Lagos, Nigeria
Property prices · 2024 · Africa
Property price trend in Lagos (2024–2026)
Property comparison — cities in Nigeria (2024)
| City | Centre /sqm | Outside /sqm | 1-Bed Rent | vs Lagos |
|---|---|---|---|---|
| Lagos | NGN 850,000 | NGN 520,000 | NGN 250,000 | — |
| Abuja | NGN 650,000 | NGN 430,000 | NGN 180,000 | -23.5% |
| Port Harcourt | NGN 420,000 | NGN 275,000 | NGN 120,000 | -50.6% |
Other Africa cities (2024)
Frequently asked questions
How much does property cost in Lagos in 2024?
In Lagos, the average price per sqm in the city centre is NGN 850,000, and NGN 520,000 outside the centre (2024 data). Prices have risen 7% since 2024.
How much is rent in Lagos in 2024?
A 1-bedroom apartment in Lagos rents for approximately NGN 250,000 per month in 2024. A 3-bedroom apartment costs around NGN 480,000/month.
Is it better to buy or rent in Lagos?
Buying may offer better long-term value in Lagos. The price-to-rent ratio is 10.0x — it would take approximately 10.0 years of rental payments to equal the property purchase price. Current mortgage rates are approximately 22.50%.
What are mortgage rates in Nigeria in 2024?
The average mortgage rate in Nigeria is approximately 22.50% as of 2024. With a price-to-rent ratio of 10.0x, buyers should carefully weigh mortgage costs against rental savings.
What is the price per sqm in Lagos?
The average property price per square metre in Lagos city centre is NGN 850,000 in 2024. Outside the centre, expect to pay around NGN 520,000/sqm.