Why is property expensive in Lagos? Have you ever been involved in a conversation around this question?

No doubt, Lagos is the commercial hub of Nigeria and this is the reason its real estate sector has been an issue discussed in several fora, both home and abroad.

The number of housing units available in Lagos is not sufficient for the population. According to the Pison Housing Group’s 2019 report, the housing stock in Lagos is estimated to be 1.492 million units, while the United Nations put its population at 18 million people in 2019.

Below are reasons property in Lagos remains largely expensive:

Greedy Real Estate Agents: A lot of real estate agents in Lagos are notoriously greedy. A lot of people can actually afford to pay the rent of a house they’ve seen but imagine an agent asking for almost the same amount for agreement, commission, etc . Some deliberately deny people access to affordable properties for example you try to rent an apartment with a rent of ₦200,000 yearly an agent can demand up to ₦170,000 for agreement, commission, damages etc.

Inconsiderate landlords: Due to how desperate some Lagosians are, Landlords take advantage of this and deliberately increase the cost of renting their houses, landlords in Lagos know if you don’t pay for the apartment on time some other person out of desperation would pay for the apartment that might be too expensive for you.

Yahoo Boys: Have you noticed the reasons why agents increase agreement and commission is because yahoo boys don’t negotiate they just pay and move in. Yahoo Boys can pay for anything, I believe they play a major role in the high cost of rent in Lagos.

Location: Rent defer in Lagos, the cost of renting a 2 bedroom apartment is much lower than the cost of renting a mini flat in Ikoyi or Lekki but it can be worst when the cost of renting a 2 bedroom apartment in egbeda that is closer to the road or bus stop is more expensive than the ones that are inside the streets. Just add ₦20,000 to ₦30,000 inside your rent calculation

Structure of the House: The cost of renting a new house is much more expensive than an old house even if they are close to each other. The funny thing is the old house has a stronger design than the new house, for example, the plumbing work of the older house is much better than the new houses that are been built right now. One example is an estate called Goodluck Jonathan at Pipeline Isheri Igando Road, the houses look beautiful on the outside but the plumbing works , drainage etc is a mess

Too Many Prospects: A house can be viewed by more than 10 prospects in a day, this gives house owners and agents the perfect opportunity to increase the cost of rent and stand by it. They both know that one person would eventually pay, houses in Lagos go very fast. There is no first-come basis in Lagos real estate market, it is first to pay.

What is your take? Please kindly enlighten us with a comment below. Thank you

https://clytee.com/2021/04/29/why-renting-an-apartment-in-lagos-is-so-expensive/

Don't blame Landlord in Island, the cost of erecting a structure in Island is high due to the texture of the soil.

Me sef, I don't Deal on house's from 800 thousand...

If you need a good place, it starts from 3m.. and it's on the island

Naija

CotenantNIG:
Why is property expensive in Lagos? Have you ever been involved in a conversation around this question?

No doubt, Lagos is the commercial hub of Nigeria and this is the reason its real estate sector has been an issue discussed in several fora, both home and abroad.

The number of housing units available in Lagos is not sufficient for the population. According to the Pison Housing Group’s 2019 report, the housing stock in Lagos is estimated to be 1.492 million units, while the United Nations put its population at 18 million people in 2019.

Below are reasons property in Lagos remains largely expensive:

Greedy Real Estate Agents: A lot of real estate agents in Lagos are notoriously greedy. A lot of people can actually afford to pay the rent of a house they’ve seen but imagine an agent asking for almost the same amount for agreement, commission, etc . Some deliberately deny people access to affordable properties for example you try to rent an apartment with a rent of ₦200,000 yearly an agent can demand up to ₦170,000 for agreement, commission, damages etc.

Inconsiderate landlords: Due to how desperate some Lagosians are, Landlords take advantage of this and deliberately increase the cost of renting their houses, landlords in Lagos know if you don’t pay for the apartment on time some other person out of desperation would pay for the apartment that might be too expensive for you.

Yahoo Boys: Have you noticed the reasons why agents increase agreement and commission is because yahoo boys don’t negotiate they just pay and move in. Yahoo Boys can pay for anything, I believe they play a major role in the high cost of rent in Lagos.

