A new report by real estate firm BuyLetLive has revealed that Lagos and Ogun states recorded the highest property price increases in Nigeria in 2024, with growth rates of 39.46% and 30.48% respectively.
This is a departure from 2023 when Oyo and Anambra led the market with 29.89% and 28.24% growth rates. The report, titled “Property Price Index Report”, tracked data from 2021 to 2024 across eight states and the Federal Capital Territory.
The findings indicate that six of the locations monitored experienced higher growth in rental prices compared to sales, underlining a stronger demand for rental properties. The residential sector was identified as the key driver of this growth, fuelled by high demand despite economic challenges like inflation and weakened purchasing power.
BuyLetLive noted that inflation and rising development costs significantly contributed to price hikes in key cities like Lagos, as developers adjusted prices to maintain profitability. One of the standout figures was the surge in short-let apartment prices, which jumped dramatically from 12.95% in 2023 to 46.40% in 2024 — a rise of over 200%.
