom flat in Nigeria is ₦28.5 million, while a 4-bedroom duplex costs around ₦57 million nationally. However, these prices can vary dramatically by location, with Lagos properties costing 60% more than the national average.
If you want to go deeper, you can check our pack of documents related to the real estate market in Nigeria, based on reliable facts and data, not opinions or rumors.
Nigeria's property market is dominated by Lagos and Abuja, where 3-bedroom flats cost ₦46 million and ₦42 million respectively, compared to ₦15-20 million in smaller cities.
Transaction costs can add 20-30% to the purchase price, while mortgage rates of 20-30% annually make cash purchases the norm for most buyers.
| City | 3-Bedroom Flat | 500sqm Land | 4-Bedroom Duplex |
|---|---|---|---|
| Lagos | ₦46 million | ₦8.7 million | ₦95 million |
| Abuja | ₦42 million | ₦7.9 million | ₦87 million |
| Port Harcourt | ₦39 million | ₦6.5 million | ₦75 million |
| Asaba | ₦33 million | ₦4.4 million | ₦55 million |
| Enugu | ₦30 million | ₦4.1 million | ₦48 million |
| Makurdi | ₦15 million | ₦1.2 million | ₦30 million |
| Akure | ₦16.8 million | ₦1.4 million | ₦33 million |
What's the current average property price in Nigeria?
As of September 2025, Nigeria's property prices vary significantly across the country, with national averages providing a baseline for comparison.
The national average for a 3-bedroom flat stands at ₦28.5 million, while a 4-bedroom duplex costs approximately ₦57 million. For land purchases, a standard 500 square meter plot averages ₦3.7 million nationwide.
These national figures mask substantial regional variations, with Lagos and Abuja properties commanding prices 60-70% above the national average. In contrast, cities like Makurdi and Akure offer properties at nearly half the national average price.
The Nigerian property market has experienced steady growth, with prices increasing 5-15% in 2024-2025 across major urban centers. This growth reflects ongoing urbanization and infrastructure development, particularly in commercial hubs.
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How do prices differ depending on the type of property, like apartments, houses, or land?
Property type significantly impacts pricing in Nigeria, with clear distinctions between apartments, houses, and land costs.
Apartments in city centers command approximately ₦2.7 million per square meter on average, making them the most expensive property type per unit area. This premium reflects their prime locations and access to urban amenities.
Houses, particularly duplexes and detached homes, typically cost less per square meter than apartments but require larger total investments. A 4-bedroom duplex averages ₦57 million nationally, while a 3-bedroom flat costs ₦28.5 million.
Land prices show the most dramatic regional variations. In Lagos-Lekki, residential land costs ₦95,000 per square meter, while similar plots in smaller cities like Makurdi cost around ₦2,400 per square meter. This 40x difference reflects location premiums and development potential.
Undeveloped land generally offers the best value for long-term investors, particularly in emerging corridors where infrastructure development is planned. However, buyers must factor in development costs and approval processes.
What's the breakdown of property prices by city and region?
Regional price differences in Nigeria are substantial, creating distinct market tiers based on economic activity and infrastructure development.
| City Category | Examples | 3-Bed Flat Price Range | Price Premium vs National Average |
|---|---|---|---|
| Tier 1 (Premium) | Lagos, Abuja | ₦42-46 million | +60-70% |
| Tier 2 (Major) | Port Harcourt, Asaba | ₦33-39 million | +15-35% |
| Tier 3 (Regional) | Enugu, Calabar | ₦20-30 million | -10% to +5% |
| Tier 4 (Emerging) | Abeokuta, Zaria | ₦17-19 million | -30 to -40% |
| Tier 5 (Budget) | Makurdi, Akure | ₦15-17 million | -40 to -45% |
Lagos dominates the premium market with average 3-bedroom flat prices of ₦46 million, driven by its status as Nigeria's commercial capital and largest city. Specific Lagos neighborhoods like Ikoyi and Banana Island command even higher premiums.
Abuja follows closely at ₦42 million for similar properties, reflecting its role as the federal capital and center of government activity. Both cities benefit from international business presence and expatriate demand.
Mid-tier cities like Port Harcourt (₦39 million) and Asaba (₦33 million) offer significant savings while maintaining good infrastructure and economic opportunities, making them attractive for both residents and investors.
How does the size or surface area of a property affect the average price?
Property size directly impacts pricing in Nigeria, with clear per-square-meter rates varying by location and property type.
In Lagos city center, apartments cost approximately ₦2.7 million per square meter, while houses typically cost less per square meter due to lower density and land availability. A 100-square-meter apartment would cost around ₦270 million in prime Lagos locations.
