Explore current asking rental and sales prices across different regions in Lagos

Lagos State Nigeria’s bustling metropolis and commercial Hub has undergone remarkable changes in recent years. The city continues to experience a thriving business environment, vibrant cultural scene, and a growing population that has positioned Lagos as an attractive destination for locals and expatriates and these have led to an increased demand for housing. As the laws of demand and supply portend, the rising demand has bred variations in the range of asking and selling prices in different parts of the city.  

With a good blend of the rich, middle class, and poor population, the rental landscape in Lagos is characterized by a sharp contrast between affluent, and less developed areas. Regardless of your financial status or whether you are looking to rent or purchase a living space in Lagos, understanding the price variations across different regions and the factors driving these variations are crucial. In this article, we have analysed rental and sales prices across different regions in Nigeria with the aim of providing valuable insights into the market and helping individuals make informed decisions.  

To provide context, here is a quick overview of the rental and sales market. We classified Lagos into 3 segments based on pricing and amenities: 

  1. Central/Upper Lagos – comprising majorly of Ikoyi, Victoria Island, Banana Island, and Lekki Phase 1. 
  1. Suburb/Middle Lagos – Ikate, Ikeja GRA, Surulere, Yaba etc. 
  1. Outer/Lower Lagos – Ikorodu, Epe, Badagry etc 

In prime locations such as Ikoyi, Victoria Island, and Banana Island, the price tag for luxury 1-bedroom apartments rent can reach up from ₦6,000,000 per annum. Also known as Lagos’ “Golden Triangle,” these neighbourhoods are home to the city’s elite and offer a high standard of living in terms of amenities, security, and proximity to business centres. In contrast, rental prices are significantly lower in less developed areas such as Ikorodu, Badagry and Epe. One-bedroom apartments in these areas can go for as low as ₦120,000 per annum. These neighbourhoods may not have the same level of amenities and infrastructure as more affluent neighbourhoods, but they offer more affordable options for middle to low-income earners who are seeking a quieter and more relaxed lifestyle.  

From a pricing standpoint, the sales market in Lagos, typically mirrors the rental market 

Properties in Ikoyi, Victoria Island, and Banana Island command a premium price, with the average price for a one-bedroom apartment reaching over ₦90,000,000. These districts are highly sought after by local and international investors due to the capital appreciation, amenities, and proximity to business districts.    

The charts below show the current average prices of apartments for sale and rent across multiple regions in Lagos. 






For those looking to rent or buy properties in Lagos, careful consideration of their needs, budget, and desired lifestyle is essential.  

Sales prices are significantly lower in less developed regions. 

A 2-bedroom apartment in Ikorodu or Badagry can be purchased for around ₦10,000,000. While these areas may not have the same level of infrastructure and amenities as more affluent areas, they can be an attractive option for those seeking more affordable investment opportunities.  

What is really driving the sharp difference in prices across the city? 

One of the biggest factors is location. Location plays an important role as properties in more developed and desirable areas fetch higher prices. In addition, the size, quality of build, condition, and quality of amenities available within the surrounding of the property also have a significant impact on its value. Large, well-maintained properties with modern amenities are generally more expensive than smaller, older properties with limited amenities.  


How does property prices vary based on our regional classification? 

Central Lagos, the Golden Triangle 

Central Lagos, which includes areas such as Ikoyi (Banana Island), Victoria Island (Oniru), and Lekki Phase 1, are the most expensive in Lagos. These areas have seen phenomenal growth in rental and sales prices in recent times.  This is underpinned by the high demand for housing emanating from business executives and expatriates due to their proximity to amenities and business centers. The starting price for a 1-bedroom apartment in central Lagos is ₦45,000,000 for sales and about ₦3,000,000 for rent.

Lagos Suburbs:  

Based on our classification, Lagos suburbs comprise areas like Surulere, Ikeja, Yaba, Gbagada, Ikate-down to Ajah, and many other smaller regions. Within the suburbs, rental rates in areas such as Ikeja, Ikate Maryland, and Surulere showed a stable trend over the last year. Sales prices also showed a mixed pattern, with some areas recording moderate growth while others remained stagnant. This variation is influenced by factors such as housing quality, proximity to amenities, and the area’s general economic situation. Based on the data that we have tracked, the starting price for a 1-bedroom apartment in Surburban Lagos is ₦35,000,000 for sales and about ₦1,000,000 for rent. Please see the chart above for more data points. 

Outer Lagos:  

Rental rates in Outer Lagos, which includes areas such as Ikorodu, Epe, and Badagry, have generally been stagnant over the past year. This is primarily due to the low demand for housing in these areas, which are often seen as less developed and of lower quality than central and suburban areas of Lagos. Based on the data that we have tracked, the starting price for a 1-bedroom apartment in outer Lagos is ₦15,000,000 for sales and about ₦150,000 for rent. Please see the chart above for more data points. 

We love to hear your feedback. Send us an email to research@buyletlive.com and we will be in touch. 

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