Authored by the expert who managed and guided the team behind the Nigeria Property Pack
Yes, the analysis of Lagos' property market is included in our pack
Curious about the future of Lagos's real estate market? You're not alone. As one of Africa's fastest-growing cities, Lagos is a hotspot for property investment and urban development.
But what can we expect in terms of apartment prices in 2025? Will they continue to rise, or is there a chance for stabilization? How do these prices compare to other major cities?
In this article, we'll explore the projected trends and factors influencing apartment prices in Lagos, giving you a clearer picture of what to anticipate in the coming years.
Actually, we know this market inside and out. We keep tabs on it regularly, and all our discoveries are reflected in the most recent version of the Nigeria Property Pack
Estimated Average Apartment Prices in Lagos, Nigeria for 2025
The following table provides estimated average apartment prices in Lagos, Nigeria for the year 2025. The prices are categorized by area and are presented in both square meters (sqm) and square feet (sft). These estimates are based on current trends and projections, and they may vary depending on market conditions and other factors.
| Area | Price per sqm (₦) | Price per sft (₦) |
|---|---|---|
| Victoria Island | 1,200,000 | 111,484 |
| Ikoyi | 1,500,000 | 139,355 |
| Lekki Phase 1 | 800,000 | 74,322 |
| Yaba | 600,000 | 55,741 |
| Surulere | 500,000 | 46,451 |
| Ikeja | 700,000 | 65,032 |
| Ajah | 450,000 | 41,806 |
| Festac Town | 400,000 | 37,161 |
| Ogudu | 550,000 | 51,183 |
| Magodo | 650,000 | 60,278 |
| Gbagada | 500,000 | 46,451 |
| Ikorodu | 300,000 | 27,871 |
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What You Need to Know Before Buying an Apartment in Lagos in 2025
What is the average price of a two-bedroom apartment in Lagos in 2025?
The average price of a two-bedroom apartment in Lagos in 2025 is estimated to be around ₦35 million.
This price can vary significantly depending on the location, with areas like Ikoyi and Victoria Island commanding higher prices.
Factors such as proximity to amenities and the quality of construction also influence the price.
Want to explore this further?
=> What is the potential rental income from Lagos apartments?
How have apartment prices in Lagos changed over the past five years?
Apartment prices in Lagos have seen an average annual increase of 5% to 7% over the past five years.
This trend is driven by increasing demand and limited supply in prime areas.
Economic factors and inflation have also contributed to the rising prices.
Which areas in Lagos offer the best value for money in 2025?
Areas like Yaba and Surulere are considered to offer good value for money in 2025.
These locations provide a balance of affordability and access to essential services and infrastructure.
They are also experiencing growth in terms of development and urban renewal projects.
What are the financing options available for purchasing an apartment in Lagos?
Buyers can explore mortgage options from Nigerian banks, which typically offer interest rates of 15% to 20%.
Some developers also provide installment payment plans to ease the financial burden on buyers.
It's advisable to compare different financing options to find the most suitable one for your financial situation.
Are there any government incentives for first-time homebuyers in Lagos?
The Nigerian government offers schemes like the National Housing Fund (NHF) to assist first-time homebuyers.
These schemes provide access to lower interest rates and longer repayment periods.
Eligibility criteria and application processes can be complex, so it's important to research thoroughly.
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What are the expected rental yields for apartments in Lagos in 2025?
Rental yields for apartments in Lagos are expected to range from 4% to 6% in 2025.
Higher yields are typically found in areas with strong demand and limited supply, such as Lekki and Ikeja.
Investors should consider factors like tenant demand and property management costs when evaluating potential returns.
Want to explore this further?
How does the cost of living in Lagos affect apartment prices?
The cost of living in Lagos is relatively high, which influences the demand and pricing of apartments.
Rising costs for goods and services can lead to increased construction and maintenance expenses for developers.
This, in turn, can result in higher apartment prices for buyers.
What are the legal considerations when buying an apartment in Lagos?
Buyers should ensure that the property has a valid Certificate of Occupancy (C of O) to confirm legal ownership.
Engaging a qualified real estate lawyer is crucial to navigate the complexities of property transactions in Lagos.
It's also important to verify that there are no existing encumbrances or disputes related to the property.
Want to explore this further?
=> What are the legal requirements for buying property in Lagos?
What impact does infrastructure development have on apartment prices in Lagos?
Infrastructure development, such as new roads and public transport systems, can significantly increase apartment prices.
Areas with improved infrastructure tend to attract more buyers and investors, driving up demand and prices.
Investors should monitor ongoing and planned infrastructure projects to identify potential growth areas.
How does the expatriate community influence the apartment market in Lagos?
The expatriate community in Lagos often seeks high-end apartments, particularly in areas like Ikoyi and Victoria Island.
This demand contributes to higher prices and increased competition for premium properties.
Developers may cater to this market by offering luxury amenities and services in their projects.
Want to explore this further?
What are the risks associated with buying an off-plan apartment in Lagos?
Buying an off-plan apartment carries risks such as project delays and changes in market conditions.
It's important to research the developer's track record and ensure that the project has necessary approvals.
Buyers should also consider the potential for changes in design or specifications during construction.
How do environmental factors affect apartment prices in Lagos?
Environmental factors, such as flooding and erosion, can impact the desirability and pricing of apartments.
Properties in flood-prone areas may be less attractive to buyers, leading to lower prices.
Investors should assess the environmental risks and mitigation measures in place for any potential purchase.