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Everything you need to know before buying real estate is included in our Nigeria Property Pack
House prices in Nigeria vary dramatically, from ₦500,000 for basic rural properties to over ₦500 million for luxury homes in prime locations. As of September 2025, a typical 3-bedroom apartment costs ₦45 million in Lagos, ₦38 million in Abuja, and ₦28 million in Port Harcourt.
The Nigerian property market has seen consistent growth, with Lagos experiencing 10-15% price increases over the past year alone, driven by urbanization, inflation, and high demand from both local buyers and diaspora investors.
If you want to go deeper, you can check our pack of documents related to the real estate market in Nigeria, based on reliable facts and data, not opinions or rumors.
Nigeria's property market shows significant price variations between cities and property types, with Lagos leading at ₦45 million for a 3-bedroom apartment and luxury duplexes reaching ₦300 million nationwide.
Additional costs including taxes, legal fees, and registration can add 10-20% to the purchase price, while mortgage rates remain high at 18-25%, making cash purchases more common.
| City | 3-Bedroom Apartment (₦) | Price per sqm (₦) | Annual Rent (2-bed, ₦) |
|---|---|---|---|
| Lagos | 45,000,000 | 470,000-980,000 | 1,600,000 |
| Abuja | 38,000,000 | 320,000-890,000 | 1,200,000 |
| Port Harcourt | 28,000,000 | 510,000 | 950,000 |
| Ibadan | 19,000,000 | 300,000-400,000 | 480,000 |
| National Average | 32,500,000 | 379,000 | 1,057,500 |
What's the current average house price in Nigeria?
As of September 2025, the average house price in Nigeria ranges from ₦500,000 for basic rural dwellings to over ₦500 million for luxury properties in prime locations.
For urban properties, the typical prices are ₦45 million for a 3-bedroom apartment in Lagos, ₦38 million in Abuja, ₦28 million in Port Harcourt, and ₦19 million in Ibadan. These prices represent the standard mid-market properties that most buyers consider.
The national average for residential properties sits at approximately ₦379,000 per square meter. However, this figure varies significantly based on location, with prime areas in Lagos reaching up to ₦980,000 per square meter while emerging neighborhoods can be as low as ₦200,000 per square meter.
It's something we develop in our Nigeria property pack.
How do prices differ between property types like apartments, detached houses, and duplexes?
Property type significantly impacts pricing, with luxury detached duplexes commanding the highest prices at ₦200-300 million nationally.
Regular urban apartments typically cost ₦19-45 million for a 3-bedroom unit, depending on the city and specific location within that city. Studio and budget apartments in Lagos's more affordable areas start from ₦15-30 million.
Detached houses represent the premium segment, with a standard detached duplex averaging ₦306 million nationwide, while a 4-bedroom duplex averages ₦209 million. These properties offer more space, privacy, and are often located in exclusive neighborhoods.
Apartments offer better value for money and are more accessible to first-time buyers, while duplexes and detached houses provide better long-term appreciation potential and rental yields for investors.
What's the average price difference between major cities like Lagos, Abuja, and Port Harcourt, and smaller towns?
Lagos leads Nigeria's property market with the highest prices, followed by Abuja, then Port Harcourt and other major cities.
| Location Type | 3-Bedroom Sale Price (₦) | Annual Rent 2-Bed (₦) | Price Difference from Lagos |
|---|---|---|---|
| Lagos (Major City) | 45,000,000 | 1,600,000 | - |
| Abuja (Major City) | 38,000,000 | 1,200,000 | -15.6% |
| Port Harcourt (Major City) | 28,000,000 | 950,000 | -37.8% |
| Ibadan (Secondary City) | 19,000,000 | 480,000 | -57.8% |
| Smaller Towns Average | 8,000,000-15,000,000 | 200,000-400,000 | -65% to -82% |
Smaller towns and rural areas offer significantly lower prices, typically 65-82% less than Lagos prices. This creates opportunities for buyers seeking affordability or investors looking for emerging markets with growth potential.
How much does the price change depending on the neighborhood, from the most expensive areas to up-and-coming and more budget-friendly ones?
