How much are houses in Lagos? It’s a question that nearly every Nigerian property buyer, investor, or returning resident has asked at some point, and one that evolves every year. Lagos is Nigeria’s financial heartbeat.
It’s a city of extremes, of skyscrapers and slums, of opportunity and overwhelm. When it comes to property, Lagos is a goldmine, but only if you understand the terrain.
Whether you’re eyeing a cozy 2-bedroom flat in Surulere or a smart duplex in Lekki Phase 1, understanding the true cost of houses in Lagos is essential before committing to anything.
In this post, we’ll break down current house prices across Lagos city by city so you can understand what your money can buy and where.
But more importantly, we’ll show you why many experienced investors are now looking beyond Lagos… toward a rising alternative just 90 minutes away.
This guide isn’t just about pricing. It’s about making smarter real estate decisions based on long-term growth, ease of ownership, and investment potential.
So let’s start where your search likely began: Lagos. And then, we’ll show you what Lagos might be making you miss.
Factors That Affect House Prices in Lagos
Understanding Why a 3-Bedroom Duplex in One Area Costs ₦45M… and ₦250M in Another
If you’ve spent even one week looking through property listings or inspecting houses in Lagos, you already know: there’s no such thing as a fixed house price in this city.
The value of a house in Lagos depends on multiple factors that often go beyond square footage or number of bedrooms.
Below are the key variables that shape the pricing of houses in Lagos today.
Location (Mainland vs Island, and Specific Neighborhoods)
Lagos isn’t one market; it’s a city of micro-markets.
At the top of the food chain, you have places like Ikoyi, Victoria Island, and Banana Island, where houses can range from ₦300 million to ₦2 billion.
On the other end, Egbeda, Ikotun, and Alagbado offer houses as low as ₦15 million to ₦40 million, depending on title and condition.
The Island generally attracts higher prices due to prestige, proximity to the ocean, and newer developments.
However, Mainland areas like Ikeja GRA, Magodo, and Yaba also command high prices because of accessibility, security, and legacy value.
| Area | Average 4-Bedroom Duplex Price (2025) |
|---|---|
| Ajah | ₦80M – ₦150M |
| Egbeda | ₦35M – ₦60M |
| Chevron | ₦120M – ₦200M |
| Lekki Phase 1 | ₦180M – ₦350M |
| Ikorodu | ₦20M – ₦45M |
| Ibeju Lekki | ₦25M – ₦70M |
| Ikoyi | ₦700M – ₦2B+ |
| Yaba | ₦70M – ₦120M |
| Magodo | ₦100M – ₦180M |
| Epe | ₦20M – ₦100M |
Type of Property
When you’re asking how much are houses in Lagos, one of the biggest price factors is the kind of property you’re buying.
The type of structure, from a modest flat to a fully detached duplex or luxury Mansion Ette, significantly affects the cost, lifestyle, and long-term value of your investment.
Let’s break it down.
1. 1-Bedroom Apartment / Mini-Flat
₦15M – ₦35M in Lekki
Ideal for singles, young professionals, or rental income. Compact, functional, and affordable, but location drives the price up.
A mini-flat in Ikorodu might go for ₦8M, while the same in Lekki Phase 1 could hit ₦35M due to land value and finishing.
2. 2-Bedroom Flat
₦30M – ₦70M in Lekki | ₦18M – ₦35M in Yaba
This is a popular option for first-time homeowners or buy-to-let investors. In premium neighborhoods like Lekki or Ikoyi, you pay more, not just for the space, but for access, infrastructure, and prestige.
Some come fully serviced (with security, water treatment, power backup), which adds to the cost. Others are in older, unserviced buildings and go for less, but may require heavy renovation.
3. 3-Bedroom Bungalow
₦25M – ₦90M depending on finish and land size
A bungalow gives you the gift of grounded living, perfect for families or retirees. Prices vary drastically based on location and finishing:
- Basic structure in a developing area: ₦25M
- Modern build in an estate or GRA: ₦70M – ₦90M
- Add a good title and luxury finish? The price climbs fast.
4. Terrace Duplex
₦60M – ₦150M (Lekki) | ₦40M – ₦80M (Magodo/Yaba)
Terraces are row houses, 2 to 4 homes sharing the same walls but with separate entrances.
They offer a balance of space and affordability, making them one of the most in-demand property types in mid-to-high-income estates.
However, if you value privacy or land space, this may not be ideal.
5. Fully Detached Duplex
₦80M – ₦600M+ depending on area and design
This is a step up, your own compound, no shared walls, and full control.
The prices swing wildly:
Ajah: ₦80M – ₦150M
Chevron: ₦120M – ₦250M
Lekki Phase 1: ₦180M – ₦350M
Ikoyi or VI: ₦400M – ₦600M+
These homes are designed for comfort, security, and prestige.
You’re not just buying a house, you’re buying lifestyle and status.
6. Mansionette / Luxury Apartments
₦200M – ₦1B+ in Ikoyi or VI
Think elevators, sea views, rooftop pools, smart-home systems, and concierge service.
