There was a time when you’d hardly find small unit apartments (studio, one & two bedrooms) for sale in Lekki Phase 1. Back then, the sales market had more family-sized homes (three or more bedrooms).
But today, things are gradually changing. Investors and developers are now offering these smaller apartments for sale mostly to buyers who want rental returns from their investment.
In 2018, I observed that the average price for a 1 Bedroom apartment in lekki Phase 1 was about NGN 30million while the average rent was NGN 1.5million.
My prediction then was that by 2022, a 1 Bedroom home sells for NGN 43million while the average rent at NGN 2.16million.
However, the real estate market is quite dynamic. Several factors can affect the growth of property prices in a particular location. It may not be wise to project figures using past data alone without knowing the current state of things.
So how much is a One Bedroom Apartment in Lekki today?
To rent this type of apartment today will cost between NGN800,000 to NGN2.5million (an average of NGN1.65million).
While it will cost you an average of about N35million to buy one in Lekki Phase 1.
This shows us that the average rent within two years grew by 5% per annum, while the selling price increased annually by 8%.
Now back to my 2022 prediction, should we expect that growth?
If we maintain this growth rate (5% rental & 8% sales growth), the average rent for a 1 bedroom apartment in Lekki Phase1 may be NGN1.8million and sell for NGN 40million by 2022.
But who knows, the market can still suprise us by then.
Hope you found this useful? Please share your views in the comment section below or subscribe to get new real estate price updates from us.
Wow, this article is fastidious, my younger sister is analyzing such things, thus I am going to inform her. Norene Antoine Basil
I could not refrain from commenting. Perfectly written. Betti Nicky Alfons
I like it whenever people get together and share views. Desiri Dukey Atalaya
Really informative blog article. Thanks Again. Really Great. Fania Laughton Ker
Wonderful post! We are linking to this great article on our site. Keep up the good writing. Blithe Demetre Morris
Perfectly indited subject matter, Really enjoyed reading. Eydie Clerc Volny
Excellent post! We will be linking to this particularly great article on our site. Keep up the great writing. Ester Niels Lundeen
Way cool! Some extremely valid points! I appreciate you writing this write-up plus the rest of the website is really good. Diann Gail Inglebert
There is clearly a bundle to know about this. I suppose you made some nice points in features also. Elicia Lewie Aili
Simply wanna comment that you have a very decent website, I love the design it really stands out. Julienne Job Autry
Excellent, what a website it is! This weblog provides helpful information to us, keep it up. Zora Godart Greeson
This is my first time pay a quick visit at here and i am really happy to read everthing at alone place. Karlene Hal Grose
Hey there! I just wiswh to offer youu a big thumbs up for the great information you have right here on this post. Delores Lenci Merton
I got what you intend,bookmarked, very decent website. Darcie North Cynar
Pretty! This was an incredibly wonderful post. Thanks for supplying this info. Constance Rudie Francyne
I truly appreciate this blog. Much thanks again. Fantastic. Madelon Steve Kegan
My family members every time say that I am killing my time here at web, except I know I am getting knowledge daily by reading such good posts. Starla Coleman Larimor
Your way of telling the whole thing in this post is really good, every one can easily know it, Thanks a lot. Marlee Theodoric Madalena
This is my first time pay a quick visit at here and i am actually impressed to read all at single place. Matilda Kennan Shalom
Took me time to read the material, but I truly loved the article. It turned out to be very useful to me. Jaynell Zack Goldfinch
Some truly superb articles on this web site, regards for contribution. “A liar should have a good memory.” by Quintilian. Coral Jessey Abdulla
Oooh, I look forward to this medieval story. It sounds fascinating, and the title is evocative. Krysta Leif Chloette
I blog quite often and I truly appreciate your content.
This great article has truly peaked my interest. I’m going to
take a note of your website and keep checking for new information about once a week.
I opted in for your Feed as well.