Neighborhood selection dramatically affects property prices, with prime areas commanding premium prices while emerging neighborhoods offer better value.
In Lagos, prime neighborhoods like Ikoyi and Victoria Island see properties ranging from ₦800 million to ₦1.4 billion for high-end properties, with per-square-meter prices exceeding ₦900,000. Mid-tier areas like Yaba and Surulere offer 3-bedroom apartments for ₦30-50 million, with per-square-meter costs of ₦400,000-500,000.
Up-and-coming neighborhoods like Epe and outskirt areas provide new homes for ₦10-20 million, with per-square-meter prices of ₦200,000-300,000. In Abuja, Maitama commands ₦213 million for luxury properties, while Kuje offers more affordable options at ₦210,000 per square meter.
The price difference between prime and emerging neighborhoods can be as much as 400-500%, making neighborhood choice crucial for both budget considerations and investment strategy.
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What's the average price per square meter, and how does size affect the total cost?
The national average price per square meter in Nigeria is ₦379,000 as of September 2025, but this varies significantly by location and property type.
Lagos shows the highest variation, with prime areas like Ikoyi reaching ₦980,000 per square meter, while more affordable areas like Ajah start at ₦470,000 per square meter. Abuja ranges from ₦320,000 to ₦890,000 per square meter, while Port Harcourt averages around ₦510,000 per square meter.
Size directly impacts total cost, but larger properties often offer better per-square-meter value. A 100-square-meter apartment in Lagos might cost ₦47 million (₦470,000/sqm), while a 200-square-meter property in the same area might cost ₦80 million (₦400,000/sqm), showing economies of scale.
Buyers should consider that while larger properties require higher initial investment, they typically offer better rental yields and resale potential, making them more attractive for investment purposes.
What's the typical final cost of buying a house once you add fees, taxes, and legal costs?
The total cost of buying property in Nigeria includes significant additional expenses beyond the purchase price, typically adding 10-20% to the final transaction cost.
Legal fees account for 1-2% of the purchase price, while agency fees add another 1-2%. Stamp duty costs 0.75% for residential properties or 1.5% for commercial properties. Registration fees vary by state but can reach 3-5% in Lagos.
Governor's Consent, required in many states, costs 8-15% in Lagos and varies elsewhere. Additional costs include survey fees, inspection fees, and development fees, each typically costing ₦50,000 or more depending on location.
For a ₦50 million property in Lagos, buyers should budget an additional ₦5-10 million for all transaction costs, bringing the total investment to ₦55-60 million. These costs are unavoidable and should be factored into any property purchase budget.
How much does it usually cost to finance a house with a mortgage, and what are the common interest rates?
Mortgage financing in Nigeria remains expensive, with interest rates typically ranging from 18-25%, and home loan rates averaging 20-23% as of September 2025.
Most banks offer loan-to-value ratios of up to 80%, requiring a 20% down payment. For a ₦50 million home with a 20% down payment (₦10 million), the remaining ₦40 million financed at 20% interest over 20 years would result in monthly payments exceeding ₦800,000.
The high interest rates and costly monthly payments mean most Nigerian property buyers still prefer cash purchases or informal financing arrangements. Mortgage coverage remains low compared to developed markets, with many buyers saving for years to purchase properties outright.
It's something we develop in our Nigeria property pack.
If I want to buy to live in, what are the smartest choices right now compared to if I want to rent it out short term, long term, or resell later at a higher price?
Your investment strategy should determine your property choice, as different areas offer different advantages for various purposes.
For buy-to-live purposes, mid-market developing neighborhoods like Yaba, Sangotedo, old Ikeja, and Epe outskirts offer the best value. These areas provide lower entry costs while still offering strong future appreciation potential as urban development continues.
For long-term rental income, prime areas like Ikoyi, Victoria Island, and Lekki offer the highest rental yields at 6-8% annually, though they require significantly higher initial investment. Up-and-coming employment hubs show rising rental demand and may offer better value for money.
Short-term rentals (Airbnb) perform best in central Lagos and Abuja, particularly near business districts, expat zones, and tourism corridors. For resale investment, areas benefiting from infrastructure development and population growth corridors offer the best medium-term appreciation potential.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Nigeria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What are some example purchase prices for properties in different categories and areas?
