Renowned real estate developer and entrepreneur, Dr. Kennedy Okonkwo, has revealed that property prices in Lagos have doubled in under three years, surging from about N45 million to N94 million in some locations.
He attributed the sharp increase to rising demand, infrastructural development, and the growing interest of investors in the real estate market.
“In Lagos, real estate remains one of the most stable and rewarding asset classes. Despite economic fluctuations, properties in prime locations have continued to appreciate significantly.
“Two-bedroom terrace with BQ initially sold for between N45 million and N50 million about two to three years ago. Now, it is priced at N94 million.
Buyers who purchased at the earlier price have seen their investment double, a 100 per cent return on investment”, Okonkwo said.
The surge in property values has been particularly evident in high-demand areas such as Lekki, Ikoyi, and Victoria Island, where land scarcity and luxury developments have pushed prices upward.
Industry players also point to an influx of multinational companies and increased interest in short-let apartments as factors driving the real estate boom.
Okonkwo further noted that even emerging areas like Ibeju-Lekki and Epe are experiencing rapid appreciation.
“Investors who bought land for N10 million a few years ago are now selling for double or even triple the price,” he said.
While this upward trend has been favourable for investors, it has also made homeownership increasingly difficult for young Nigerians.
Mortgage options remain limited, and high interest rates make financing a property purchase a challenge.“The reality is that real estate is becoming a wealth-building tool, but for first-time buyers, affordability is a growing concern.
This is why many developers are introducing flexible payment plans and off-plan sales to ease entry into the market,” Okonkwo added.
As Lagos continues to expand, experts predict that property prices will keep rising, making real estate investment a lucrative option for those who enter the market early.
However, Okonkwo emphasised the need for government intervention to improve housing affordability and expand mortgage accessibility for middle-income earners.
“With ongoing development projects and increasing demand, the Lagos real estate market remains one of the most dynamic in Nigeria, offering both opportunities and challenges for investors and prospective homeowners”, he said.
