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Property Lagos

Lekki, Ikoyi Real Estate Market Update September 2021

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.

READ ALSO: PROS & CONS OF LIVING IN LEKKI, IKOYI, AJAH AREA OF LAGOS

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:

 

Location 2020 2021
Old Ikoyi #415,000 #550,000
Lekki Phase 1 #198,000 #220,000
Victoria Island #330,000 #400,000
Agungi #105,364 #130,000

 

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
Sep 2021 ₦98,280,000 ₦450,000,000,000 ₦1,600,000 33,265 5,621
Aug 2021 ₦96,450,000 ₦450,000,000,000 ₦3,500,000 33,773 5,854
Jul 2021 ₦91,540,000 ₦450,000,000,000 ₦2,000,000 33,048 5,638
Jun 2021 ₦87,830,000 ₦450,000,000,000 ₦800,000 32,196 5,558
May 2021 ₦86,560,000 ₦450,000,000,000 ₦800,000 30,297 5,190
Apr 2021 ₦82,790,000 ₦450,000,000,000 ₦800,000 29,817 5,382
Mar 2021 ₦82,650,000 ₦450,000,000,000 ₦381,000 28,360 6,158
Feb 2021 ₦76,740,000 ₦450,000,000,000 ₦381,000 26,889 5,123
Jan 2021 ₦74,840,000 ₦450,000,000,000 ₦381,000 27,357 4,776
Dec 2020 ₦71,190,000 ₦270,000,000,000 ₦330,000 27,382 3,659
Nov 2020 ₦70,130,000 ₦270,000,000,000 ₦330,000 27,877 4,733
Oct 2020 ₦69,870,000 ₦270,000,000,000 ₦330,000 26,140 3,926
Sep 2020 ₦69,310,000 ₦180,000,000,000 ₦330,000 23,619 4,681

*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.

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