What is the best real estate investing strategy in Lagos Nigeria?
Nigerian property analysis Data shows that the best property investment strategy is a strategy that combines both long-term investing and short-term investing.
Ikoyi, the most affluent neighborhood of Lagos, registered the highest year on year house price growth of 20% in May 2019, followed by Ibeju Lekki, with an annual price increase of 12%, based on figures.
• Lagos is the most expensive city in Africa.
In Ikoyi, the average price of three-bedroom apartments was NGN 140 million (US$388,906) in H2 2018 while five-bedroom apartments are sold for an average price of NGN 350 million (US$972,266).
• House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady.
• Nigeria’s’ property market is becoming more sophisticated with prime grade developments seen in the commercial and retail sectors.
• The recent Nigeria Economic Report released by the World Bank shows that real estate is the third-largest contributor to GDP growth at 11%.
The housing market will continue to stabilize this year, with house prices and residential rents expected to either remain stable or rise modestly this year, according to local property experts.
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Originally posted 2020-10-08 17:56:59.