NIGERIA’S HOUSING MARKET STABILIZING, AMIDST IMPROVING ECONOMIC CONDITIONS

After three years of house price falls, Nigeria’s property market is now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand.
“The residential real estate market in 2018 didn’t have significant alterations in prices in comparison to the previous year,” said Nigeria-based online property firm, naijahouses.com.
However, this masks local house price movements. Ikoyi, probably the most affluent neighborhood of Lagos, registered the greatest y-o-y house price increase of 20% in May 2019, followed by Ibeju Lekki, with annual price increase of 12%, according to figures from your Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.

On the other hand, Ikorodu saw the most important decline in house prices of 25% in the past year to May 2019, accompanied by Ikeja (-16.7%), Alimosho (-10.7%), Isolo (-9.1%), and Victoria Island (-8.7%).
Lagos is regarded as the expensive city in Africa. In Ikoyi, the common tariff of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments can be purchased on an average tariff of NGN 350 million (US$972,266).
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