Location: Rent defer in Lagos, the cost of renting a 2 bedroom apartment is much lower than the cost of renting a mini flat in Ikoyi or Lekki but it can be worst when the cost of renting a 2 bedroom apartment in egbeda that is closer to the road or bus stop is more expensive than the ones that are inside the streets. Just add ₦20,000 to ₦30,000 inside your rent calculation

Structure of the House: The cost of renting a new house is much more expensive than an old house even if they are close to each other. The funny thing is the old house has a stronger design than the new house, for example, the plumbing work of the older house is much better than the new houses that are been built right now. One example is an estate called Goodluck Jonathan at Pipeline Isheri Igando Road, the houses look beautiful on the outside but the plumbing works , drainage etc is a mess

Too Many Prospects: A house can be viewed by more than 10 prospects in a day, this gives house owners and agents the perfect opportunity to increase the cost of rent and stand by it. They both know that one person would eventually pay, houses in Lagos go very fast. There is no first-come basis in Lagos real estate market, it is first to pay.

What is your take? Please kindly enlighten us with a comment below. Thank you

https://clytee.com/2021/04/29/why-renting-an-apartment-in-lagos-is-so-expensive/

It's the power of relentless immigration into Lagos and
Ogun States.

Konquest:

It's the power of relentless immigration into Lagos and
Ogun States.

True
Lalasticlala

Because it's a mega city

But the house is cheap at ikorodu based on the rents they post on jiji and co

T

Very

Op is very wrong to say yahoo boys are the cause of high rent fee. What about politicians, drug baron, ritualist, tech guys, company owners, corpses and others. Yahoo is now Desmond Elliot that get blames for all vices.

I stay on the island and I can tell that 95 percent of the island is swamp.
People buy swamp and have to pay heavily to sand fill it for construction purposes. The cost of getting this done will build houses in other places.
High rate of business headquarters- almost all promising and established companies and industries have headquarters in Lagos. Many have moved to island for that purpose. This has increased demand for housing in the area as many workers and staffs want to stay close.
Traffic- do you know traffic also has a role to play in high rent. There are many available land in Epe untapped. Many people don't want to go there. Its far from their workplace and are forced to become part of the competing payers of rent.
Houses are no longer built to be affordable but to be profitable. Lots of millions are spent building a house. Alot of the expenses goes into beautification and boulevard. Painting and decor.
People make more money in Lagos than elsewhere. The purchasing power of a lot of lagosians is high. Many people make enough money to pay for rent. And those who can't end up in ghettos.
Loans- access to loans in Lagos is achievable than elsewhere. So many workers can pay high rent with loans that a repayable.

When you calculate your rent money over a decade you will discover you could build your own house with that money.... that's why i always recommend you live a lowkey life while you build your own house, might not be fast but it is worth it. I swear

start planning now, start with me i design and construct buildings, affordable and reliable. Contact me on WhatsApp via my signature.

1. Don't blame yahoo boys. They account for less than 0.001% of Nigeria's population.

2. Blame irresponsible government and NASS that doesn't know that cement should be among the cheapest commodity if it wants it's citizens and Nation attain housing and infrastructural sufficiency.

3. Blame irresponsible government & NASS that turn a blind to landlords rascality and devour tenants attitude.

It's a messed country

No where cheap ọ. Just locate where ur money go reach u pay.

It is expensive here in PH as well!!!

Meanwhile check my signature

God go help us...

I just dey pray make I no disappoint my 5month old daughter....

I promised her she would be in a saner country before she complete 5years old.....

So help me God

Fake lifestyle, how will you ride 15 million car and tell landlord you can't effort 5 million rent, it doesn't make sense

Because it's Lagos

Lagos property it's over hype

Come to iwaya, if you don't have up to 150k-200k you can't rent 1 room o.

enjoying my 2bedroom flat in nasarawa @50,000naira

Bring your registrations and sundry CAC jobs

Shitty lagos

Aboki no get time for the exorbitant lagos house rent wahala.
That's why many of dem turn their wheel Barrow, Okada,Shop And under bridge to their house.