Let me tell you a short story.
In 2016, Chuka—a 28-year-old software engineer—rented a modest one-bedroom apartment in Lekki for ₦600,000 per year. Fast forward to 2025, that same apartment now goes for over ₦3 million, and it’s not even waterfront. When he asked the landlord why, the answer was simple: “Demand is too much. If you don’t take it, someone else will.”
That’s the Lagos story in a nutshell—demand outpacing supply. But does this mean the market is overpriced? Or is it simply a case of a rapidly urbanizing economy with evolving tastes, population spikes, and infrastructural gaps?
The Reality: Overpriced or Overpopulated?
Let’s face it: some parts of Lagos are clearly overpriced. You’ll find tiny 2-bedroom apartments in parts of Ikoyi or Victoria Island going for over ₦15 million annually—more expensive than similar homes in Johannesburg or parts of Dubai. Why? Perception, prestige, and poor planning.
But on the flip side, Lagos is a megacity with over 20 million residents. The demand for housing is enormous, and developers are only just catching up. What feels like “overpriced” may just be the painful cost of playing catch-up in an under planned but over-demanded city.
So Where Should You Buy or Rent in Lagos?
Best Places to Rent (Affordability Meets Access)
- Yaba – Great for young professionals and techies. Central, vibrant, with relatively affordable rent.
- Gbagada – Offers great road connectivity and decent pricing. Perfect for middle-income earners.
- Ogudu GRA – Tucked away and serene. A hidden gem that offers value for money.
- Abijo GRA (Lekki-Ajah Axis) – If you’re chasing the Lekki lifestyle on a tighter budget, this is your best bet.
- Magodo Phase II – Clean, secure, and family-friendly with rental prices still lower than similar zones on the Island.
Best Places to Buy (Future Growth + Value)
- Ibeju-Lekki – Dubbed the “New Lagos,” this corridor is attracting billions in infrastructure, from the Lekki Deep Sea Port to the Dangote Refinery. Perfect for long-term investment.
- Epe – With road expansions and new estates springing up, land is still relatively cheap—for now.
- Sangotedo – Fast-developing with malls, schools, and estates. Strong appreciation potential.
- Ojokoro / Agbado – For those with long-term vision. As Lagos expands outward, these outskirts will gain momentum.
- Ikorodu (Select Areas) – Some gated communities in Ikorodu are offering land and homes at good prices with steady returns.
Final Thoughts: Bubble or Opportunity?
Yes, real estate in Lagos feels overpriced in some areas, especially when quality doesn’t match cost. But Lagos is also a city where early movers reap the biggest rewards. Think of Lekki Phase 1 in 2000—people laughed at those who bought swampland. Today, those “crazy” investors are laughing all the way to the bank.
Moral of the story?
Real estate in Lagos isn’t dying. It’s just shifting—and the winners are those who shift with it.
If you’re planning to rent, choose wisely. If you’re planning to buy, don’t just follow the hype—follow the infrastructure, follow the government plans, and follow the future.
Because in Lagos, the land never waits.
Looking to find the right property to rent or buy in Lagos? Let us help you navigate through the noise—reach out today and secure your tomorrow.