The rent prices in real estate in Lagos, in the Lagos region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per m² in Lagos has had a strong fall during the last 6 months. In October, the average price per m² was ₦ 7,641.75. In the following month the price per m² fell considerably to ₦ 5,165.66. The price for the following two months in (December, January) had a considerable fall of 53 with regard to the previous two months. The price per m² has had a considerable fall of 69 % 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 ₦ 4,889.49 to ₦ 3,392.25 during February, and March.
When referring to the price in Lagos (cities & towns), this has fallen considerably in the last 6 months. The average price for October is ₦ 2,101,856. During November the price had a slight fall till ₦ 1,856,000. During the following two months (December, January) the average price had a considerable fall of 70 % with regard to the previous two months. During the last two months, the average price has fallen with regard to the previous ones. To be precise it has fallen 92 %, going from ₦ 1,686,339.25 to ₦ 1,545,865 in February and March.
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 ₦ 1,684,188 they are 71 % more affordable than the average price for Lagos . The properties with the highest average price have 4 bedrooms, Their price is 34 % more expensive than the average. After that we have properties with 3 bedrooms priced at ₦ 1,712,500.
With regard to the average price per m², those properties with 1 bedroom are the most affordable ones at a cost of ₦ 1,156 / m², with an average ₦ 3,606.51 / m² price in Lagos. The properties with the most expensive average prices have 4 bedrooms. They are 19 % more expensive than the average followed by properties with 3 bedrooms with a price at ₦ 4,180.7 / m².
The graph displaying the average rent prices displays the property type "Semi-detached duplex" as the most affordable one. At an cost of ₦ 1,684,188 it is 83 % more affordable than the average price in Lagos. "Flat" is seen as the second most affordable property type. The most affordable property is "House" followed by "Flat". At a price of ₦ 1,185,125 it is 11 % more affordable than the average price.
According to the average cost per m², the most affordable property is "Flat" at an average price of ₦ 998 / m² followed by "House" priced at ₦ 3,861 / m². "Semi-detached duplex" is the most expensive type of property with a ₦ 13,696 / m² value followed by "House" with an average price of ₦ 3,861 / m².