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Dec 05, 2005

Housing boom, in spite of everything


Last Updated: Dec 5, 2005
LAGOS COST (US$) YIELD (p.a.) PRICE/SQ.M. (US$)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
100 sq. m. 120,000 530 5.30% 1,200 5.30
150 sq. m. 160,000 700 5.25% 1,067 4.70
200 sq. m. 210,000 820 4.69% 1,050 4.10
250 sq. m. 260,000 890 4.11% 1,040 3.60
350 sq. m. 370,000 1,200 3.89% 1,057 3.40
500 sq. m. 520,000 1,800 4.15% 1,040 3.60
750 sq. m. 900,000 2,600 3.47% 1,200 3.00
1,000 sq. m. 1,200,000 3,200 3.20% 1,200 3.00
1,500 sq. m. 1,800,000 4,500 3.00% 1,200 3.00
ABUJA
250 sq. m. 240,000 1,200 6.00% 960 4.80
350 sq. m. 320,000 1,800 6.75% 914 5.10
500 sq. m. 430,000 2,600 7.26% 860 5.20
700 sq. m. 600,000 4,000 8.00% 857 10.00
Beach Estates
150 sq. m. 160,000 1,000 7.50% 1,067 2.50
200 sq. m. 220,000 1,300 7.09% 1,100 3.30
250 sq. m. 270,000 1,600 7.11% 1,080 4.00
300 sq. m. 330,000 2,000 7.27% 1,100 5.00
350 sq. m. 380,000 2,500 7.89% 1,086 6.30
500 sq. m. 550,000 3,200 6.98% 1,100 8.00
Source: Global Property Guide

Lagos has some of the most highly-priced real estate in Africa, at around US$1,000 to US$1,200 per square metre (sq. m).

The recent increase in housing supply has squeezed rents, while prices are holding their ground. Rental yields for apartments in Ikoyi and Victoria Island in Lagos are around 3% to 5.3%. Yields are generally higher in Abuja than in Lagos due to less supply; at 6% to 8%. Beach estates have rental yields that range from 7% to 8 %.

 





Comments

#1 NONY MBAEZUE | May 29, 2010

Please update this article for 2010. Thanks!

#2 WOLE OLABANJI | September 02, 2016

Great job but this article is 11 years old, do you have a more up to date one? thanks.

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