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
This article covers the current housing prices in Lagos as of the first half of 2026, with fresh data we constantly update.
Whether you are looking for an entry-level flat or a luxury apartment in Ikoyi, you will find all the price ranges here.
We break down costs by neighborhood, property type, and budget level so you can plan your purchase with confidence.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Lagos.
Insights
- Lagos property prices rose about 20% in naira terms over the past year, but after adjusting for inflation, the real increase is closer to 5%.
- A typical luxury apartment in Ikoyi costs around 965 million naira (about $622,000), while entry-level flats in Ajah start near 40 million naira (around $26,000).
- New-build homes in Lagos sell for 10% to 25% more than comparable existing properties, mainly because they include reliable power systems and lower maintenance risk.
- The median housing price in Lagos sits around 230 million naira ($148,000), which is significantly lower than the average because a few ultra-expensive listings in prime areas pull the average up.
- Banana Island remains the most expensive neighborhood in Lagos, with properties ranging from 1.5 billion to 6 billion naira ($970,000 to $3.9 million).
- Actual sale prices in Lagos typically end up 8% to 15% below the listed asking price, mainly due to title verification issues and currency uncertainty.
- Apartments make up about 55% of the Lagos residential market, followed by terraced houses and duplexes at 25%.
- When you include renovation, taxes, and fees, expect to pay 10% to 20% on top of the purchase price in Lagos.
- Over the past 10 years, Lagos property prices have risen 600% to 900% in naira, but only 60% to 120% when adjusted for inflation.
What is the average housing price in Lagos in 2026?
The median housing price is more useful than the average because Lagos has many ultra-expensive listings in areas like Ikoyi and Eko Atlantic that pull the average up, making it less representative of what most buyers actually pay.
We are writing this as of the first half of 2026, using the latest data collected from authoritative sources like Nigeria Property Centre and Knight Frank, which we manually double-checked.
The median housing price in Lagos in 2026 is approximately 230 million naira, which converts to about $148,000 or €135,000. The average housing price in Lagos in 2026 is higher at around 326 million naira, roughly $210,000 or €192,000.
The price range for 80% of residential properties in the Lagos market in 2026 falls between 70 million naira and 900 million naira, which is about $45,000 to $580,000 or €41,000 to €529,000.
A realistic entry range in Lagos in 2026 is 40 million to 80 million naira (about $26,000 to $52,000 or €24,000 to €47,000), which typically gets you a 2-bedroom flat of 70 to 100 sqm in neighborhoods like Ajah or the outer Lekki corridor.
A typical luxury property in Lagos in 2026 costs between 900 million and 3 billion naira ($580,000 to $1.9 million or €529,000 to €1.76 million), and this includes 4-bedroom luxury apartments in Ikoyi or newer developments in Eko Atlantic City with premium amenities and security.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Lagos.
Are Lagos property listing prices close to the actual sale price in 2026?
In Lagos in 2026, actual sale prices typically end up 8% to 15% below the listed asking price.
This gap exists mainly because buyers negotiate hard when due diligence reveals title issues, survey problems, or encumbrances on the property. The difference tends to be larger for older properties with unclear documentation or in areas with flooding history, where buyers factor in additional risk and repair costs.
Get fresh and reliable information about the market in Lagos
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What is the price per sq m or per sq ft for properties in Lagos in 2026?
As of early 2026, the median housing price per sqm in Lagos is approximately 1.6 million naira ($1,030 or €940), which works out to about 149,000 naira per sqft ($96 or €87). The average price per sqm in Lagos is higher at around 2.2 million naira ($1,420 or €1,290), or about 204,000 naira per sqft ($132 or €120).
Newer luxury apartments in Ikoyi, Banana Island, and Eko Atlantic have the highest price per sqm in Lagos in 2026 because of land scarcity, security, and premium building specifications, while older walk-up flats in mainland areas and outer Lekki have the lowest due to longer commutes and maintenance concerns.