Built for ultra-high-net-worth individuals, these properties represent the pinnacle of Lagos real estate.
Prices vary based on:
- Floor level
- View (waterfront or city view)
- Developer reputation
- Amenities included.
Title & Documentation
| Title Type | Common Price Impact |
|---|---|
| Certificate of Occupancy (C of O) | Adds ₦5M – ₦20M to property value |
| Governor’s Consent | Required for resale, boosts pricing |
| Excision | Moderately priced but legally recognized |
| Registered Survey & Deed | Common for smaller properties |
| Family Receipt / Unregistered | CHEAPEST—but HIGH RISK |
Road Network and Infrastructure
One of the most underrated factors affecting house prices in Lagos (and anywhere else in Nigeria) is the quality of roads and infrastructure around the property.
You might see two identical duplexes, same structure, same design, but one costs ₦50 million more.
Why? Because of what surrounds it.
Here’s how infrastructure can add serious value:
1. Paved Roads & Drainage Systems
A beautiful home sitting on a dusty, potholed, flood-prone road loses appeal instantly. No matter how nice the tiles or chandelier look, buyers hesitate when they imagine their car bottoming out or their shoes sinking into water.
But when that same house is located on a smooth, interlocked road with proper drainage?
Rain doesn’t flood your gate. Your visitors drive in confidently. You feel good coming home every day.
And that feeling? It costs extra.
Developers and homeowners recoup that in pricing.
2. Flood Risk (Or Lack of It)
Let’s be honest, Lagos has a flood problem.
Areas like Lekki, Ajah, and Ikoyi look posh in the dry season, but when the rains come, the roads become rivers.
Properties in well-drained zones with proper channels and elevated land are far more desirable, because Flood destroys cars, foundations, and peace of mind.
Buyers are more willing to pay premium for safety and comfort all year round.
3. Streetlights and Electricity Infrastructure
Ever entered an estate at night where it’s pitch black? That’s not just inconvenient, it’s unsafe.
Areas with consistent street lighting, well-laid transformers, and neat electrical connections attract families who prioritize safety, professionals who want prestige, tenants willing to pay more in rent.
This ss why homes in GRA zones or planned estates cost more.
You’re not just paying for the house; you’re paying for a functioning system.
4. Accessibility to Major Roads & Transport Routes
Time is money in Lagos. If your home is too deep inside with bad access, it can:
Lower your property’s resale value, discourage tenants or future buyers, limit appreciation in value over time.
Homes closer to expressways, BRT routes, or planned rail lines appreciate faster, because they’re more convenient for daily life and commuting.
Finishing Quality & Developer Reputation
When buyers ask how much are houses in Lagos, most are shocked to discover that even in the same neighborhood, the price of two similar-looking 4-bedroom duplexes can differ by ₦20 million or more.
Why? Because the value is in the finishing and in who built it.
1. Finishing Quality: What Are You Really Paying For?
Finishing refers to everything you see and touch inside the house: from the walls, floors, ceilings, lighting, doors, kitchen fittings, bathrooms, to the staircase.
Here’s how finishing dramatically affects pricing:
| Finishing Component | Low Budget Home | High-End/Luxury Home |
|---|---|---|
| Ceiling | Basic cement board | Full POP design with ambient lighting |
| Floor Tiles | Regular ceramics | Imported granite or Spanish tiles |
| Kitchen | Locally made MDF cabinets | Imported fully-fitted modular kitchen with island |
| Bathroom | Generic brands | Grohe, Kohler, or Hansgrohe fittings |
| Paint | Standard emulsion | Screeded walls with washable luxury paint |
| Doors | Plywood / hollow core | Bulletproof Turkish or hardwood doors |
| Lighting | One bulb | Layered lighting: chandeliers, recessed LEDs, motion sensors |
| Window | Sliders with iron protector | Double-glazed aluminum or frameless glass |
A buyer entering a well-finished home feels the difference immediately; it’s not just the look; it’s the comfort, class, and confidence in the durability of what they’re buying.
That difference?
It commands a much higher price and it’s worth it.
2. Developer Reputation: Trust is Priceless in Real Estate
In today’s market, the reputation of the developer or builder matters almost as much as the property itself.
Why? Because in Lagos real estate, there are a lot of shortcuts, hidden flaws, and half-baked projects.
Some developers build with substandard materials, hide cracks with paint, or deliver homes that start falling apart within two years.
On the other hand, trusted developers are known for:
- Using quality materials even where it’s not visible (e.g., plumbing, wiring, roofing)
- Finishing projects on time
- Delivering exactly what was promised in the brochure or inspection
- Providing after-sales support like documentation, maintenance, or facility management
Many buyers today ask: “Who built it?” before they ask, “How much is it?”
Because they know a reputable developer = peace of mind.
They know poor-quality work might not show on Day 1, but it will eventually show one day.
Market Demand & Scarcity
As more people relocate to Lagos or look to diversify into property, demand continues to rise.
