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Port Harcourt property is significantly cheaper than Lagos across all residential categories.
The average price per square meter in Port Harcourt ranges from ₦700,000-₦1,200,000 in central areas, while Lagos prime locations like Ikoyi reach ₦3.7 million per square meter. A 3-bedroom apartment in Port Harcourt costs an average of ₦17 million compared to ₦80 million in Lagos mid-range neighborhoods.
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.
Port Harcourt offers significantly lower property prices than Lagos, with residential properties costing 40-60% less on average.
While Lagos provides better infrastructure and higher property values, Port Harcourt delivers superior rental yields of 6-8% compared to Lagos' 4.5-6%.
| Metric | Lagos | Port Harcourt |
|---|---|---|
| Average Price per sqm (Central) | ₦800,000-₦3,700,000 | ₦700,000-₦1,200,000 |
| 3-Bedroom Apartment (Mid-range) | ₦80 million | ₦17 million |
| Rental Yields | 4.5-6% | 6-8% |
| Land Prices (Central) | ₦55-80 million per plot | ₦60 million per plot |
| High-end Properties | ₦1.2-1.4 billion (Ikoyi) | ₦250-380 million (GRA Phase 2) |
| Construction Costs (4-bed duplex) | ₦70-150 million | ₦55-120 million |
| Transaction Costs | 15-25% of property value | 12-20% of property value |
What is the current average price per square meter for residential property in Lagos compared to Port Harcourt?
Port Harcourt residential property costs significantly less per square meter than Lagos property.
In Lagos prime areas like Ikoyi and Victoria Island, residential apartments cost ₦3,697,488 per square meter as of September 2025. Lagos secondary areas range from ₦800,000 to ₦1,500,000 per square meter for apartments.
Port Harcourt GRA and central areas cost ₦700,000 to ₦1,200,000 per square meter for apartments, while houses in these areas cost ₦550,000 to ₦900,000 per square meter. The citywide average in Port Harcourt is approximately ₦510,000 per square meter.
This means Port Harcourt residential property costs about 40-60% less per square meter than Lagos property in comparable neighborhoods.
How do the average rental yields differ between Lagos and Port Harcourt for similar property types?
Port Harcourt delivers higher rental yields than Lagos for similar residential property types.
Lagos prime areas like Ikoyi and Victoria Island generate rental yields of 4.5% to 6% annually. Lagos emerging neighborhoods can achieve higher yields of 7% to 10%, but these areas typically require more active management and carry higher vacancy risks.
Port Harcourt mid-range and central areas consistently deliver rental yields of 6% to 8% for standard residential properties. Luxury and serviced apartments in Port Harcourt can achieve yields up to 8%.
The higher yields in Port Harcourt reflect the lower property purchase prices combined with competitive rental rates driven by oil sector demand and limited quality housing supply.
It's something we develop in our Nigeria property pack.
What are the average land prices in central areas of Lagos versus central Port Harcourt?
| Location | Average Price per Plot | Premium Locations |
|---|---|---|
| Lagos Island (Central) | ₦55-80 million | ₦1.2 billion (prime waterfront) |
| Lagos Mainland Central | ₦40-65 million | ₦100-200 million (choice areas) |
| Port Harcourt Central | ₦60 million | ₦70-120 million (GRA areas) |
| Port Harcourt Outskirts | ₦3-25 million | ₦30-50 million (developing areas) |
| Port Harcourt Trans Amadi | ₦15-35 million | ₦40-60 million (industrial proximity) |
How much does it cost to buy a 3-bedroom apartment in a mid-range neighborhood in Lagos compared to Port Harcourt?
A 3-bedroom apartment costs dramatically more in Lagos than in Port Harcourt mid-range neighborhoods.
Lagos 3-bedroom apartments in mid-range mainland neighborhoods average ₦79,953,349 as of September 2025. The price range spans from ₦26 million to ₦150 million depending on the specific area, building quality, and amenities included.
Port Harcourt 3-bedroom apartments in comparable mid-range neighborhoods average ₦17,000,000. In premium areas like New GRA, prices reach ₦42,500,000 for higher-specification units.
This represents a price difference of approximately 370% higher for Lagos compared to Port Harcourt standard mid-range apartments. Even Port Harcourt's premium New GRA apartments cost about half the price of average Lagos mid-range properties.
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What is the price difference for high-end properties in places like Ikoyi in Lagos versus GRA Phase 2 in Port Harcourt?
High-end properties in Lagos Ikoyi cost 3-5 times more than luxury properties in Port Harcourt GRA Phase 2.
Ikoyi luxury detached houses average ₦1.2 to ₦1.4 billion, while Banana Island luxury apartments range from ₦350 million to ₦600 million. Ikoyi waterfront mega mansions can cost ₦3 billion to ₦17 billion for ultra-luxury properties.
Port Harcourt GRA Phase 2 luxury duplexes cost around ₦250 million for high-specification 4-bedroom units. Fully furnished luxury properties reach ₦380 million, while large estate properties can cost up to ₦800 million for presidential-style suites.
Even Port Harcourt's most expensive GRA Phase 2 properties at ₦800 million cost less than average Ikoyi luxury properties. The price gap reflects Lagos' status as Nigeria's commercial capital and its higher concentration of ultra-high-net-worth individuals.
How do service charges and property management fees compare between Lagos and Port Harcourt?
Service charges and property management fees are surprisingly comparable between Lagos and Port Harcourt for similar property types.