The highest prices per sqm in Lagos are found in Banana Island (5 to 9 million naira per sqm) and Eko Atlantic (4 to 8 million naira per sqm). The lowest prices per sqm are in areas like Ajah and Surulere, where you can find properties at 600,000 to 1.6 million naira per sqm.
How have property prices evolved in Lagos?
Compared to one year ago, Lagos property prices have risen about 20% in naira terms, though the real increase after adjusting for inflation is closer to 5%. This jump is mainly driven by rising building material costs, which are heavily linked to foreign exchange rates, and concentrated demand in neighborhoods with reliable infrastructure.
Compared to ten years ago, Lagos property prices have increased 600% to 900% in naira, but only 60% to 120% in real terms after accounting for inflation. This massive nominal growth reflects both genuine urban housing demand and the significant devaluation of the naira over the decade.
By the way, we've written a blog article detailing the latest updates on property price variations in Lagos.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Lagos.
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.
How do prices vary by housing type in Lagos in 2026?
In the Lagos property market in 2026, apartments and flats make up about 55% of listings, followed by terraced houses and duplexes at 25%, detached houses at 10%, penthouses at 5%, bungalows at 3%, and other types like maisonettes at 2%, reflecting the city's density and the preference for apartment living in urban areas.
Average prices by property type in Lagos in January 2026 are as follows: studios and mini-flats range from 40 to 90 million naira ($26,000 to $58,000 or €24,000 to €53,000); 2 to 3 bedroom flats cost 90 to 250 million naira ($58,000 to $161,000 or €53,000 to €147,000); terraces and duplexes range from 180 to 500 million naira ($116,000 to $323,000 or €106,000 to €294,000); detached houses cost 350 million to 1.2 billion naira ($226,000 to $774,000 or €206,000 to €706,000); and penthouses range from 700 million to 2.5 billion naira ($452,000 to $1.6 million or €412,000 to €1.47 million).
If you want to know more, you should read our dedicated analyses:
- How much do properties cost in Lagos?
- How much should you pay for a house in Lagos?
- How much should you pay for an apartment in Lagos?
- How much should you pay for lands in Lagos?
How do property prices compare between existing and new homes in Lagos in 2026?
In Lagos in 2026, new-build properties typically sell for 10% to 25% more than comparable existing homes in the same location.
This premium exists because newer buildings are more likely to include reliable power systems, water treatment, modern security, elevators, and covered parking, which are major quality-of-life factors in Lagos, and buyers also pay extra for lower near-term maintenance risk on items like roofing, plumbing, and generator systems.
Buying real estate in Lagos can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
How do property prices vary by neighborhood in Lagos in 2026?
Ikoyi is one of the most sought-after neighborhoods in Lagos, known for luxury apartments and high-end detached houses with strong security and proximity to business hubs. Prices in Ikoyi in January 2026 typically start around 800 million naira for flats and can exceed 3 billion naira ($516,000 to $1.9 million) for premium properties, reflecting its prestige and limited land availability.
Victoria Island attracts many professionals and expats due to its central location and access to corporate offices, restaurants, and nightlife. Property prices in Victoria Island in 2026 range from about 250 million to 900 million naira ($161,000 to $581,000) for apartments, with older buildings at the lower end and newer serviced apartments at the higher end.
Ajah is a popular entry point for first-time buyers in Lagos, offering more affordable options farther from the island congestion. In January 2026, you can find 2-bedroom flats in Ajah for 60 million to 250 million naira ($39,000 to $161,000), though buyers trade off lower prices for longer commutes and less consistent infrastructure.
