- Lagos Real Estate Market to Improve -Lion Properties
The latest Lagos Property Barometer reveals that market sentiment has improved slightly since January.
The first post-election survey shows that 71 percent of realtors believe residential real estate prices will rise in the coming 12 months, compared to 65 percent in January. Market supply is however expected to continue growing in the coming months.
Within the Lagos Islands area, 63 percent of real estate agents expect Lekki to outperform Victoria Island and Ikoya. Magodo Shangisha and Ikeja are expected to see the largest increases on Lagos Mainland. Realtors are more optimistic on price development in Lagos Mainland (79 percent see prices rising) than in Lagos Islands (55 percent see prices rising).
Sales times are forecasted to increase further, with 47 percent of respondents believing sales times will increase while 24 percent believe sales times will decrease. Compared to the previous survey in January, the mood is slightly more optimistic today. Supply is still expected to increase faster than demand, with 71 percent of realtors expecting there to be more properties for sale in 3 months time than there are now.
“With the presidential and gubernatorial elections in the bag, the economy will stabilize enough to encourage land investors to renew their bids to purchase choice real estate properties” comments Ifeoluwapo Asekun-Olarinmoye at Lloyds Real Estate Consulting.
The Scandic Lion Lagos Property Barometer is a bi-monthly poll conducted among Lagos based real estate agents to gauge market sentiment. Scandic Lion has reviewed over 1400 real estate agents and contacted over 600 realtors deemed as active in the market. The Barometer should be seen as an indication of real estate agent expectations, and the difference between expected and realized may be large.