Once the capital of Nigeria, Lagos, popularly called Eko, is a dream city to own a property. Most Nigerian citizens and even foreigners want to identify with this very busy and enterprising center of excellence, where every dream is possible.
In tune with its popularity, properties in Lagos are quite expensive. In areas located at the outskirts that should normally be considered “out of town”, houses still cost a fortune. Land/house owners increase prices every now and then to meet up with the ever rising demands for properties.
Estate developers and managers also add their cost making it extra expensive to rent or buy these properties. Just in case you desire to acquire a comfortable home somewhere in the state, this list of the most expensive areas will guide you.
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Acre of Land: N30 million
Surulere is a residential and commercial area located on the Lagos mainland. It is part of Metropolitan Lagos, and was the bubbling areas of Lagos in the seventies, now considered as old Lagos. This area is also a Nollywood movie production area, and as such, most entertainers had lived and/or still live there.
With N1 million, you can rent a four bedroom apartment in Surulere. With 250 million you can own a decent already-built two bedroom duplex, and with N30 million, a plot of land is yours.
Acre of Land: N60 million
Ajah is one of those areas located at the outskirts of Lagos, but properties there are as expensive as properties in the heart of the state. In Badore, one can buy a six-bedroom property for N120 million. An acre of land goes for N60 million and above. A self-contain apartment can be rented at a minimum rate of N350 thousand while with N1.2 million and above, one can afford to rent a three bedroom apartment.
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Acre of Land: N65 million
Ogudu is situated close to Ojota on one end, and Gbagada on the other end. It has both the Government Residential Area and normal residential Area, close to Ojota. In Ogudu GRA, a plot of land goes for N65 million while in areas like Orioke, N35 million can get you something similar. With N250 million, you can buy a four bedroom duplex and with just N1.5 million, rent a three bedroom apartment in Ogudu.
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Acre of Land: N70 Million
Magodo Isheiri and Magodo Shangisha are located close to the Lagos-Ibadan expressway and easily accessible to Lagos Island and Ikeja Central Business Districts. It is one of the most expensive estates in Lagos as it has good security.
Although the area is traffic infested during rush hour, it is home to several celebrities. With a bag full of N70 million, one can afford a plot of land in the Magodo area. Renting a wing of duplex per annum goes for N1.5 million and above, and buying a four bedroom duplex goes for between N60 million to N100 million.
6. Ikeja GRA
Acre of Land: N100 million
Ikeja Government Residential Area was created during the colonial period as a high-end abode in Lagos. It is an integral part of the suburb of Ikeja and with about N2 million you can afford to rent a decent four bedroom flat for a year, in a peaceful and quiet area. A completely built but not furnished four bedroom duplex costs about N450 million, and if you are looking to buy a plot of land there, it costs around N100 million and above. This area is priced high because it is an industrial area, and home to many companies and offices.
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