You will find a much more detailed analysis by areas in our property pack about Lagos. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Profile | Price Range (₦ and $) | Per sqm (₦ and $) | Per sqft (₦ and $) |
|---|---|---|---|---|
| Ikoyi | Luxury / Expat | ₦800m - ₦3b ($516k - $1.9m) | ₦3.5m - ₦6.5m ($2,260 - $4,190) | ₦325k - ₦604k ($210 - $390) |
| Banana Island | Trophy / Ultra-prime | ₦1.5b - ₦6b ($970k - $3.9m) | ₦5m - ₦9m ($3,230 - $5,810) | ₦465k - ₦837k ($300 - $540) |
| Eko Atlantic City | New-prime | ₦700m - ₦3b ($452k - $1.9m) | ₦4m - ₦8m ($2,580 - $5,160) | ₦372k - ₦744k ($240 - $480) |
| Victoria Island | Commute / Expat | ₦250m - ₦900m ($161k - $581k) | ₦2m - ₦4.5m ($1,290 - $2,900) | ₦186k - ₦418k ($120 - $270) |
| Lekki Phase 1 | Popular / Estates | ₦200m - ₦700m ($129k - $452k) | ₦1.5m - ₦3.5m ($970 - $2,260) | ₦139k - ₦325k ($90 - $210) |
| Oniru | Popular / Coastal | ₦250m - ₦900m ($161k - $581k) | ₦2m - ₦4m ($1,290 - $2,580) | ₦186k - ₦372k ($120 - $240) |
| Ikate (Lekki) | Popular / Value | ₦120m - ₦350m ($77k - $226k) | ₦0.9m - ₦2.2m ($580 - $1,420) | ₦84k - ₦204k ($54 - $132) |
| Ajah | Entry / Growth | ₦60m - ₦250m ($39k - $161k) | ₦0.6m - ₦1.6m ($390 - $1,030) | ₦56k - ₦149k ($36 - $96) |
| Osapa London | Family / Popular | ₦150m - ₦450m ($97k - $290k) | ₦1m - ₦2.5m ($650 - $1,610) | ₦93k - ₦232k ($60 - $150) |
| Ikeja GRA | Commute / Mainland Prime | ₦180m - ₦700m ($116k - $452k) | ₦1.2m - ₦3m ($770 - $1,940) | ₦112k - ₦279k ($72 - $180) |
| Yaba | Young / Commute | ₦80m - ₦250m ($52k - $161k) | ₦0.7m - ₦1.8m ($450 - $1,160) | ₦65k - ₦167k ($42 - $108) |
| Surulere | Family / Mainland | ₦70m - ₦220m ($45k - $142k) | ₦0.6m - ₦1.5m ($390 - $970) | ₦56k - ₦139k ($36 - $90) |
How much more do you pay for properties in Lagos when you include renovation work, taxes, and fees?
When buying property in Lagos in 2026, expect to pay an additional 10% to 20% on top of the purchase price to cover renovation, taxes, and transaction fees.
For a property around $200,000 (about 310 million naira), this means budgeting an extra 31 to 62 million naira ($20,000 to $40,000) for items like legal fees, agency commissions, stamp duties, and potential renovation work. So your total outlay could reach 340 to 370 million naira.
For a property around $500,000 (about 775 million naira), additional costs of 10% to 15% would add 77 to 116 million naira ($50,000 to $75,000) to your budget. Your all-in cost would be approximately 850 to 890 million naira.
For a property around $1,000,000 (about 1.55 billion naira), expect to add roughly 155 to 233 million naira ($100,000 to $150,000) for transaction costs and any necessary upgrades. Your total investment would reach 1.7 to 1.8 billion naira.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Lagos
| Expense | Category | Estimated Cost Range (₦ and $) |
|---|---|---|
| Legal fees | Transaction | Typically 1% to 2% of the property price. For a 300 million naira property, this would be 3 to 6 million naira ($1,900 to $3,900). Costs vary by lawyer and complexity of the title verification. |
| Agency / broker fee | Transaction | Usually 2% to 5% of the purchase price, though this is negotiable. On a 300 million naira purchase, expect to pay 6 to 15 million naira ($3,900 to $9,700). Some sellers cover part of this cost. |
| Government consent and registration | Fees | Often calculated as a percentage of assessed value, typically a few percent. Exact amounts vary by transaction, so request a written breakdown from your lawyer early in the process. |
| Stamp duties | Tax | Rates depend on the instrument type as outlined by Lagos Internal Revenue Service. Confirm the exact amount with your lawyer using the official LIRS schedule. Can add several percent to total costs. |
| Light renovation | Renovation | Ranges from 5 to 25 million naira ($3,200 to $16,100). This covers painting, minor repairs, fixture updates, and basic improvements to make the property move-in ready. |
| Heavy renovation | Renovation | Ranges from 30 to 150 million naira ($19,000 to $97,000). This includes full interior refresh, plumbing and electrical upgrades, new flooring, kitchen remodeling, and structural repairs if needed. |
| Land Use Charge (annual) | Running cost | An annual property charge payable to Lagos State, calculated based on assessed property value. Amount varies by location and property type. Budget for this as an ongoing expense rather than a one-time cost. |
We made this infographic to show you how property prices in Nigeria compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Lagos in 2026 with different budgets?
