Many times people often call to inquire about the price of properties and locations that will be suitable for their budget. At the end of the day, they end up changing their mind on the desired property, either because of the cost or the location.
This is part of the reason while we have decided to write the expected price of 2 bedroom houses for sale in Lagos in different areas and locations in Lagos Nigeria.
When you come to Lagos Nigeria, it is divided into 2, the mainland part and the Island parts of Lagos, so we are going to list the prices based on their locations.
Having said that, I would also like to mention that, the cost of any property (land or house) in Lagos is determined by the location and the title documents. Let me explain better.
For example by Location: A 2 bedroom bought on the island of Lagos (like Ikoyi, Lekki, etc) will be very expensive to compare to the one bought on the mainland of Lagos (like Ikeja, Yaba, etc.)
By title documents: if an owner has land that was previously bought without good title (like, C of O, Governor’s consent) and he goes ahead and acquire any of these titles by himself, by so doing the price for that property will automatically increase if he wishes to sell the property unlike the one that doesn’t have proper title documents rather has only receipt & survey plan.
Please Note: Survey plan is NOT a title document, rather is a document showing the boundaries/layout of the property and the name of the owner. It is useful when you want to do a search of the property and when you want to draw the architectural design of a proposed project.
2 things you should have in mind when looking for a house to buy in Lagos
Budget: you should have at least a maximum cost you wish to spend for your desired property.
Location: also you should know the locations in Lagos that you can get your desired property that fits your budget. For example, if you planed of buying 2 bedroom apartment at a budget of ₦15m to ₦20m, you should first list the areas you can get such properties at that rate.
If at the end of the day, you don’t like such areas, the best is to raise your budget to match the area of your choice.
Note: if a price of a property in a specified location/area is said to be between ₦40 million to ₦60 million depending on the statutes and standard of the house. If someone gives you a similar property in that location at a cheaper rate like 30m, you should endeavor to verify while that one sells cheap, because there is always a piece of hidden information the seller will not tell you till the transaction eventually takes place.
Prices of 2 bedroom houses in Lagos Nigeria
As been said earlier, Lagos is divided into two parts, the mainland part and the Island part of Lagos. So we are going to list the price of 2 bedroom houses in Lagos based on this division.
Price of 2 bedroom houses in the Island of Lagos
The island of Lagos is made up of Ikoyi, Victoria Island, Lekki, Chevron, Ajah, Sangotedo, Ibeju-Lekki, Epe, etc.
Below are the price of 2 bedroom houses in Island of Lagos Nigeria.
|2 bedroom apartment||Chevron, Lekki||Ranges from ₦32m to ₦45m||Including both off plan package or already finished building|
|2 bedroom apartment||Banana Island Ikoyi||Ranges from ₦112m to ₦130m||Finished & furnished|
|2 bedroom apartment||Sangotedo||Ranges from ₦16 million to ₦30m||Including both off plan package or already finished building|
|2 bedroom apartment||Ajah & Abijo||Ranges from ₦20m to ₦40m||Including both off plan package or already finished building|
|2 bedroom apartment||Lekki phase 1||Ranges from ₦55m to ₦70m||Including both off plan package or already finished building|
|2 bedroom apartment||Oribanwa Ibeju Lekki||Ranges from ₦13m to ₦25m||Including both off plan package or already finished building|
|2 bedroom apartment||Osapa London Lekki & Ikata Lagos||Ranges from ₦40m to ₦55m||Including both off plan package or already finished building|
|2 bedroom apartment||Victoria Island||Ranges from ₦95m to ₦130m||Including both off plan package or already finished building|
|2 bedroom terrace duplex|
|Ikota & Ochid Lekki||Ranges from ₦37m to ₦45m||Including both off plan package or already finished building|
|Lekki Phase 2 & Ajah||Ranges from ₦42m to ₦50m||Including both off plan package or already finished building|
|Sangotedo||Ranges from ₦40m to ₦48m||Including both off plan package or already finished building|
|Lekki phase 1||Ranges from ₦75m to ₦85m||Including both off plan package or already finished building|
|Abijo||Ranges from ₦28m to ₦35m||Including both off plan package or already finished building|
|2 bedroom maisinette duplex||Ikate Lekki Lagos||Ranges from ₦65m to ₦70m||Including both off plan package or already finished building|
|2 bedroom Bungalows|
|2 bedroom semi- detached bungalow||Eluju, Ibeju Lekki||Ranges from ₦17m to ₦28m||Including both off plan package or already finished building|
|2 bedroom detached bungalow||Epe, Ibeju Lekki||Ranges from ₦13m to ₦20m||Including both off plan package or already finished building|
|2 bedroom semi-detached bungalow||Abijo, Oribanwa, Awoyaya Ibeju Lekki||Ranges from ₦15m to ₦35m||Including both off plan package or already finished building|
Summary: from the table above, it is obvious that the price of 2 bedroom houses on the Island of Lagos is more expensive in well-developed areas like Ikoyi, Victoria Island, Lekki, etc.
