Lagos prime two-bedroom rentals have surged to N38m annually, according to Northcourt’s H1 2025 Nigeria Real Estate Market Review.
The report revealed that luxury prices have risen consistently in the past 18 months, with one-bedroom flats selling for N180m, while Old Ikoyi three-bedroom units now average between N700m and N1.2bn.
According to the report, high-value penthouses also command as much as N8bn, a trend largely driven by diaspora investors, high-net-worth individuals, and expatriates seeking comfort, exclusivity, and smart living features in prime gated communities.
It stated, “Average rental and sale prices of apartments have increased in the past 18 months. Two-bedroom luxury rentals in Lagos have reached as high as N36m per year, while one-bedroom luxury flats are available for purchase at N180m. Old Ikoyi three-bedroom units average between N700m and N1.2bn, and four-bedroom penthouses are priced at N2.1bn, with an upper limit asset asking at N8bn (with a two-room servants’ quarters). US- and UK-based diaspora investors continue to be a key segment of the luxury buyer universe.”
According to the report, the high-end real estate market in Nigeria continues to attract diaspora investors, though South African promoters are making some headway into Nigeria’s investor market.
It added, “HNIs and expatriates are contributing to this demand. The luxury real estate market is projected to reach $4.34tn by 2029.’’
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.
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