The rent prices in real estate in Lagos, in the Lagos region have barely changed in the last couple of months. There have hardly been any changes in the rent prices in this city.
The price per m² in Lagos has barely changed in the last 6 months. In October, the average price per m² was ₦ 14,264.4. In the following month the price per m² fell to ₦ 13,288.83. The price for the following two months in (December, January) fell 90 % with regard to the previous two months. The price per m² has had a considerable rise of 128 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of ₦ 13,108.67 to ₦ 16,776.51 during February, and March.
When referring to the price in Lagos (cities & towns), this has risen considerably in the last 6 months. In our first sample month during October, the average price is ₦ 2,214,788. In November This price remains at ₦ 2,300,251. In the following two months the average price has hardly changed with regard to the previous two months from ₦ 2,257,519.5 to ₦ 2,360,187.5. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 180 % during the last two months.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of ₦ 4,203,125 they are 69 % more affordable than the average price for Lagos . The properties with the highest average price have 4 bedrooms, Their price is 36 % more expensive than the average. After that we have properties with 3 bedrooms priced at ₦ 4,762,500.
With regard to the average price per m², those properties with 1 bedroom are the most affordable ones at a cost of ₦ 7,068.18 / m², with an average ₦ 15,457.39 / m² price in Lagos. The properties with the most expensive average prices have 4 bedrooms. They are 27 % more expensive than the average followed by properties with 3 bedrooms with a price at ₦ 17,984.47 / m².
The graph displaying the average rent prices displays the property type "Duplex" as the most affordable one. At an cost of ₦ 4,203,125 it is 58 % more affordable than the average price in Lagos. "Commercial" is seen as the second most affordable property type. The most affordable property is "House" followed by "Commercial". At a price of ₦ 1,879,862 it is 43 % more affordable than the average price.
According to the average cost per m², the most affordable property is "House" at an average price of ₦ 6,011 / m² followed by "Duplex" priced at ₦ 10,149 / m². "Commercial" is the most affordable type of property with a ₦ 11,271 / m² value followed by "Duplex" with an average price of ₦ 10,149 / m².