LAGOS VS OTHER NIGERIAN CITIES (PROPERTY COMPARISON)

February 14, 2024by Riveton Homes0

INTRODUCTION:

The real estate market in Nigeria is dynamic and diverse, offering unique opportunities in various cities. While Lagos real estate  is booming , it remains the economic powerhouse, the spotlight is expanding to include Abuja and Port Harcourt. In this article, we’ll delve into the distinct dynamics of these cities real estate markets, illuminating the unique factors that define and differentiate them.

 

1 PROPERTY PRICES: Lagos, as the economic heartbeat, boasts higher property prices compared to its counterparts. The demand for prime locations and commercial spaces contributes to this trend. On the flip side, cities like Abuja or Port Harcourt present more diverse pricing, catering to a range of investors.

 

2 DEMAND AND SUPPLY :Lagos experiences a constant inflow of people seeking economic opportunities, driving a consistent demand for housing. This dynamic often results in a higher demand-supply gap, impacting property prices. Other cities may witness fluctuations in demand but might have a more balanced supply, offering investment potential.

 

3 INFRASTRUCTURE DEVELOPMENT:

Infrastructure plays a crucial role in real estate. Lagos, despite its challenges, has seen significant infrastructure investments, influencing property values positively. Comparatively, some emerging cities may lack robust infrastructure, affecting their real estate attractiveness.

 

4 POPULATION GROWTH :The population burst in Lagos is a double-edged sword for real estate investors. While it fuels demand, it also strains resources and infrastructure. In contrast, other cities may experience steady population growth without reaching the overwhelming levels seen in Lagos.

 

5 DEVELOPMENT PROJECTS: Mega projects and urban development initiatives can transform a city’s real estate landscape. Lagos often takes the lead in such projects, influencing the market positively. However, other cities might have their own strategic projects, offering investors untapped potential.

 

6 INVESTMENT CLIMATE: Lagos, being the financial and economic hub, tends to attract more significant investments. Other cities, with their unique strengths, may present a more favorable investment climate for certain types of real estate ventures. Diversification is key for savvy investors exploring beyond Lagos.

 

CONCLUSION:

In the dynamic world of Nigerian real estate, understanding the nuances of different cities is crucial for informed investment decisions. Lagos stands as a beacon of economic activity, but opportunities abound in other cities with their own distinct offerings. As the market continues to evolve, investors must navigate wisely, considering factors such as property prices, demand, infrastructure, population growth, development projects, and the overall investment climate.

Till we come your way next week with more real estate insights, goodbye for now from all of us at Riveton Homes & Properties. For more information on how you can start investing in real estate, kindly call us on 07042409999 /07042099918 or send us a DM on all our social media handles  @rivetonhomesng

 

 

 

 

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INITIAL DEPOSIT - ₦15,000,000 M
Apartment type
Outright
6 months plan
12 months plan
18 months plan
Studio Apartment
₦30,000,000.00
₦33,000,000.00
₦34,500,000.00
₦36,600,000.00
1 Bedroom
₦50,000,000.00
₦55,000,000.00
₦57,500,000.00
₦60,000,000.00
Standard 2 Bed
₦60,000,000.00
₦66,000,000.00
₦69,000,000.00
₦72,000,000.00
Premium 2 Bed
₦70,000,000.00
₦77,000,000.00
₦80,500,000.00
₦84,000,000.00
4 Bedroom terrace house +BQ
INITIAL DEPOSIT - ₦20M
Plan
Prices
OUTRIGHT
₦85,000,000
0 - 3 MONTHS
₦89,250,000
3 - 6 MONTHS
₦93,500,000
6 - 9 MONTHS
₦97,750,000
Register Interest
INITIAL DEPOSIT - ₦350,000
Duration
300 SQM
600 SQM
OUTRIGHT
₦990,000
₦₦1,900,000
0 - 6 MONTHS
₦1,089,000
₦2,090,000
6 - 12 MONTHS
₦1,237,000
₦2,375,000
Other financial Considerations
1
Development Fee
300 SQM: ₦750,000; 600 SQM: ₦1,500,000
INITIAL DEPOSIT - ₦10M
Duration
1 Bedroom
2 Bedroom
OUTRIGHT
₦35,500,000
₦45,000,000
0 - 3 MONTHS
₦35,500,000
₦45,000,000
3 - 6 MONTHS
₦39,050,000
₦49,500,000
6 - 12 MONTHS
₦40,825,000
₦51,750,000
INITIAL DEPOSIT - ₦1,500,000
Duration
250 SQM
300 SQM
500 SQM
600 SQM
OUTRIGHT
₦4,750,000
₦5,500,000
₦9,500,000
₦11,500,000
0 - 3 MONTHS
₦4,750,000
₦5,500,000
₦9,500,000
₦11,500,000
3 - 6 MONTHS
₦5,225,000
₦6,050,000
₦10,450,000
₦12,650,000
6 - 12 MONTHS
₦5,700,000
₦6,600,000
₦11,400,000
₦13,800,000
ALL FEES INCLUSIVE
INITIAL DEPOSIT - ₦15,000,000 M
Apartment type
Outright
6 months plan
12 months plan
18 months plan
Studio Apartment
₦30,000,000.00
₦33,000,000.00
₦34,500,000.00
₦36,600,000.00
1 Bedroom
₦50,000,000.00
₦55,000,000.00
₦57,500,000.00
₦60,000,000.00
Standard 2 Bed
₦60,000,000.00
₦66,000,000.00
₦69,000,000.00
₦72,000,000.00
Premium 2 Bed
₦70,000,000.00
₦77,000,000.00
₦80,500,000.00
₦84,000,000.00
INITIAL DEPOSIT - ₦2.5M
OTHER FINANCIAL CONSIDERATIONS
INITIAL DEPOSIT - ₦20M
Duration
300 SQM
600 SQM
OUTRIGHT
₦30,600,000
₦61,200,000
0 - 3 MONTHS
₦30,600,000
₦61,200,000
3 - 6 MONTHS
₦32,130,000
₦64,260,000
INITIAL DEPOSIT - ₦10,000,000 M
Apartment type
Outright
3 months plan
Boys Quarter (BQ)
₦19,900,000.00
₦21,392,000.00
Studio Apartment
₦39,900,000.00
₦42,892,500.00
1 Bedroom Apt
₦59,900,000.00
₦64,392,500.00
2 Bedroom Apt
₦69,900,000.00
₦75,142,500.00