Nigeria's leading online property market place Lamudi has just released its first quarterly report for Q1 2015, looking at the latest real estate market in Lagos.

Lamudi leveraged their market-leading data to create a granular insight into the Lagos property market. This report is based on supply and demand data gathered on almost every Lagos neighbourhood for the first quarter of 2015.

According to Lamudi, the average selling price of available residential property across Lagos for the first quarter of 2015 was N13.4 million (per bedroom), while the average rental price per bedroom was N694,000. While over 70% of property searches were for rental properties, only 30% of properties made available were rentals. Land purchases represented less than 5% of overall demand. However, over 30% of real estate brought to market were plots of Land for sale. Land purchases represented less than 5% of overall demand. However,
over 30% of real estate brought to market were plots of Land for sale.

The average sales price by Local Government Area (LGA) illustrates the significant disparities that exist across Lagos city

The average sales price for available property in Lagos Island was N46m per bedroom, more than three times the Lagos median sales price.

The lowest average sales prices were below N2.5m per bedroom in the southern Lagos outskirts of Badagry and Ojo. These prices were less than a fifth of the Lagos median price.

Surprisingly, Apapa and not Ikeja represented the third most expensive neighbourhood (behind Ikoyi and Victoria Island) at N23.5m per bedroom.


READ the full report on their website http://www.lamudi.com.ng/journal/lagos-real-estate-the-real-data/