Tuesday, March 23, 2010


Lagos, the city that never sleeps is celebrated for many things- for its population, for being the commercial hub of Nigeria, for its sudden rise from being a junk into a Mega city amidst other features. Do know that the statistics by the National Planning Commission (NPC) and the Central Bank of Nigeria, States that no less than 60% of total economic activities in Nigeria take place in Lagos?

With such important attribute, the government has found it essential to further develop the State to maintain its status as part of its effort to ameliorate the habitable condition for a better standard of living in Lagos State. Talking about the standard of living, do you know that the size of your wallet will determine where you eventually reside in Lagos?

Residential properties in Lagos are overpriced. The determinant factors in the price of houses include Location, features of the house and the facilities available. A quick glance at a copy of The Castle shows the disparity in the prices of these properties.

Exquisitely furnished luxurious houses on Victoria Island, Lekki, GRA Ikeja, Ogudu etc, that serve as the business nerve center of the city, is only affordable to a privilege few. These prime locations are thus expensive because they are highly developed and enriched with good infrastructure and facilities, garden, parking space etc. For example, a detached house in Lekki phase 1 goes for at least N3.5 per annum, in Victoria Island, the same kind of house goes for about N5.5 while in Ikoyi, such a property cost about N7.5m. How many average Lagosian can afford that?

A well furnished 5 bedroom flat with BQ in Victoria Garden City is priced at N80m. In Victoria Island, 3 bedroom flat cost N70m. A furnished 5 bedroom bungalow with swimming pool, Garden, CCTV cameras etc. in Lekki cost N200m. However, farther away from the Island, into the mainland where housing standard is considered low, the prices are less intimidating. 5 bedroom bungalow at Bariga cost N15m. A detached house for sale at Yaba cost N25m. And in Dairy Farm Estate in Ogba Ikeja, 3 bedrooms flat cost about N10m.

For Lease per annum, 5 bedroom detached house with BQ in Lekki cost about N5m, while 7 bedroom bungalow with servant quarters at Ojo cost N1.2m. 5 bedroom detached houses in Surulere cost about N3.5m while 5 bedroom duplex at Oregun cost N1.2m. In Gbagada, 3 bedroom flat costs about N650, 000 while 3 bedrooms flat at Eliot Iju cost about N200, 000.

The dominant factor that determines the cost of a property for sale or to let remains its location. In Lagos, the location you reside tend to define the size of your wallet or vice versa, which eventually dictate your standard of living.

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