Prime 3-bed apartment sale nears N1bn on strong demand

Residential properties in prime locations in Nigerian cities, particularly Lagos, saw significant price increases over the first half of 2025, with the sale price of a three-bedroom apartment hovering between N700 million and N1.2 billion.

These increases were driven primarily by strong demand from diaspora investors and high-net-worth individuals (HNIs), as well as expatriates seeking comfort, exclusivity, and smart living features.

In Lagos, notable prime locations include Old Ikoyi, Banana Island, Victoria Island, and Lekki Phase 1, among others. According to a ‘H1 2025 Nigeria Real Estate Market Review’ compiled by Northcourt, house prices in these areas have risen consistently in the past 18 months.

“One-bedroom flat is now selling for N180 million in Old Ikoyi, while three-bedroom units average between N700 million and N1.2 billion,” the report says, adding, “high-value penthouses also command as much as N8 billion, a trend largely driven by diaspora investors, high-net-worth individuals, and expatriates seeking comfort, exclusivity, and smart living features.”

Caroline Akinlotan, managing director, RSG Property Services, corroborated this development in her article titled ‘The Audaciousness of Lagos Property Market,’ where she noted that the last 10 years have been interesting for the Lagos property market.

“We watched the naira depreciate beyond expectations—from N195.00 to N1,500.00 to the US Dollar today. The sale and rental prices of properties have skyrocketed, much like a hot air balloon.

A 3-bedroom flat in Lekki Phase 1 was selling for N30- 40 million in 2015, and even up to four or five years ago, it was going for N60 to N70 million. The same property now goes for N250 million and rents for N30 million,” she said.

Continuing, she noted, “in Northern Foreshore estate in Chevron, you could get land for N70/80 million, now the same land is selling for N430 million. A 3-bedroom flat in Crown Estate, Ajah, used to rent for N1.5 million. Today, it is N6 million.”

Akinlotan, who is also a psychologist, lamented that, in real terms, earnings have not doubled or tripled in the last 10 years, and so, accommodation, which was already in short supply, is now in shorter supply as well as unaffordable to the ordinary man.

Ayo Ibaru, Nortcourt CEO, explained to BusinessDay that the high-end real estate market in Nigeria has continued to attract diaspora investors, adding, however, that South African promoters are making some headway into Nigeria’s investment market.

“High Net-worth Individuals (HNIs) and expatriates are contributing to this demand. The luxury real estate market is projected to reach $4.34 trillion by 2029,” he said.

The demand for properties in high-end locations is on the rise, with a focus on gated communities that provide advanced perimeter detection, sustainability-powered lighting and waste management systems, smart home technology, and expansive living spaces.