SEPTEMBER PROPERTY BULLETIN

URBANPRO REALTY SEPTEMBER PROPERTY BULLETIN

• SEPTEMBER PROPERTY LISTINGS
• LAGOS STATE REAL ESTATE TRENDS AND STATISTICS

SEPTEMBER PROPERTY LISTINGS

LAGOS MAINLAND

• 3 Bedroom Apartment with 6 months payment plan at Aguda, Surulere. N75M
• 2 units of 5 Bedroom Fully Detached Duplex at Alaka Estate, Surulere (To be completed July 2025) with C OF O. N250M
• 1 unit of 5 Bedroom Semi Detached Duplex at Alaka Estate, Surulere (Ready to Move In) with C OF O. N330M
• 3 Bedroom Apartment, spacious and well finished. Location is off Ogunlana drive, price N75M. Title is governor’s consent in process.
• 3 Bedroom Apartment within an estate in Iponri, Surulere (to be completed December 2025) – N85M
• 4 Bedroom Semi Detached Duplex at Alaka Estate, Surulere – N240M
• 4 Bedroom Maisonette within an estate at Iponri, Surulere – N160M
• Units of exquisitely 2 and 3 Bedroom Apartments and Penthouses with Governor’s Consent at Adekunle Kuye, Surulere. (To be completed October 2024). Prices starting from N90M
• 1 unit of Bedroom terrace at off Adeniran Ogunsanya, Surulere with C OF O. N120M (to be completed April 2025)
• 1 unit of 4 Bedroom Terrace Duplex at Femi Ayantuga, Surulere 2 (to be completed July 2025) – N160M
• 1 unit of 5 Bedroom Fully Detached Duplex at Costain, Surulere – N200M
• 1, 2, 3 Bedroom Apartments off Ogunlana Drive, Surulere N50M, N70M, N90M
• 3 Bedroom Flat at Iwaya Yaba, Lagos – N60M
• 3 Bedroom Semi Detached Duplex at Ojodu Berger – N100M

LAGOS ISLAND

• 2 and 3 Bedroom Apartment in Chevron – N90M & N110M
• 4 Bedroom Terrace Duplex at Ikota Lekki – N85M
• 3 and 4 Bedroom Terrace Duplex fully serviced with pool, play area, mini mart, Abraham Adesanya (to be completed December 2024) – N60M, N70M (3 months payment plan available)
• 2 units of 2 bedroom apartments at Illasan, Ikate Lekki available for N75M
• 8 units of 3 and 4 bedroom terraces available at Mobile Road, Ilaje Ajah for N85M
• Semi-detached house comprising a 4 bedroom with a room service quarter and a 5 bedroom with a room service quarter at Cowrie Creek Estate, Ikate, Lekki. 4 Bedroom- N400M; 5 Bedroom- N450M respectively.
• 4 Units of 3 Bedroom Apartments, Ajah – N100M asking
• 3 Bedroom flat on ground floor at Mobil Road, Ajah, Lekki Expressway. N42M (net)

LANDS

• 500sqms Lavida Estate Phase 2, Igbodu Epe – N8M
• 500sqms Lavida Estate Phase 5, Igbodu Epe – N3.5M
• 500sqms Lavida Estate Phase 6, Igbodu Epe – N5M
• 500sqms Lavida Empire Estate, Eredo Epe – N6M
• Commercial office space on Ogunlana Drive, Surulere
• Fenced land measuring 1,071.385sqm on Lewis Street, Lagos Island. N5,000 per square meter.

LAGOS STATE REAL ESTATE TRENDS AND STATISTICS
The Lagos and broader Nigerian real estate market in 2024 shows both growth potential and significant challenges. Here are the latest trends in the Lagos and Nigeria real estate industry.

Market Growth: By last quarter 2024, the Nigerian real estate market should have expanded by 7.24% to a projected $2.14 trillion in value. The country’s growing population is a major factor in this rise since it increases demand for residential real estate. Due to its status as an economic hub that draws in both domestic and foreign investors, Lagos, one of the cities with the highest rate of growth in the world, consistently experiences a need for housing. (AfricaBiz)(Africanvestor)

Tech Integration: Technology is revolutionizing the real estate industry in a big way. There is a growing trend in the application of AI in real estate development, sustainable building methods, and smart home technology. New developments are anticipated to be dominated by these advances, which will improve the efficiency and appeal of properties. (Businessday)

Co-Living and Flexible Spaces: In cities like Lagos, millennials in particular are influencing the rise in popularity of co-living and flexible working spaces due to economic concerns. About 60% of potential homebuyers in Lagos are seeking small family units and shared living spaces, indicating an increasing demand for these types of housing. (Businessday)

Sustainability: Energy efficiency and green building techniques are highly valued. In order to keep up with global trends and satisfy a market that is becoming more environmentally sensitive, environmental sustainability is becoming a crucial component of new developments. (Businessday)

Rental Market Evolution: Short-term rentals, co-living spaces, and furnished apartments are becoming more popular in the rental market. Fair market rentals have noticeably increased, with increases in rental prices anticipated in about 99% of areas. (Businessday)

Speculative Investment and Price Increases: The Lagos real estate market is characterized by speculative activity, and this, together with ongoing infrastructure expansions such as the Eko Atlantic City project, is driving up property prices. In developed and easily accessible places, this trend is especially strong. (The Africanvestor)

Obstacles: The market has to overcome obstacles such as high building costs brought on by exchange rate fluctuations, red tape, and poor infrastructure. Furthermore, affordability is restricted in Nigeria due to high mortgage interest rates, especially for middle-class and lower-class buyers. These elements lead to a housing supply shortfall relative to demand. (The Africanvestor)

Overall, while there are significant opportunities in the Lagos real estate market, particularly for those embracing new technologies and sustainable practices, potential investors must navigate a complex landscape shaped by economic, political, and environmental factors.

Thank you for reading our bulletin. For more information or to book an inspection, visit our website at www.urbanrealestateng.com. You can also call or send a message to our WhatsApp lines: +234 7014702451 / +234 70333206393.