Before buying property in Lagos or anywhere in Nigeria, you must know how to determine its actual market value. With rapid development, price inflation, and unregulated listings, many buyers overpay—especially in popular areas like Lekki, Ikoyi, Oniru, and Victoria Island.
This expert guide shows you how to evaluate real estate properly so you can buy confidently and avoid paying above market value.
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Evaluate the Location First
In Nigeria, location is the number one driver of property value.
What to assess:
- Road access and traffic patterns
- Flood risk
- Proximity to business hubs (Ikoyi, VI, Lekki Phase 1)
- Security and neighbourhood profile
- Future infrastructure (e.g., Lekki Regional Road, Fourth Mainland Bridge)
Gracefield Island, for example, is appreciating rapidly due to its private island status, excellent access road, and emerging Regional Road link.
- Compare Similar Properties in the Area (Market Comps)
Look at:
- Recently sold properties
- Similar sizes (sqm)
- Features and finishing level
- Developer reputation
This helps you avoid overpaying for hype or emotional buying.
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Evaluate Infrastructure & Amenities
Homes with superior infrastructure always command higher prices.
Key factors include:
- Road quality
- Drainage and flood prevention
- Power supply
- Security level
- Recreational spaces
Smart communities like Gracefield Island stand out because they offer:
- EV charging stations
- Underground utilities
- Green spaces & walkways
- Private parks and waterfront promenades
- Consider Rental Yield and Resale Potential
Lagos rental yields range between 6% and 12%, depending on the neighbourhood.
Strong rental markets include:
- Ikoyi (corporate, embassy clients)
- Victoria Island (short-let market)
- Lekki Phase 1 (young professionals)
- Gracefield Island (emerging luxury tenant pool)
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Inspect the Title & Documentation
Never buy without verifying land documents, such as:
- Governor’s Consent
- Deed of Assignment
- Registered Survey
- Approved building plan
Use a trusted real estate advisor for due diligence.
Finally, evaluating a property requires a balance of market knowledge, location insight, and long-term thinking. Whether you’re buying a home or an investment asset, the right information helps you make informed decisions.
CRL Real Estate provides expert advisory services to help you evaluate, compare, and choose the best properties in Lagos’ fast-moving market.
