The rent prices in real estate in Lagos, in the Lagos region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per m² in Lagos has risen strongly during the last 6 months. In July, the average price per m² was ₦ 3,880.47. In the following month the price per m² rose to ₦ 4,197.08. The price for the following two months in (September, October) had a considerable rise of 157 %. The price per m² has had a considerable fall of 82 % 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 ₦ 5,185.29 to ₦ 4,276.31 during November, and December.
When referring to the price in Lagos (cities & towns), there have hardly been any changes in the last 6 months. The average price during our first sample month during July, is ₦ 2,119,167. During August the price went through a considerable rise reaching ₦ 2,667,292. During the following two months (September, October) the average price fell 93 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from ₦ 2,308,279.25 to ₦ 1,640,656.5, which means a 71 % fall.
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 ₦ 1,425,313 they are 59 % more affordable than the average price for Lagos . The properties with the highest average price have 4 bedrooms, Their price is 76 % more expensive than the average. After that we have properties with 3 bedrooms priced at ₦ 1,530,000.
With regard to the average price per m², those properties with 1 bedroom are the most affordable ones at a cost of ₦ 994.06 / m², with an average ₦ 3,386.95 / m² price in Lagos. The properties with the most expensive average prices have 4 bedrooms. They are 46 % more expensive than the average followed by properties with 3 bedrooms with a price at ₦ 3,304.8 / m².
The graph displaying the average rent prices displays the property type "Flat" as the most affordable one. At an cost of ₦ 1,425,313 it is 80 % more affordable than the average price in Lagos. "Land" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Land". At a price of ₦ 1,860,661 it is 308 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Land" at an average price of ₦ 2,576 / m² followed by "House" priced at ₦ 10,905 / m². "Flat" is the most expensive type of property with a ₦ 13,738 / m² value followed by "House" with an average price of ₦ 10,905 / m².