Nigerian Real Estate Market Sees Surge in Prices, 3-Bedroom Apartment Nears N1 Billion

The Nigerian real estate market, particularly in Lagos, has witnessed a surge in prices, with a prime 3-bedroom apartment nearing N1 billion in sale price due to high demand from diaspora investors and HNIs. Areas like Ikoyi, Banana Island, Victoria Island, and Lekki Phase 1 are seeing substantial price hikes.

Carolin Akinlotan of RSG Property Services notes the market's growth despite the depreciation of the Naira. Ayo Ib highlights the challenges of affordability and short supply in the market.