Also, places on the Island of Lagos one can get 2 bedroom houses at a lesser price are Ibeju-Lekki, Epe, etc.
Price of 2 bedroom houses in the mainland of Lagos
The table below are the current prices of 2bedroom houses in the mainland of Lagos, although some places on the mainland are not mentioned here, which will be uploaded later.
|2 bedroom Apatment||Egbeda, Alimosha||Ranges from 36m to 42m||Already Built|
|2 bedroom Apatment||Ipaja||Ranges fom 15m to 30m||Both built and unfinished|
|2 bedroom Apatment & bungalow||Surulere||Ranges fom 25m to 40m|
|2 bedroom Apatment||Ebute-Metta||Ranges from 27m to 40m|
|2 bedroom Apatment||Yaba||Ranges from 22m to 45m||Including both off plan package or already finished building|
|2 bedroom Apartment||Irawo Kosefe||Ranges from 33m to 50m||Unfinished & already built.|
|2 bedroom Apartment||Ikorodu||Ranges from 8m to 20||Including both off plan package or already finished building.|
|2 bedroom apartment||Ikeja||Ranges from 65m to 80||Already built|
Note: The places mentioned on the table above, are selected places. Most properties in the mainland of Lagos are either old houses but got renovated. Newly built houses are often found in areas like Ikorodu. Also, houses in the Mainland of Lagos, are houses when investors buy they demolish it and build a new structure unlike the Island of Lagos where we have a lot of newly built houses.
Summary: places in the mainland where 2 bedroom houses are expensive are Ikeja, Yaba, etc. depending on the nature of the property while areas, where you can get it at lesser price on the mainland of Lagos, are Ikorodu, Ipaja, etc.
Smart Way to buy House at a cheaper price in Lagos as an investor or home-owner
As an investor/home-owner, one of the things to look at when investing in a real estate business is a potential property that will give you a high return on investment (ROI).
The best and smart way of buying a property that will give you a huge return is buying a property during the introductory stage that is buying it as an off-plan project especially the first time the property was lunch by the estate developers at the introductory price.
Off-plan/ Pre-lunch: This is a property that is currently selling below the actual market value because you have to pay off-front before the building gets started and completed by the developers.
This way you will have a huge interest in a short period of time because by the time other people start subscribing to that similar property yours would have appreciated greatly.
For example: when our 3 bedroom semi-detached bungalow of peak bungalow phase 1 was launched for the first time it was sold at 12 million, but right now is been sold at 20 million by the same estate developer as an off-plan project. The investor that already purchase their own can now sell it at the price of an already built property.
This is to tell you, how fast you can make a high return on investment on a particular property.
Whether you are a first-time home buyer or an investor. Endeavor to subscribe and take advantage of properties at off-plan/ Pre-launch offers
The prices ranges from ₦15 million to ₦50 million depending on the specified location, status of the house and the title document.
The price of renting 2 bedroom apartment in Ikoyi Lagos is ₦1.5m per annual depending on the standard of the house.
The estates service charges in Lekki varies form one estate to another, but the estimated service charges ranges from ₦500,000 to ₦1.5 million per annual.
I hope you find this post useful, for more inquiries, to schedule a site visit, or to find out how to get a property that suits your needs and budget contact us.
Also, if you have any questions, contributions, requests, addition, or corrections please feel free to drop your comment on the comment box below.