Diaspora investors, especially Nigerians based in the United States and United Kingdom, are driving demand in the country’s high end property market and pushing prices to record highs.
Prices Hit New Peaks
A new report by Northcourt Real Estate shows that rental and sale prices in Lagos have surged over the past 18 months.
Two-bedroom luxury rentals now cost up to ₦36 million per year
One-bedroom luxury flats sell for around ₦180 million
Three-bedroom apartments in Old Ikoyi average between ₦700 million and ₦1.2 billion
Four-bedroom penthouses are priced at ₦2.1 billion, with some going as high as ₦8 billion, including two-room staff quarters
US and UK based diaspora investors continue to be a key segment of the luxury buyer universe, the report stated.
Naira Devaluation Attracts Buyers
The sharp fall in the naira has made Nigerian property more appealing to foreign investors. Analysts estimate the luxury property market could grow to $4.34 trillion by 2029.
Overall, the country’s real estate market is also expanding rapidly. Its value is projected to hit $2.61 trillion by 2025 and $3.41 trillion by 2029, largely driven by rising urbanization, infrastructure development, and a persistent housing deficit.
Demand for Gated Communities
High end buyers are focusing on gated estates that offer:
Advanced perimeter security
Smart home technology
Sustainable lighting and waste management systems
Spacious layouts for families
For upper-middle-income households, space remains the top priority particularly for buyers with children or those seeking comfort and privacy.
Location Matters
The report notes that certain neighbourhoods are significantly more expensive. Proximity to top schools, efficient waste management, cleaner air, and better overall ambience are among the factors pushing up prices.
South Africa Eyes the Market
While South African developers are making inroads, diaspora investors remain the dominant force in shaping Nigeria’s luxury real estate market.
