Nigeria · Africa · Population: 16,000,000
Lagos is a challenging market for first-time buyers, with rapidly rising prices driven by strong demand. The city has affordable rents compared to global standards. At $95,000 average home price in Nigeria, buyers should consider the 10.5x price-to-income ratio when planning a purchase.
| Average Home Price | $95,000 |
| Price per sqm | $1,200 |
| Price-to-Income Ratio | 10.5x |
| Mortgage Rate | 18.5% |
| 1-Year Price Change | +8.5% |
| 1-Bedroom Apartment | $500/mo |
| 3-Bedroom Apartment | $900/mo |
| Rent-to-Income Ratio | 52% |
| Median Household Income | $9,000/year |
| Years to Buy (at median income) | 10.5 years |
| Local Currency | NGN |
With a price-to-income ratio of 10.5x, Lagos requires significant savings to purchase property. At a mortgage rate of 18.5%, monthly payments could consume a large share of income. Home prices have increased 8.5% in the past year.
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