Lagos remains one of Nigeria’s most expensive rental markets, but prices vary significantly by location. Areas such as Ikoyi, Victoria Island and Lekki command premium rents because of demand, infrastructure, amenities and proximity to major commercial areas.

Why is Lagos so expensive?

1. High demand

Lagos has a huge population and continues to attract people for jobs, business, education and investment. More people looking for housing means strong rental demand.

2. Location matters A LOT

A 2-bedroom apartment in Lekki, Ikoyi or Victoria Island can cost several times more than a similar apartment in a less expensive part of Lagos.

3. Infrastructure and amenities

Gated estates, reliable electricity, security, swimming pools, gyms, parking, good roads and proximity to business districts can significantly increase rent.

4. Land is expensive

In desirable areas, land is scarce and expensive. Developers factor the cost of acquiring land into the final property price.

5. Construction costs

Materials, labour, financing and other development costs have increased, which can eventually reflect in both sale prices and rents.

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