By SpringnewsNG Media Limited | May 28, 2025

Lagos and Ogun States have emerged as Nigeria’s hottest real estate markets, recording the highest residential property price increases in 2024, according to a new report by BuyLetLive.

The “Property Price Index Report” reveals that Lagos recorded a 39.46% surge, while Ogun followed with a 30.48% increase, overtaking Oyo and Anambra states which previously led the price growth charts in 2023.

BuyLetLive, a leading online real estate marketplace, compiled the report using data from 2021 to 2024. The platform connects property seekers with agents, developers, and homeowners, and its new index offers a comprehensive view of pricing trends across all real estate sectors in Nigeria.

Short-Let Apartments Record Over 200% Price Hike

Among all property types, short-let apartments experienced the steepest price jump, rising from 12.95% in 2023 to 46.40% in 2024 — a more than 200% increase year-on-year. Analysts attribute this to rising development costs, inflation, and a surge in urban migration.

The residential sector continues to drive real estate growth, despite Nigeria’s high inflation and reduced purchasing power. Demand remains strong in key urban centers, particularly Lagos, Abuja, and Port Harcourt, where developers are increasingly focused on luxury homes, gated estates, and high-rise developments.

“Urbanisation is a leading driver of demand. Cities are evolving into hubs of construction activity,” said Tayo Odunsi, Chairman of Northcourt Real Estate, corroborating the BuyLetLive report.

Lagos Real Estate Boom: Ikoyi Leads the Pack

Data from Estate Intel, another top property research platform, reveals a spike in residential developments in Ikoyi, an upscale Lagos neighborhood. CEO Dapo Omidire noted that nearly 1,700 units are currently in the development pipeline, with many projects scheduled for completion between 2025 and 2027.

Despite the construction boom, vacancy rates in Ikoyi remain high, with unconfirmed reports suggesting a 30% vacancy rate, raising concerns about overdevelopment in the luxury segment.

Ogun State Gains Momentum Through Industrial Growth

Ogun State’s real estate market is being buoyed by industrial expansion and new investments. Gbenga Osowe, CEO of BuyLetLive, highlighted that the Nigerian National Petroleum Company Limited (NNPCL) is set to begin oil and gas exploration in the state, a development expected to boost demand for both residential and commercial properties.

Rising living costs in Lagos have also pushed more people to relocate to Ogun, increasing demand for housing in nearby areas.

Affordable Housing Demand Rises Amid Economic Uncertainty

Damilohun Oke, BuyLetLive’s Research Analyst, pointed out growing interest in affordable housing, especially under the federal government’s ‘Renewed Hope Project.’ However, economic instability, currency volatility, and reduced global venture capital funding have slowed progress in some sectors, including PropTech.

“Global venture funding fell by 15% to $67 billion in 2024, with a 30% drop in deal volume,” Oke said. “This has affected innovation and slowed sectoral growth.”

Nigeria’s real estate and construction sector continues to face rising costs driven by inflation, fuel prices, and fluctuating exchange rates, all of which are influencing consumer behavior and investment trends.