Lagos House Price Index 2018

In 2017, Nigeria exited its worst recession in history by recording a 0.56% GDP in Q2 2017 and this was followed by a second consecutive growth in Q3 2017 by 1.40%. Despite these positive results, the road to full recovery will take a while. Various sectors of the economy are still in negative territory regarding GDP and the real estate sector is amongst the sectors that is yet to be back in positive GDP numbers.Unlike the Lagos Island market, its counterpart the Lagos Mainland market was immune to the recession as average asking price showed positive growth in 2015 and 2016, during these periods, average asking prices rose by 20.43% and 2.33% respectively. The World Bank has predicted that Nigeria’s economy will grow by 2.5% in 2018 which means the country would have made a full recovery from the recession. It is our prediction that as the economy improves so will the real estate sector and house prices will continue to rise across both Lagos Island and Lagos Mainland markets but it will take some time before prices reach pre-recession levels particularly on Lagos Island.

Lagos House Price Index 2018

Summary

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