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How many dollars would get you an affordable Home in Lagos

In an economy that has seen both the good and bad days (a robust financial sector, high GDP growth, stock market crash, severe currency devaluation and a recession), most investors want to know if their investment will be safe.

 

Nigeria’s economy has faced two of the worst economic crises in several decades that caused some of us to rethink our investment in Naira-based assets (most especially illiquid assets like Real Estate).

 
When you compare today’s foreign exchange rate to that of 10-15 years ago, It makes one wonder if all is well with the economy.
 
 
For instance, between 2007 and now (2021), the Naira fell to the Dollar by over 200% from  ₦124- $1 in 2007 to ₦415- $1 today.
 
 
What that means is that if $80,645 got you a property worth ₦10million in 2007, the same amount would get you more than 3X that naira price using today’s exchange rate (₦33.5million).
 
 
It also means that the cost of investing or buying real estate in Lagos (using a foreign exchange like the Dollar) is way cheaper today than it was a few years back.
 
 
Now let’s go back to the main topic here, which is: how many dollars would get you an affordable home in Lagos.
 

The word “Affordable” is a bit subjective (especially if put in a real estate context) because what is affordable to you may be expensive to another person. 

 

But in this case, we will define an affordable home as any property that you can buy below ₦20million. 

 

Let me also quickly add that in the late 2000s, you could get affordable homes in places like Ikate, Surulere, Magodo, Ikota and Chevron, because these locations were still developing back then.

 

But unlike today, when you’ll have driven down to new prospects like Abijo, Ibeju Lekki, and even Epe before you find an affordable home.

 

Back to the question: where can we get affordable homes in Lagos for less than ₦20million ($48,200)?

 

Please note that we used the locations below based on available access to data.

ABIJO

 

 

You can get a One-Bedroom Apartment in Abijo for between ₦7million ($16,870) to ₦13.5million ($32,530) and a Two-Bedroom Apartment from ₦9million ($21,700) to ₦27.5million ($66,265).

 

 

The average price for a One-Bedroom Apartment is $26,000 and $47,230 for the Two-Bedroom Apartment.

 

 

AJAH

 

 

 

With a budget between ₦9million ($21,700) to ₦23million ($55,420), you will find a well-finished One-Bedroom Home in Ajah to buy.

 

 

 

The average price is ₦15.6million ($37,590).

 

AMUWO ODOFIN

 

 

 

A Two-Bedroom Apartment in Amuwo Odofin will cost you between ₦11million ($26,506) to ₦29.5million ($71,100) to buy.

 

 

 

The average price is ₦20million ($48,200).

AWOYAYA

 

 

 

You can also get a Two-Bedroom Apartment in Awoyaya for between ₦8million ($19,280) to ₦17.85million ($43,000).

 

 

 

The average price is ₦13.6million ($32,800).

 

SANGOTEDO

 

 

With a budget between ₦9.4million ($22,650) to ₦15million ($36,140), you will find a well-finished One-Bedroom Home in Sangotedo to buy.

 

The average price is ₦11.8million ($28,430).

 

 

SURULERE

 


A Two-Bedroom Apartment in Surulere will cost you between ₦10million ($24,100) to ₦25million ($60,240) to buy.

 

The average price is ₦17.75million ($42,800).

 


 

Should you be open to opportunities within ₦20million ($48,200), shoot my mail at hello@debokadiri.com.

 

 

Or better still, contact me on WhatsApp at +2348090978012 to invest in a Two-Bedroom Home (with great projected cash flow) for $32,530 (₦13.5million).

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