Looking to move, rent or invest in Lagos? The city’s property scene moves fast, with new projects popping up every month. Below you’ll find the most useful info on rental rates, buying pitfalls and where the next growth hotspots are likely to appear.
In 2025 the average rent for a two‑bedroom apartment in Victoria Island sits around ₦1,200,000 per year, while similar units in Ikoyi push past ₦1,500,000. Suburban areas like Lekki Phase 1 have dropped to about ₦950,000 as developers add more supply. Demand stays high because many young professionals prefer short‑term leases that let them hop between jobs.
Seasonal spikes still happen during the university intake in September and the fiscal year start in January. If you’re hunting for a deal, aim to negotiate in April or August when vacancy rates rise slightly. Landlords often throw in utilities or a month’s free rent to fill gaps, so ask before signing.
Buying your first home in Lagos can feel overwhelming, but breaking it down helps. Start with a budget that includes the 10 % down payment, stamp duty and legal fees – you’ll need roughly ₦5 million extra on top of the purchase price.
Choose locations with strong infrastructure plans: new road extensions in Epe, upcoming metro stations in Surulere, and the Lagos‑Badagry Expressway upgrades are all signals that property values will rise. Work with a reputable real estate agent who can verify title documents; avoid deals that skip the proper land registry checks.
Financing options have improved lately – several banks now offer 15‑year mortgages at 13‑14 % interest for first‑time buyers with steady income proof. Compare offers, ask about early repayment penalties, and consider a joint venture with trusted family members if you need extra capital.
The market is also seeing more mixed‑use developments that combine residential units with retail space. These projects often provide higher rental yields because tenants appreciate the convenience of having shops downstairs. If you’re looking at investment properties, calculate the gross yield (annual rent ÷ purchase price) and aim for at least 7 % to offset maintenance costs.
Keep an eye on government housing schemes too. The Lagos State Housing Development Corporation occasionally releases affordable units in designated zones, offering lower down payments and longer repayment periods. Signing up early can give you a leg‑up on competitive listings.
Staying informed is the best way to beat the competition. Bookmark reliable news sources, follow local real estate blogs, and set alerts for new listings in your target neighborhoods. With the right research, you’ll land a property that fits both your budget and long‑term goals.
Lagos State Government declared 176 estates illegal due to missing layout approvals in zones like Eti-Osa and Ibeju-Lekki, giving developers 21 days to regularize. Authorities stress that these projects violate urban planning principles and mandate compliance with layout approvals and registration with LASRERA.