The prices in real estate in Ikorodu, 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 Ikorodu has had a strong decrease during the last 6 months. In October, the average price per m² was ₦ 110,051. In November this price pretty much remained the same at a value of ₦ 108,874 per m². In the following two months the price per m² has barely changed, going from ₦ 109,462.5 to ₦ 112,791 per m². The price per m² has had a considerable deflation of 16 % 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 ₦ 111,126.75 to ₦ 17,290 during February, and March.
Based upon to the price in Ikorodu (cities & towns), this has gone downing the last 6 months. In our first sample month during October, the average price is ₦ 14,162,000. In November This price remains at ₦ 14,374,510. In the following two months the average price has remained the same with regard to the previous two months from ₦ 14,268,255 to ₦ 14,964,542. During the last two months the average price has had a strong fall compared to the previous four going from ₦ 14,616,398 to ₦ 10,395,000, which means a 71 % fall.