Dr. Kennedy Okonkwo, a prominent real estate developer, disclosed in an interview that property prices in Lagos have doubled in under three years, with prices rising from approximately N45 million to N94 million in certain areas.
He attributed this increase to growing demand, infrastructure development, and increased investor interest in the market.
“In Lagos, real estate remains one of the most stable and rewarding asset classes. Despite economic fluctuations, properties in prime locations have continued to appreciate significantly.
“Two-bedroom terrace with BQ initially sold for between N45 million and N50 million about two to three years ago. Now, it is priced at N94 million. Buyers who purchased at the earlier price have seen their investment double, a 100 per cent return on investment”, Okonkwo said.
Property values in high-demand areas like Lekki, Ikoyi, and Victoria Island have surged due to land scarcity, luxury developments, multinational companies, and the growth of short-let apartments. Okonkwo also highlighted rapid appreciation in emerging areas like Ibeju-Lekki and Epe.
“Investors who bought land for N10 million a few years ago are now selling for double or even triple the price,” he said.
The property price surge benefits investors but has made homeownership harder for young Nigerians. Limited mortgage options and high interest rates make property financing challenging for potential buyers.
“The reality is that real estate is becoming a wealth-building tool, but for first-time buyers, affordability is a growing concern. This is why many developers are introducing flexible payment plans and off-plan sales to ease entry into the market,” Okonkwo added.
Experts predict ongoing property price increases in Lagos, making early investment lucrative. However, Okonkwo stressed the need for government action to improve housing affordability and expand mortgage access for middle-income earners.
“With ongoing development projects and increasing demand, the Lagos real estate market remains one of the most dynamic in Nigeria, offering both opportunities and challenges for investors and prospective homeowners”, he said.
