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HOUSE HUNTING ON A BUDGET – A PRICE GUIDE FOR HOUSE HUNTING ON THE ISLAND IN 2018

Posted by kayode_wren on July 12, 2018
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Random guesses and estimates about the rent or sale price of your desired property will likely leave you ‘under-budgeting’ or in some vary rare cases, ‘over-budgeting.’

Are you looking to buy a new home or rent one? Then you will need to know and understand the figures you are playing with, in order to conclude on your desired location or type of build.

Are you looking to develop? A developer seeking to capitalise on the investment opportunities will need to know the potential returns of the property.

Bear in mind that the factors that general affect the price of a property are, Location, Product (i.e. quality of build), and Timing.

For those looking to buy or rent a residential or commercial property on the Island, here is a free guide, indicating the average sale and rental prices for properties in the area (Ikoyi, Victoria Island, Lekki, Ajah and Ibeju-Lekki).

 

AVERAGE SALE PRICES OF RESIDENTIAL PROPERTIES ON THE ISLAND

**Based on 1-3 bedroom apartments (SALE)**

LOCATION                            AVERAGE PRICE (NGN)

IKOYI————————89,000,000.00

VICTORIA ISLAND——–53,333,333.00

LEKKI————————31,666,666.00

AJAH————————-24,200,000.00

IBEJU-LEKKI—————13,083,333.33


**Based on 3-5 bedroom houses (SALE)**

LOCATION                              AVERAGE PRICE (NGN)
IKOYI————————–308,000,000
VICTORIA ISLAND———-168,000,000
LEKKI————————-79,166,666
AJAH————————–59,183,333.33
IBEJU-LEKKI—————-44,833,333.33

RENT

AVERAGE RENT PRICES OF RESIDENTIAL PROPERTIES ON THE ISALND (PER ANNUM)

**Based on 1-3 bedroom apartments (RENT)**

LOCATION                            AVERAGE PRICE (NGN)

IKOYI————————-3,966,666.67

VICTORIA ISLAND———2,933,333.33

LEKKI————————1,850,000.00

AJAH————————-774,666.67

IBEJU-LEKKI—————526,666.67


**Based on 3-5 bedroom houses (RENT)**

 LOCATION                          AVERAGE PRICE (NGN)

IKOYI————————11,066,666.67

VICTORIA ISLAND——–6,333,333.33

LEKKI———————–4,966,666.67

AJAH————————1,880,000.00

IBEJU-LEKKI————–1,700,000.00

 


**Average plot of land: 1 plot = 648sqm (SALE)**

LOCATION                        AVERAGE PRICE (NGN)

IKOYI———————-190,583,280.00

VICTORIA ISLAND——168,792,336.00

LEKKI———————-79,1666,666.67

AJAH———————–59,183,333.33

IBEJU-LEKKI————-3,520,584.00

 

Statistics derived from Real Estate Market Report 2018 by Propertypro.ng

 

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