Before we got to know about Lekki and other developing locations on the Island, we’ve always had lively neighbourhoods that remind us of the culture and history of an average Lagosian.
Neighbourhoods like Yaba, Apapa, Ikeja, Lagos Island and Surulere take us back to the good old days when Lagos was less stressful.
Unlike today when a ten-minute journey would take over 30 minutes or even more, thanks to the almighty “Lagos Traffic”.
Today’s Lagos has seen a sharp rise in the number of small-unit apartments than they were some years back.
So while we glorify properties on the Island, let’s also talk about these prime locations on the mainland.
For instance, in 2007, you rent a 2 Bedroom Home in Surulere for N450,000, but you won’t at that same rate today.
Last year alone, the average rent for that type of apartment was over a million Naira.
What that means is that from 2007 to 2020, rent went up every year by 7%.
It also means that at this rate, a 2 Bedroom Home in Surulere may let at N1.5million+ by 2026.
Will that happen? Well, let’s watch and see.
PS: Should you be open to investing in the Lagos Real Estate Market and you need data, please shoot my email at email@example.com