Lower-Income Households Priced Out of Lagos Housing Market

Research by GTI Investment Group’s Research & Strategy division reveals that lower-income households are being priced out of Lagos’ housing market, as property prices significantly exceed what most earners can afford. The report, titled "Beyond Rent: A Lagos Housing & Capital Report," estimates that Lagos requires approximately N6 trillion in fresh capital each year to address its housing deficit.

The analysis indicates that properties priced below N15 million constitute less than 5 percent of housing supply, while about 55 percent of estimated demand falls within this price range. Conversely, properties above N200 million make up 55 percent of supply but only 5 percent of demand.

The report identifies this issue as a lower-income finance exclusion problem rather than a universal affordability failure. It also notes that rents in Lagos have surged by 80–120 percent from 2024 to 2026, while wages have only increased by 7–9 percent.

Consequently, 80.6 percent of residents view housing in Lagos as severely unaffordable.