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 ₦ 138,435. In the following month the price per m² increased considerably to ₦ 160,266. The price for the following two months in (December, January) had a considerable decrease of 72 with regard to the prior two months. The price per m² has had a considerable deflation of 80 % 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 ₦ 128,237.5 to ₦ 102,653.5 during February, and March.
Based upon to the price in Lagos (cities & towns), this has fallen considerably in the last 6 months. The price in October is ₦ 93,747,318, rising in November till ₦ 105,064,315. During the following two months (December, January) the average price had a considerable reduction of 58 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 86 %, going from ₦ 78,492,496 to ₦ 67,318,288 in February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of ₦ 79,436,577 they are 57 % more affordable than the average price for Lagos. The properties with the lowest average price have 4 bedrooms, Their price is 30 % cheaper than the average. After that we have properties with 3 bedrooms priced at ₦ 49,837,672.
With regard to the average price per m² , those properties with 2 bedrooms are the cheapest ones at a cost of ₦ 56,281 / m², with an average ₦ 110,402 / m² price in Lagos. The properties with the highest average prices have 4 bedrooms. They are 4 % more expensive than the average followed by properties with 1 bedroom with a price at ₦ 82,164 / m².
The graph displaying the average prices displays the property type "Semi-detached duplex" as the most affordable one. At an cost of ₦ 79,436,577 it is 29 % cheaper than the average price in Lagos. "House" is seen as the second most affordable property type. The dearest property type is "Flat" followed by "House". At a price of ₦ 76,443,839 it is 124 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House" at an average cost of ₦ 93,901 / m² followed by "Semi-detached duplex" priced at ₦ 100,409 / m². "Flat" is the most costly type of property with a ₦ 148,259 / m² cost followed by "Semi-detached duplex" with an average price of ₦ 100,409 / m².