Lagos prime serviced apartments charge ₦2 to ₦5 million annually for comprehensive services including 24-hour security, backup power generation, waste disposal, water treatment, and building maintenance.
Port Harcourt luxury serviced apartments in Old GRA charge approximately ₦5.8 million annually for similar comprehensive services. Mid-range Port Harcourt properties typically charge ₦1 to ₦3 million annually for standard management services.
The comparable service charges reflect similar operational costs for security, power backup, and maintenance across both cities. Port Harcourt's oil industry presence drives demand for high-quality serviced accommodation at premium rates.
Both cities require substantial service charges due to infrastructure challenges requiring private power generation, water treatment, and enhanced security measures.
What have been the property price growth trends over the past five years in both Lagos and Port Harcourt?
Both Lagos and Port Harcourt have experienced strong property price appreciation, with Port Harcourt showing slightly higher growth rates.
Lagos property prices increased 10% to 15% annually in prime areas during 2024-2025. The overall Lagos residential market has maintained steady growth averaging 4% to 6% annually over the five-year period, driven by infrastructure development and population growth.
Port Harcourt property prices have averaged approximately 15% annual appreciation in top estates over recent years. This growth reflects sustained demand from the oil sector, urbanization trends, and limited supply of quality housing.
Both markets benefited from Nigeria's economic recovery and increased foreign investment interest. However, currency devaluation and inflation have influenced these nominal price increases.
It's something we develop in our Nigeria property pack.
How does the demand-to-supply ratio for housing units differ between Lagos and Port Harcourt?
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 transaction costs and taxes involved when buying property in Lagos compared to Port Harcourt?
Lagos property transactions cost more than Port Harcourt due to higher government fees and processing charges.
Lagos total transaction costs range from 15% to 25% of the property value. This includes legal fees (5-10%), agency commission (5-10%), stamp duty (0.75-1%), property registration (3-5%), and survey plus Governor's Consent fees (8-15%).
Port Harcourt transaction costs range from 12% to 20% of property value following a similar structure. Governor's Consent fees are often lower in Rivers State, and legal and title processing fees vary by estate and property type.
The Lagos State government charges higher fees due to increased demand and more complex administrative processes. Both states require similar documentation but Lagos processing typically takes longer and costs more.
How does infrastructure development impact property values in Lagos versus Port Harcourt?
Infrastructure development drives property value increases in both cities, but Lagos shows more consistent and widespread impact.
Lagos benefits from continuous road, bridge, and public facility upgrades that consistently increase property values in accessible, well-serviced neighborhoods. The Lagos State government's infrastructure investment program has created measurable property value increases along major corridors.
Port Harcourt infrastructure upgrades in GRA, Trans Amadi, and central business districts generate significant property price appreciation for both land and developed properties. However, infrastructure development is more concentrated in specific areas compared to Lagos' broader coverage.
Both cities show strong correlation between infrastructure quality and property values, but Lagos offers more diverse infrastructure investment opportunities across multiple districts.
What are the risks of property devaluation or appreciation in Lagos compared to Port Harcourt?
Lagos property market shows greater stability and appreciation potential, while Port Harcourt carries higher volatility but strong upside potential.
Lagos property market demonstrates resilience due to sustained infrastructure investment, diverse economic base, and continuous capital influx. However, Lagos faces risks from currency fluctuation and potential oversupply in luxury segments during economic downturns.
Port Harcourt property market is more susceptible to oil sector price shocks and security disruptions affecting the Niger Delta region. However, areas with modernized infrastructure and stable governance show strong appreciation potential.
Lagos offers more predictable long-term appreciation with lower volatility. Port Harcourt provides higher potential returns but requires more careful area selection and market timing.
It's something we develop in our Nigeria property pack.
How do average construction costs for building a standard 4-bedroom duplex compare between Lagos and Port Harcourt?
Construction costs are 10-20% lower in Port Harcourt compared to Lagos for similar quality buildings.
Lagos construction costs for a standard 4-bedroom duplex range from ₦70 million to ₦150 million depending on location, materials quality, and infrastructure requirements. Higher costs reflect expensive land, logistics challenges, and premium for skilled labor.
Port Harcourt construction costs range from ₦55 million to ₦120 million for comparable 4-bedroom duplex projects in urban settings. Lower costs benefit from reduced land prices, better material logistics through Port Harcourt port, and competitive local labor rates.
Both cities require similar infrastructure investments for backup power, water systems, and security features. Material costs are comparable, but Lagos land preparation and approval processes add significant expenses.
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.
Port Harcourt offers significantly better value for money than Lagos across all residential property categories, with prices 40-60% lower for comparable properties.
While Lagos provides superior infrastructure and market stability, Port Harcourt delivers higher rental yields and lower entry costs for property investors seeking Nigerian real estate exposure.
Sources
- Average House Price Nigeria - The AfricanVestor
- Average Property Price Lagos Nigeria - BambooRoutes
- Average Rental Yield Lagos Nigeria - The AfricanVestor
- Average Rental Yield Nigeria - The AfricanVestor
- Luxury Properties in Lagos Rental Income Report - Vanguard
- Rental Yields Lagos Luxury Property Market - Daily Trust
- Renting in Port Harcourt 2024 - Auduimonikhe & Co
- Lagos Island Land Prices - Nigeria Property Centre
- Lagos Land with Ocean View - PropertyPro
- Port Harcourt Land Prices - Nigeria Property Centre