Specific property examples help illustrate the wide range of prices across Nigeria's real estate market.
| Property Category | Lagos Price (₦) | Abuja Price (₦) | Port Harcourt Price (₦) |
|---|---|---|---|
| 3-Bedroom Apartment | 45,000,000 | 38,000,000 | 28,000,000 |
| Luxury Duplex | 306,000,000 | 213,000,000 | 90,000,000-170,000,000 |
| Entry-Level Flat | 15,000,000-30,000,000 | 10,000,000-20,000,000 | 8,000,000-15,000,000 |
| Studio Apartment | 15,000,000-25,000,000 | 8,000,000-15,000,000 | 5,000,000-12,000,000 |
| 4-Bedroom Duplex | 209,000,000+ | 150,000,000-200,000,000 | 80,000,000-140,000,000 |
These examples show the significant price variations across cities and property types, helping buyers understand what to expect in their budget range.
How have house prices changed compared to five years ago, and compared to one year ago?
Nigerian property prices have experienced consistent upward growth, with acceleration in recent years due to various economic factors.
Over the past year, Lagos has seen 10-15% price increases, Abuja has experienced 8-10% growth, and nationwide prices have risen 5-15% depending on the specific city and neighborhood. This growth reflects strong demand, limited supply, and inflationary pressures.
Over five years, many Lagos areas including Lekki and Epe have doubled in value, with prime land seeing over 100% increases. Annual growth rates of 8-20% have become common in urban growth zones, significantly outpacing inflation in many cases.
Key driving factors include population growth, urbanization trends, diaspora investment, naira devaluation effects, and increasing construction and material costs. These trends have created substantial wealth for early investors in strategic locations.
What's the forecast for property prices in Nigeria in one year, five years, and ten years?
Nigeria's property market forecast remains strongly bullish across all time horizons, driven by fundamental demographic and economic trends.
For the next year (to mid-2026), Lagos and Abuja are expected to see 10-15% further price increases. This growth will be supported by continued urbanization, infrastructure development, and steady demand from both local and diaspora buyers.
Over five years (to 2030), sustained upward trends are expected, particularly in city growth corridors where infrastructure development continues. Areas benefiting from new roads, bridges, and commercial developments should see above-average appreciation.
The ten-year outlook (to 2035) shows strong appreciation potential, especially in infrastructure-driven, growing cities. Nigeria's young population and rapid urbanization create long-term demand pressure that should support consistent price growth well above inflation rates.
It's something we develop in our Nigeria property pack.
How do Nigeria's average house prices compare with other big, similar cities around Africa or globally?
Nigeria's property prices remain competitive compared to other major African cities, offering good value for money while showing strong growth potential.
Lagos prime properties cost up to ₦980,000 per square meter (approximately $650/sqm), which is considerably cheaper than Accra, Ghana at $4,015/sqm for city center properties, and more affordable than Johannesburg, South Africa at $982/sqm central areas.
Compared to other emerging African markets, Lagos offers better value than cities like Nairobi or Cape Town, while being more expensive than entry-level properties in cities like Casablanca or Cairo. This positioning makes Nigerian properties attractive for investors seeking African exposure.
The combination of lower entry costs, strong rental yields (6-8% in prime areas), and robust growth prospects makes Nigeria an attractive destination for both regional and international property investors looking for emerging market opportunities.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Nigeria's property market offers diverse opportunities across different price ranges and investment strategies.
Understanding local market dynamics, additional costs, and regional variations is crucial for making informed property decisions in Nigeria's evolving real estate landscape.
Sources
- TheAfricanVestor - Average House Price Nigeria
- Nigeria Real Estate Blog - Average Property Prices
- Lint Finance - Nigerian Housing Market 2025
- PropertyPro - Detached Duplex Prices
- Nigeria Real Estate Blog - Property Price Index
- LinkedIn - Closing Costs Nigeria Property Market
- EstateIntel - Nigerian Mortgage Rates
- Numbeo - Property Investment Comparison