Lekki, Ikoyi Real Estate Market Update September 2021
Real Estate in Nigeria is experiencing rapid growth, faster than what we’d regularly think it should be. It does reiterate the importance of real estate in the growth of our country’s economy. In today’s article, we bring to you Lekki & Ikoyi Real Estate Market Update 2021.
According to Nigeria Real Estate Report 2021 by North Court, the opportunities created amid the COVID-19 pandemic have raised optimism that the residential, construction and industrial segments of real estate market are to drive the sector’s growth, while yielding good returns for developers, investors and landlords.
ARE THERE CHANGES?
2020 was a year that reinforced the need to make property portfolios in Nigeria more resilient. Due to the pandemic, price shifts led to a clearer focus on currency protection mechanisms. Hence, in the space of one year, the following changes have become notable:
- Short let apartments have shown stronger resilience in Lekki and Ikoyi because they aim at a more sustained demand for flexible accommodation.
- There’s been an increase in construction costs due to the challenges with the global supply chain. Several planned construction projects were put on hold as the real estate industry sector reconfigures into a long-term viability form.
- There’s been an increase in demand for flexible office space near major residential areas in Lekki and Ikoyi.
AVERAGE LAND PRICES PER SQUARE METRE
The prices of land in Lagos was significantly affected by the pandemic, especially in 2020, but an increase has been recorded. Below is a comparison of the average land prices in Lekki and the neighboring areas:
|Lekki Phase 1||#198,000||#220,000|
AVERAGE PRICES OF HOUSES IN LEKKI BETWEEN SEPTEMBER 2020 & SEPTEMBER 2021
|Month||Average Price||Max. Property Price||Min. Property Price||Total Property Count||New Property Added|
*Source: Nigeria Property Centre
APPRECIATION OF REAL ESTATE INVESTMENT IN NIGERIA
Due to various reasons, the real estate market in Lagos and Nigeria at large has experienced significant appreciation and growth. If you are thinking of investing in Real Estate, this is the right time to do so!
Considering the ever growing population in Nigeria and fast urban growth/development happening in Lagos, your investment is positively going to appreciate. Need more information about how you can invest in real estate in Lagos? Contact Property Lagos today.