Land pricing follows a more predictable pattern, with Lagos-Lekki commanding ₦95,000 per square meter for residential plots. This means a standard 500-square-meter plot costs ₦47.5 million in prime areas, compared to just ₦1.2 million for similar plots in Makurdi.
Economies of scale benefit larger properties, with price per square meter typically decreasing as property size increases. However, this effect is less pronounced in premium locations where land scarcity maintains high per-unit costs.
Regional variations in size premiums are significant. While Lagos charges substantial premiums for every additional square meter, smaller cities offer more proportional pricing, making larger properties more accessible for families.
What's the total cost of buying, including legal fees, agent fees, and other hidden charges?
The total cost of buying property in Nigeria extends far beyond the advertised price, with additional fees often reaching 20-30% of the purchase price.
Legal fees typically range from 5-10% of the property value, though some transactions may involve lower rates of 1-2%. These fees cover title verification, contract drafting, and registration processes essential for secure ownership.
Agent fees represent a significant cost at 5% of the property value as standard, though some transactions involve fees up to 10%. This cost is typically borne by the buyer in Nigeria's real estate market.
Additional mandatory costs include survey and registration fees (3-5%), stamp duty (0.75-1.5%), and Governor's consent fees (8-15% mainly in Lagos). These government-imposed costs are unavoidable for legal property transfer.
Hidden charges can add substantial unexpected costs, including service fees, approval fees, development levies, and estate maintenance costs. In premium Lagos locations, these can reach ₦1 million annually or ₦35,000-₦130,000 monthly.
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What about taxes and ongoing costs, like property tax or maintenance fees?
Property ownership in Nigeria involves several ongoing costs that buyers must factor into their long-term financial planning.
As of 2025, new property tax regulations impose a 1.5% annual tax on homes valued above ₦150 million in Lagos, Abuja, and Port Harcourt. This represents a significant ongoing cost for premium properties.
Service and maintenance fees vary dramatically by location and property type. Mainland Lagos properties typically cost ₦25,000-₦45,000 monthly, while Lagos Island properties range from ₦60,000-₦130,000+ monthly for basic maintenance.
Upscale estates often impose additional charges beyond basic maintenance, including security fees, infrastructure maintenance, and amenity access charges. These can easily exceed ₦200,000 monthly in premium developments.
Property insurance, while not mandatory, is highly recommended and typically costs 0.2-0.5% of property value annually. This provides protection against fire, theft, and natural disasters common in Nigerian urban areas.
How do mortgage rates and financing options impact the real cost of buying?
Nigeria's mortgage market presents significant challenges for property buyers, with high interest rates making cash purchases the norm for most transactions.
Current mortgage rates range from 20-30% annually, with the central bank benchmark rate at 27.5% as of September 2025. These rates make mortgage financing extremely expensive for most buyers.
The mortgage market remains underdeveloped, with less than 5% of property purchases financed through formal mortgage channels. Most buyers rely on cash payments or informal financing arrangements with family and friends.
For a ₦50 million property with standard mortgage terms, monthly payments would exceed ₦800,000-₦1 million at current rates. This payment level far exceeds the affordability threshold for average Nigerian salaries.
Alternative financing options include developer payment plans, where buyers pay in installments during construction. These arrangements often carry lower effective interest rates but require careful due diligence regarding completion guarantees.
Can you give example purchase prices for typical properties in different areas?
Specific property examples illustrate the wide price variations across Nigeria's diverse real estate markets.
In Lagos premium areas, a 3-bedroom flat in Ikoyi costs approximately ₦46 million, while similar properties in emerging areas like Sangotedo might cost ₦25-30 million. Land in Lekki commands ₦8.7 million for 500 square meters.
Abuja properties follow a similar premium pattern, with 3-bedroom flats in Maitama or Asokoro costing ₦42 million, while emerging areas like Lugbe offer similar properties for ₦20-25 million.
Regional cities offer significant value. In Enugu, a quality 4-bedroom duplex costs ₦48 million compared to ₦95 million in Lagos. Port Harcourt properties fall between these extremes at ₦75 million for comparable homes.
Budget-conscious buyers can find opportunities in cities like Makurdi, where 3-bedroom flats cost just ₦15 million, and land plots start at ₦1.2 million for 500 square meters.
Emerging investment areas like Ibeju-Lekki and Epe still offer land below ₦2 million per plot, presenting opportunities for long-term appreciation as infrastructure develops.
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.
Which areas are the most expensive right now, which ones are budget-friendly, and which ones are up-and-coming?
Nigeria's real estate market shows clear geographic patterns in pricing, creating distinct investment opportunities across different price ranges.