Hotspots like Ibeju-Lekki have exploded in value over the last five years due to infrastructure and speculation.
Proximity to Development Projects
Refinery, seaport, airport, tech hubs—Lagos has them all.
The closer your property is to a major project, the higher its current and future value.
What ₦80M–₦150M Can Buy You in Lagos vs. Ibadan (And Why Savvy Buyers Are Quietly Shifting)
Let’s slow down for a moment.
You’ve seen what it costs to buy a decent home in Lagos, and truth be told, the numbers are dizzying.
Now imagine this:
You have ₦80M to ₦150M to invest in real estate. You’ve dreamt of owning a luxurious home.
Somewhere secure. Beautiful. Spacious.
You want a property that makes sense, not one that drains your wallet and your peace.
So, you start house hunting in Lagos…
Only to discover that ₦100M gets you a basic duplex in a cramped estate. Maybe semi-detached. Maybe not even fully finished. And most likely located in a traffic-plagued, flood-prone part of the mainland or Lekki-Ajah axis.
But what if someone told you that just 90 minutes away, that same budget could fetch you a fully detached, smart luxury home in a serene environment with tree-lined roads, no traffic, reliable power, and an actual sense of peace?
Sounds too good to be true?
It’s not. It’s called Ibadan.
Lagos vs Ibadan: The Value-for-Money Reality
| Your Budget | What You Get in Lagos | What You Get in Ibadan (Prime Zones) |
|---|---|---|
| ₦50M | 2-bed flat in Ajah | 4-bed duplex in Bodija or Jericho |
| ₦70M | 3-bed terrace in Chevron | 5-bed luxury in Oluyole Extension or Agodi GRA |
| ₦100M | 4-bed duplex in Lekki Phase 1 (semi-detached) | Smart 5-bed home with BQ, solar, and fitted kitchen in Jericho GRA or Awolowo Avenue |
| ₦150M | Old home in VI or semi-finished mansion in Ikate | Stunning mansion in Iyaganku GRA, fully detached, land-titled, and move-in ready |
Why More Investors Are Quietly Turning to Ibadan?
More Land, Bigger Homes
In Lagos, you’re lucky if your compound can fit two cars. In Ibadan?
₦100M gets you a massive plot, a smart home, and even space for a garden or private pool.
Peaceful, Prestige Lifestyle
No flood alerts. No endless traffic. Just good roads, fresh air, secure estates, and the kind of calm you can’t put a price on.
This is the lifestyle GRA zones in Ibadan like Jericho, Iyaganku, and Agodi offer.
Rapid Development, Real Returns
Ibadan is not upcoming. It’s already evolving.
From the newly reconstructed Ibadan Circular Road, to the Ibadan Inland Dry Port, Tech-Hubs, top private schools, international hospitals, and retail malls, this city is attracting investors who want capital appreciation and comfort.
In fact, real estate in prime Ibadan has appreciated over 50% in some zones in the last 3 years. That trend isn’t slowing down.
No Hidden Charges or Crowd Madness
In Lagos, developers inflate prices with agency fees, caution fees, diesel charges, service levies and yet you’re still stuck in traffic and paying for security.
In Ibadan, you pay once and live well.
Top High-Net-Worth Areas in Ibadan to Consider:
Jericho / Jericho GRA – Classy, serene, premium estates
Bodija / New Bodija – Known for legacy wealth, large lands
Oluyole Extension – Fast-rising, well-planned, gated estates
Agodi GRA – Close to government house, tight security
Awolowo Avenue – Reserved, quiet, perfect for professionals
Iyaganku / Onikere GRA – Lush, green, and highly exclusive
Are You Ready to Invest in Ibadan Real Estate?
You’ve done your research. You’ve seen the reality.
Lagos is flashy but Ibadan is future-proof.
And those who are moving now?
They’re not just saving money… they’re winning the game early.
But buying in a new city still comes with big questions:
- “How do I know what’s legit?”
- “How do I inspect if I’m not physically there?”
- “What locations will give me the best ROI?”
That’s where Odiana Homes and Properties LTD comes in.
We’re not just agents. We’re real estate consultants with local authority.
We know Ibadan. Every estate, every road, every corner.
We’ve helped dozens of serious buyers invest with confidence.
Ready to Explore High-Value Ibadan Properties?
Send us a WhatsApp message or call today to receive:
- A list of verified luxury homes in Jericho, Bodija, Oluyole, and Iyaganku
- Price comparisons and title document verification
- A free 1 hour call to help you decide what’s best based on your budget
Because Ibadan isn’t just developing. It’s quietly transforming into Nigeria’s next smart real estate hub. And those who move now? They secure more. They enjoy more. They win more.
Ready to Take the Next Step?
Here’s how to connect with Odiana Homes & Properties LTD today and secure your piece of Ibadan:
Call or WhatsApp: +234-706-1615-062
Website: https://odianahomesproperties.com/
Email: odiana.properties@gmail.com
Office Address: Office 21, Trinity Galleria, Opposite Ultima, Alafin Avenue, Oluyole Extension, Ibadan.