The prices in real estate in Lagos, in the Lagos region have had a minor rise in the last couple of months. The real estate prices for second hand homes have risen in this city.
The price per m² in Lagos has increased during the last 6 months. In July, the average price per m² was ₦ 124,273. In the following month the price per m² increased considerably to ₦ 178,648. The price for the following two months in (September, October) decreased 85 % with regard to the prior two months. The price per m² has decreased 90 % 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 ₦ 140,182 to ₦ 125,606.5 during November, and December.
Based upon to the price in Lagos (cities & towns), these have remained the same in the last 6 months. The average price during our first sample month during July, is ₦ 84,725,000. During August the price went through a considerable rise reaching ₦ 102,212,500. 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 had a strong fall compared to the previous four going from ₦ 90,220,272 to ₦ 75,405,072, which means a 84 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of ₦ 45,745,833 they are 54 % more affordable than the average price for Lagos. The properties with the highest average price have 4 bedrooms, Their price is 24 % more costly than the average. After that we have properties with 3 bedrooms priced at ₦ 48,963,487.
With regard to the average price per m² , those properties with 1 bedroom are the cheapest ones at a cost of ₦ 32,719 / m², with an average ₦ 90,947 / m² price in Lagos. The properties with the highest average prices have 4 bedrooms. They are 34 % more expensive than the average followed by properties with 3 bedrooms with a price at ₦ 76,239 / m².
The graph displaying the average prices displays the property type "Flat" as the most costly one. At an cost of ₦ 45,745,833 it is 24 % more expensive than the average price in Lagos. "House" is seen as the second dearest property type. The dearest property type is "Land" followed by "House". At a price of ₦ 76,291,024 it is 390 % more expensive than the average price.
According to the average cost per m², the most expensive property type would be "House" at an average cost of ₦ 93,713 / m² followed by "Flat" priced at ₦ 100,712 / m². "Land" is the most costly type of property with a ₦ 138,788 / m² cost followed by "Flat" with an average price of ₦ 100,712 / m².