The Lagos Real Estate Market: A Different Perspective

A lot has been happening in the real estate market, particularly in Lagos, Nigeria.

Recently, there have been many discussions about the high cost of properties in Lagos. People are voicing their complaints, and rightfully so.

Today, I want to address this issue from a different perspective.

Trust me, I’m one of those who advocate for intervention in price regulation within Lagos' real estate market. I've always believed that at some point, the government will have to intervene. But until that day comes, or until we can begin to enact the desired changes, let’s address the facts.

Every single day, real estate transactions take place in Lagos.

Some people are looking for shelter out of necessity. Others are searching for their next investment opportunity to achieve their financial goals.

Have you ever stopped to ask yourself why?

We have dilapidated buildings being sold or rented out at ridiculous rates. Rent prices are alarmingly high, yet the Lagos real estate market continues to thrive.

Who are the people renting these places? Why are they still paying so much, despite complaints about the poor living conditions?

I mean, let’s face it; no one is being forced to stay in Lagos.

With the same amount of money, people could secure better housing and living conditions in places like Ibadan or other cities.

So why Lagos?

The demand is crazy!

Lagos is overpopulated and congested, yet people continue to migrate here.

Why?

Because Lagos offers something that beckons to the average person; a promise of a better tomorrow and financial growth.

I recently had a conversation with a lady who told me she wanted to move from Anambra to Lagos for work opportunities and she was actively sourcing for a home in the city.

That’s another buyer entering this crazy real estate market.

But think about it; she's coming from somewhere else.

Why is she moving to Lagos?

If Lagos didn’t offer the promise of a better future, she wouldn’t be here.

So what makes Lagos so desirable?

Why does Lagos have such a powerful pull?

Here’s why the Lagos real estate market thrives:

1. Lagos is the Economic Powerhouse of Nigeria

Lagos is the financial capital of Nigeria and the largest commercial hub in West Africa.

• Over 60% of Nigeria’s industrial and commercial activities happen here.
• Top multinational corporations and major Nigerian companies have their headquarters in Lagos.
• Lagos contributes about 30% of Nigeria’s GDP, making it the richest state in the country.

Where money flows, people flock. And where people flock, real estate thrives.

2. Endless Job & Business Opportunities

Lagos is the land of opportunities. If you want to grow financially or professionally, this is the place to be.

• More companies = More jobs.
• More startups & businesses = More networking & career growth.
• More commercial activity = More ways to make money.

From tech startups to entertainment, Lagos gives people the exposure and platform to succeed.

3. Infrastructure & Development

Despite its challenges, Lagos still has better infrastructure than many other Nigerian states.

• Seaports, airports, and transport systems drive economic activity.
• Growing real estate market ensures constant property appreciation.
• The government is working on expansion projects like the Lekki Free Trade Zone, the Coastal road, Eko Atlantic, and new rail lines.

Development attracts people, and Lagos is constantly developing.

4. Social Life, Lifestyle & Prestige

For many, Lagos is more than a city; it’s a status symbol.

• Living in Ikoyi, Victoria Island, or Lekki is associated with wealth and success.
• Lagos has the best social scene; luxury restaurants, high-end events, nightlife, and entertainment.
• The city offers an aspirational lifestyle that many desire.

Even those who struggle financially in Lagos still want to be here because of the possibilities the city represents.

5. The “Survival of the Fittest” Mentality

There’s a popular saying: "If you can survive in Lagos, you can survive anywhere."

Lagos is not an easy place, but it pushes people to become their best. The fast-paced lifestyle forces people to hustle, grind, and strive for success.

For many, Lagos represents hope, ambition, and the possibility of a better life.

Let me put it simply; YOU are what makes real estate thrive.

I always say, "as long as humans exist, real estate will thrive".

Properties are in demand because we need them to survive.

What makes some real estate markets more lucrative than others is demand.

Certain factors make a location more appealing and desirable. And when that happens, the demand skyrockets.

For a market like real estate, where land is a limited resource, scarcity eventually sets in. When that happens, it becomes a game of “the highest bidder wins.”

That’s exactly why the Lagos real estate market is the way it is.

Real estate is a market of limited resources; land cannot be manufactured. Once a location becomes highly desirable, prices will always rise, and only the highest bidders will secure properties.

Unless a competing city can offer the same level of opportunity and growth that Lagos provides, this trend will continue.

Unless decision-makers (government, developers, and investors) intentionally address these issues, we will keep having these conversations; while people continue investing in Lagos real estate.

My Advice? Play Smart.

Instead of just complaining about the rising cost of real estate, position yourself to benefit from the system..

• If you're a tenant, start thinking about how you can transition into ownership.
• If you're an investor, focus on emerging areas where growth is happening.
• If you're in business, leverage Lagos’ economy to build wealth that allows you to thrive in this market.

And before you attack me, the same rule applies to Abuja, Port Harcourt, and other major cities.

Where there’s development, there will be people.

Where there are people, there will be demand for real estate.

Where there is demand, there will be high property values.

Where there are high property values, investors will make money—and they will continue to do so at the expense of tenants.

So, play smart.

What do you think?

If you reside in Lagos, share your reasons with us in the comments.

Is Lagos worth it?

Let me know your thoughts.

I look forward to your comments and questions

Till I write you again, Do stay safe.

Warm Regards,

Tomi Samson

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Hello dear reader, my name is Tomi Samson, and I'm thrilled to connect with you. As a seasoned realtor, my mission is to help you leverage the real estate market to create and preserve your wealth.

I am passionate about guiding you toward achieving your goals and attaining financial freedom. If you're ready to take control of your financial future and explore the endless possibilities in real estate, let's connect.

Together, we can make your dreams a reality. Don't wait - reach out to me today, and let's get started on your journey to financial success!

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