With $100,000 (about 155 million naira) in Lagos in January 2026, you can buy a 2-bedroom flat of 80 to 110 sqm in Ajah (existing building), a 2-bedroom flat of 70 to 100 sqm in Yaba (older construction), or a small terrace in the farther Lekki corridor in mixed condition.
With $200,000 (about 310 million naira), you can buy a 3-bedroom flat of 120 to 160 sqm in Ikate Lekki (existing or newer), a 3-bedroom flat of 130 to 180 sqm in non-prime parts of Oniru, or a terrace or duplex in value pockets of Lekki Phase 1.
With $300,000 (about 465 million naira), you can buy a terrace or duplex of 180 to 240 sqm in Lekki Phase 1 (newer construction), a 3-bedroom serviced-style apartment in Victoria Island (mixed age), or a detached house or large terrace in the Ikeja GRA area.
With $500,000 (about 775 million naira), you can buy a high-spec 4-bedroom apartment in Victoria Island or Oniru (newer), a 4-bedroom duplex in a strong estate in Lekki Phase 1, or an entry-level luxury apartment in the lower end of Ikoyi's market.
With $1,000,000 (about 1.55 billion naira), you are firmly in prime territory and can buy a luxury 3 to 4 bedroom apartment in Ikoyi (new construction), a luxury apartment in Eko Atlantic City with premium amenities, or a high-end house in Ikoyi on a smaller or older plot.
With $2,000,000 (about 3.1 billion naira), the market becomes thin and very specific, but you can buy a trophy apartment or penthouse in Eko Atlantic, a prime detached house in Ikoyi with high specifications, or explore ultra-prime options in Banana Island where many deals happen off-market.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Lagos.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Lagos, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Nigeria Property Centre | One of Nigeria's largest property listing platforms, publishing location-level average prices from thousands of real listings. | We used it as our primary source for current asking prices by Lagos neighborhood, including Ikoyi, Victoria Island, and Eko Atlantic. We also used its Lagos averages for houses versus flats to estimate citywide typical prices. |
| Knight Frank Nigeria | A long-established global real estate firm with dedicated Nigeria research publications and local market expertise. | We used it to understand price drivers such as supply constraints, short-let pressure, and macro conditions. We also pulled neighborhood rent benchmarks to identify demand hotspots and expat-popular areas. |
| National Bureau of Statistics via Nigeria Data Portal | Republishes official NBS CPI and inflation data in a structured, auditable format with clear source attribution. | We used it to inflation-adjust historical prices so we could show real (inflation-corrected) changes over 1-year and 10-year periods. We also used it to explain why nominal prices rise faster than affordability improves. |
| Lagos State Land Use Charge Portal | The official Lagos State government portal for Land Use Charge, the annual property tax applicable to property owners. | We used it to explain the ongoing annual charge that property owners should budget for. We also used it to highlight that running costs in Lagos often surprise buyers who focus only on purchase price. |
| Lagos Internal Revenue Service | A primary government document from the Lagos tax authority listing official stamp duty instruments and rates. | We used it to detail the transaction costs and tax obligations buyers face. We also used it to advise buyers to request written fee breakdowns early in negotiations. |
| Property listing analysis | Direct observation of active listings provides real-time market insight that published reports may not capture. | We sampled listings across Lagos neighborhoods to verify price ranges and identify typical property specifications. We cross-referenced these observations with published averages to ensure accuracy. |
| Market practitioner interviews | Local real estate agents and lawyers handle transactions daily and understand gaps between asking and sale prices. | We consulted with Lagos-based professionals to estimate the typical 8% to 15% gap between listing and sale prices. We also verified transaction cost ranges based on recent deal experiences. |
| Currency exchange data | Exchange rates are essential for converting naira prices to dollars and euros for international readers. | We used illustrative rates of approximately 1,550 naira per dollar and 1,700 naira per euro, aligned with mid-2025 ranges. We note that official rates can vary and lag due to market volatility. |
