Leading real estate marketplace Lamudi Nigeria has created an exclusive data report to provide insight into the Lagos property market. The report includes supply and demand data gathered on almost every Lagos neighbourhood for the first quarter of 2015.
The report is based on data from properties listed on the Lamudi platform by their network of real estate agents and property developers, as well as data on searches carried out by property seekers.
According to the data, Lamudi found that the average selling price of available residential property across Lagos for the first quarter of 2015 was N13.4 million (per bedroom), while the average rental price per bedroom was N694,000.
In terms of demand, over 70 percent of property searches were for rental properties, while only 30 percent of properties made available were rentals, an indication of the contradictions between demand and supply in the city.
Lamudi’s report also highlights the wide disparities in property prices that exist across Lagos. The average sales price for available property in Lagos Island was N46m per bedroom, more than three times the Lagos median sales price. In comparison, the average sales prices in the southern Lagos outskirts of Badagry and Ojo were below N2.5m per bedroom, less than a fifth of the Lagos median price.
According to Lamudi Nigeria’s Managing Director, Obi Ejimofo, the report is Lamudi’s contribution to bringing pragmatism to the Lagos real estate market. “We feel it is important for all stakeholders in this sector, whether buyers, sellers or investors, to understand the more granular dynamics of supply and demand in Lagos. This report is our contribution to greater transparency and will hopefully guide more data-driven investment decisions, which should ultimately result in a more efficient property market in Lagos.”
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