The prices in real estate in Lagos, in the Lagos region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Lagos has had a strong decrease during the last 6 months. In October, the average price per m² was ₦ 140,137. In the following month the price per m² decreased considerably to ₦ 65,393. The price for the following two months in (December, January) had a considerable decrease of 80 with regard to the prior two months. The price per m² has had a considerable increase of 124 % 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 ₦ 92,266.75 to ₦ 114,173 during February, and March.
Based upon to the price in Lagos (cities & towns), this has fallen considerably in the last 6 months. The average price for October is ₦ 58,843,031. During November the price had a considerable reduction till ₦ 24,867,355. During the following two months (December, January) the average price had a considerable reduction of 70 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has gone up 113 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the most costly ones. At a price of ₦ 42,025,000 they are 13 % more expensive than the average price for Lagos. Following this ranking we find those properties with 3 at an average price of ₦ 66,083,333. The properties with the highest average price have 4 bedrooms, Their price is 117 % more costly than the average. After that we have properties with 2 bedrooms priced at ₦ 73,333,333.
With regard to the average price per m² , those properties with 3 bedrooms are the most costly ones at a cost of ₦ 259,257 / m², with an average ₦ 131,748 / m² price in Lagos. The properties with the highest average prices have 1 bedroom. They are 294 % more expensive than the average followed by properties with 4 bedrooms with a price at ₦ 342,340 / m².
The graph displaying the average prices displays the property type "House" as the most costly one. At an cost of ₦ 42,025,000 it is 106 % more expensive than the average price in Lagos. "Commercial" is seen as the second dearest property type. The dearest property type is "Duplex" followed by "Commercial". At a price of ₦ 204,231,484 it is 603 % more expensive than the average price.
According to the average cost per m², the most expensive property type would be "Commercial" at an average cost of ₦ 134,666 / m² followed by "House" priced at ₦ 256,301 / m². "Duplex" is the most costly type of property with a ₦ 514,706 / m² cost followed by "House" with an average price of ₦ 256,301 / m².