Lagos is renowned for the dynamism of its real estate landscape, where the cost of living can range dramatically from one area to the other.
If you are looking to invest in a property or find a new apartment, understanding the cost implications is crucial.
To answer this question, Lagos-based data analytics company, Dataleum, analysed 49.927 apartments made available for rent across the state on propertypro.ng.
The results show Eti-Osa ranks as the most expensive local government while Badagry is the least expensive.
Here, we provide an analysis of the seven most expensive local governments in Lagos.
1. Eti-Osa
Famed as one of the most affluent and upscale areas in Lagos, Eti-Osa Local Government Area is home to most of the city’s expensive real estate, high-end restaurants, luxury boutiques, and world-class hotels.
Added to this, the LGA is located close to major business districts in Lagos, which makes it one of the top destinations for affluent Nigerians.
According to Dataleum’s analysis, a one-bedroom apartment in Eti-Osa costs, on average, ₦1,160,000, while a three-bedroom space goes for ₦4,700,000.
Please note that the prices listed are for May 2023 and do not include ancillary charges such as agent fees.
2. Apapa
If you have a penchant for the sea and an industrial area that is not noisy, then consider living in Apapa.
For those looking for a nice one-bedroom apartment, the average rent is ₦960,000, with a two-bedroom apartment put somewhere around ₦1,300,000.
However, those on a budget can see a two-bedroom apartment at ₦400,000 at the very minimum, while the prices of a three-bedroom apartment in the area are ₦2,000,000, ₦4,700,000 and ₦300,000 depending on the condition of the building and space
3. Ikeja
Ikeja has something for you whether as a young professional, an entrepreneur or a family looking for a comfortable place to call home.
Available data reveal that the average price of an apartment in Ikeja is ₦1,300,000. Specifically, for a 1-bedroom apartment, the average price is ₦610,000, while a 3-bedroom apartment can be rented for ₦1,900,000.
However, those who are on a budget are also covered in this area as they can find a not-too-bad 2-bedroom apartment for as low as ₦200,000.
4. Surulere
Exciting nightlife, shopping spots, and popular street markets are some aspects that make Surulere, a bustling Lagos neighbourhood, a choice urban location.
Here, you can find a one-bedroom apartment for an average price of ₦600,000.
But if you need more space, there are at least 1,198 two-bedroom apartments to choose from, with an average price of ₦1,100,000.
A three-bedroom is priced at ₦2,000,000 with the maximum cost fixed somewhere around ₦10,000,000.
5. Kosofe
Look towards Kosofe LGA, home to approximately 665,421 individuals, for pocket-friendly housing prices that will suit your needs as an average Lagos resident.
A cosy and affordable one-bedroom apartment costs around ₦600,000 for rent. while the average price for a two-bedroom apartment stands at ₦1,200,000.
But if you want luxury, you can find a three-bedroom apartment that promises a taste of luxurious living at ₦2,000,000 and N6,000,000 maximumly.
6. Ifako-Ijaiye
One-bedroom apartments come at an average price of ₦400,000 in Ifako-Ijaiye, but to get more space in a suitable two-bedroom apartment, you may have to part with ₦800,000.
If you want something bigger like a three-bedroom apartment, keep at least ₦1,000,000 aside for a place you would enjoy.
7. Somolu
It might interest you to realise that the average price for an apartment in this bustling LGA is ₦1,000,000.
For one-bedroom apartments, the average price is ₦600,000, while two-bedroom apartments cost ₦1,100,000.
A three-bedroom apartment has an average price of ₦1,700,000 but it can be rented for as low as ₦500,000.
