Diaspora investors, particularly Nigerians based in the United States and the United Kingdom, are emerging as the dominant force in the country’s luxury property market, according to a new industry report.
The latest figures from Northcourt Real Estate show that rental and purchase prices for high-end apartments in Lagos have surged in the last 18 months, with demand from foreign-based Nigerians pushing values to record highs.
In Lagos, annual rent for a two-bedroom luxury apartment now costs as much as ₦36 million, while one-bedroom luxury flats are listed for around ₦180 million. In Old Ikoyi, three-bedroom units sell between ₦700 million and ₦1.2 billion, while four-bedroom penthouses are priced at ₦2.1 billion, with top-end listings hitting ₦8 billion, including a two-room servant’s quarters.
The report noted that the weakening naira has made the local real estate sector increasingly attractive to foreign buyers, with the Nigerian luxury property market projected to reach $4.34 trillion by 2029.
Beyond luxury, Nigeria’s overall real estate market is also expanding rapidly. Valued at $2.61 trillion in 2025, it is expected to hit $3.41 trillion by 2029, driven by urban growth, infrastructure expansion, and the country’s persistent housing deficit.
Despite inflation and rising construction costs, high-end gated estates equipped with smart technology, green energy, advanced security systems, and modern waste management remain top choices for wealthy buyers.
For upper-middle-income families, space and location are the key selling points, with preference given to areas close to reputable schools, clean environments, and good urban planning.
The report further observed that while South African developers are gaining ground in Nigeria’s market, diaspora Nigerians remain the backbone of luxury property demand.