| Inflation adjustment methodology | Understanding real versus nominal price changes is critical in a high-inflation environment like Nigeria. | We applied NBS CPI data to calculate inflation-adjusted changes over 1-year and 10-year periods. We explained the difference between nominal gains and actual purchasing power improvement. |
| Neighborhood classification research | Understanding which areas attract expats, families, or first-time buyers helps readers identify suitable locations. | We categorized neighborhoods by typical buyer profile using Knight Frank rent data and listing patterns. We identified expat clusters in Ikoyi, Victoria Island, and Lekki Phase 1. |
| Property type distribution analysis | Knowing the mix of apartments, houses, and other types helps readers understand market structure. | We estimated the market breakdown based on listing counts across property types. We found apartments make up about 55% of Lagos residential listings. |
| New versus existing property comparison | Buyers often face choices between new builds and older properties with different price and quality tradeoffs. | We compared asking prices for new versus existing properties in the same neighborhoods. We estimated a 10% to 25% premium for new builds with modern amenities. |
| Transaction cost compilation | Hidden costs often surprise buyers and should be factored into total purchase budgets. | We compiled typical ranges for legal fees, agency commissions, stamp duties, and renovation costs. We estimate total additional costs at 10% to 20% of purchase price. |
| Size and sqm price derivation | Price per square meter allows meaningful comparison across different property sizes and types. | We derived unit prices by dividing average prices by typical apartment sizes. We validated these calculations against professional market reports. |
| Historical price tracking | Understanding how prices have changed over time helps buyers assess market momentum and value. | We compared current prices to 1-year and 10-year historical levels using available data. We applied inflation adjustments to show real price changes. |
| Budget scenario modeling | Showing what buyers can purchase at different price points makes abstract prices concrete and actionable. | We created realistic shopping lists for budgets from $100,000 to $2,000,000. We matched each budget to specific property types, sizes, and neighborhoods. |
| Entry-level market research | First-time buyers need to know where affordable options exist and what tradeoffs they involve. | We identified entry points starting at 40 to 80 million naira in areas like Ajah. We explained the tradeoffs of longer commutes and infrastructure variability. |
| Luxury market benchmarking | High-end buyers need accurate pricing for premium neighborhoods and property types. | We documented luxury prices in Ikoyi, Banana Island, and Eko Atlantic using NPC locality averages. We explained what drives premium pricing in these areas. |
| Asking price versus sale price estimation | Understanding negotiation margins helps buyers set realistic expectations and budgets. | We estimated typical discounts of 8% to 15% based on practitioner input and market conditions. We explained how title issues and currency uncertainty drive negotiations. |
| Rental yield cross-reference | Rental data helps validate which neighborhoods have strong demand and pricing power. | We used Knight Frank rent benchmarks to identify high-demand areas. We validated that expensive neighborhoods also command premium rents. |
| Infrastructure quality assessment | Lagos neighborhoods vary widely in road access, power reliability, and flooding risk, which affects prices. | We factored infrastructure quality into neighborhood pricing explanations. We noted that buyers in cheaper areas trade off lower prices for less reliable utilities. |
| Property specification analysis | Modern amenities like backup power and security significantly affect both price and livability. | We explained why new builds with power, water, and security systems command premiums. We highlighted these as major quality-of-life factors in Lagos. |
| Market structure observation | Understanding that Lagos is really multiple markets helps readers target the right segment. | We described Lagos as stacked markets: mainland family areas, Lekki corridor, prime island, and trophy locations. We explained how this structure creates the wide price range. |
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