Housing boom, in spite of everything
| Last Updated: Dec 5, 2005 | |||||
| LAGOS | COST (US$) | YIELD (p.a.) | PRICE/SQ.M. (US$) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 100 sq. m. | 120,000 | 530 | 5.30% | 1,200 | 5.30 |
| 150 sq. m. | 160,000 | 700 | 5.25% | 1,067 | 4.70 |
| 200 sq. m. | 210,000 | 820 | 4.69% | 1,050 | 4.10 |
| 250 sq. m. | 260,000 | 890 | 4.11% | 1,040 | 3.60 |
| 350 sq. m. | 370,000 | 1,200 | 3.89% | 1,057 | 3.40 |
| 500 sq. m. | 520,000 | 1,800 | 4.15% | 1,040 | 3.60 |
| 750 sq. m. | 900,000 | 2,600 | 3.47% | 1,200 | 3.00 |
| 1,000 sq. m. | 1,200,000 | 3,200 | 3.20% | 1,200 | 3.00 |
| 1,500 sq. m. | 1,800,000 | 4,500 | 3.00% | 1,200 | 3.00 |
| ABUJA | |||||
| 250 sq. m. | 240,000 | 1,200 | 6.00% | 960 | 4.80 |
| 350 sq. m. | 320,000 | 1,800 | 6.75% | 914 | 5.10 |
| 500 sq. m. | 430,000 | 2,600 | 7.26% | 860 | 5.20 |
| 700 sq. m. | 600,000 | 4,000 | 8.00% | 857 | 10.00 |
| Beach Estates | |||||
| 150 sq. m. | 160,000 | 1,000 | 7.50% | 1,067 | 2.50 |
| 200 sq. m. | 220,000 | 1,300 | 7.09% | 1,100 | 3.30 |
| 250 sq. m. | 270,000 | 1,600 | 7.11% | 1,080 | 4.00 |
| 300 sq. m. | 330,000 | 2,000 | 7.27% | 1,100 | 5.00 |
| 350 sq. m. | 380,000 | 2,500 | 7.89% | 1,086 | 6.30 |
| 500 sq. m. | 550,000 | 3,200 | 6.98% | 1,100 | 8.00 |
| Source: Global Property Guide | |||||
Lagos has some of the most highly-priced real estate in Africa, at around US$1,000 to US$1,200 per square metre (sq. m).
The recent increase in housing supply has squeezed rents, while prices are holding their ground. Rental yields for apartments in Ikoyi and Victoria Island in Lagos are around 3% to 5.3%. Yields are generally higher in Abuja than in Lagos due to less supply; at 6% to 8%. Beach estates have rental yields that range from 7% to 8 %.