The most expensive areas include Lagos Island locations like Ikoyi and Banana Island, where premium properties can exceed ₦200 million. Abuja's Asokoro and Maitama districts command similar premiums, as do select GRA areas in Port Harcourt.
Budget-friendly options concentrate in smaller cities like Makurdi, Akure, and Zaria, where quality properties cost 40-50% less than national averages. These cities offer good infrastructure and growth potential at accessible prices.
Up-and-coming areas represent the best growth potential for investors. In Lagos, Sangotedo, Ibeju-Lekki, and Epe benefit from planned infrastructure projects and transportation improvements. These areas currently offer properties at 30-40% discounts to established areas.
Abuja's emerging corridors include Lugbe, Jahi, and Guzape, where government expansion and private development create appreciation potential. These areas offer modern amenities at significantly lower prices than central districts.
Infrastructure-led growth drives appreciation in areas near new airports, ports, and major road projects. Smart investors target these locations before infrastructure completion drives up prices.
If I want to buy, what are the smartest choices depending on my goal?
Property investment strategy in Nigeria should align with specific goals, as different areas and property types serve different investment objectives.
For personal residence, choose budget-friendly but infrastructurally sound areas like inner mainland Lagos or edge-of-Abuja estates. These locations offer good amenities and transportation access while maintaining affordability for long-term living.
Short-term rental investments perform best near business or expatriate hubs, particularly Lagos Island and central Abuja areas. These locations command premium rents from business travelers and international workers.
Long-term rental strategies benefit from family-sized properties near urban growth corridors. Areas with good schools, hospitals, and transportation access maintain steady tenant demand and rental growth.
For resale appreciation, target hot zones with infrastructure development like Epe, Sangotedo, and Lugbe. These areas offer fast appreciation potential as development progresses, though they require longer investment horizons.
It's something we develop in our Nigeria property pack.
How have property prices changed compared to five years ago and compared to last year?
Nigeria's property market has experienced significant growth over recent years, with particular acceleration in major urban centers.
Over the past five years, Lagos residential prices have nearly doubled in core districts, driven by population growth and infrastructure development. Ibeju-Lekki land prices have increased over 100% during this period as the area transforms from rural to urban.
The 2024-2025 period saw nationwide property price increases of 5-15%, with the highest growth in emerging areas benefiting from new infrastructure projects. This growth rate exceeds general inflation, making real estate a viable wealth preservation strategy.
Specific areas show even more dramatic growth. In 2024, some Lagos areas experienced 39.5% average price jumps, particularly in corridors benefiting from new transportation links and commercial development.
Annual appreciation rates typically range from 5-8% for major city residential properties, though this varies significantly by specific location and property type. Premium areas show more stable but lower percentage growth, while emerging areas can see dramatic increases.
Smaller cities have experienced more modest but steady growth, typically in the 3-5% annual range, making them attractive for stable, long-term investment strategies.
What are the forecasts for property prices and how does Nigeria compare with other countries?
Property price forecasts for Nigeria show continued growth potential, though at more moderate rates than recent years as the market matures.
For 2026-2030, urban hotspots are expected to see continued modest growth of 5-10% annually, assuming current economic conditions persist. However, growth rates could accelerate if mortgage rates fall or supply constraints ease.
The 10-year outlook favors Lagos, Abuja, and select corridor cities due to ongoing population growth and urbanization trends. However, affordability gaps may widen unless interest rates decrease or housing supply increases significantly.
Compared to other African markets, Nigeria's biggest cities trail South African and North African capitals for absolute premium prices. However, Nigerian markets offer higher rental yields, making them attractive for income-focused investors.
Regional comparisons show Nigeria lagging behind Ghana and Kenya in terms of mortgage market development, but leading in terms of market size and growth potential. The country's large population and growing economy support long-term real estate demand.
Currency considerations affect international investors, as naira devaluation can impact returns when converted to hard currencies. However, domestic investors benefit from real estate's inflation hedge characteristics in the local currency.
It's something we develop in our Nigeria property pack.
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.
Nigeria's property market offers diverse opportunities across different price ranges and investment strategies.
Success requires careful consideration of total costs, location selection, and alignment with specific investment goals.
Sources
- Nigeria Real Estate Blog - Average Property Prices
- Nigeria Real Estate Blog - Price Index
- Global Property Guide - Nigeria Square Meter Prices
- Properstar - Nigeria House Prices
- The African Investor - Average House Price Nigeria
- Global Property Guide - Nigeria Buying Guide
- Abiterra - Cost of Buying Property
- Krent Space - Estate Agents and Agency Fees
- Estate Intel - Nigerian Mortgage Rates
- The African Investor - Nigeria Price Forecasts