Luxury apartment rents in Abuja and Lagos have reached unprecedented levels, with annual prices in prime locations now starting from N20 million and, in some cases, exceeding N75 million.
Analysts attribute the surge to rapid urban migration, limited housing supply, high construction costs, and weak regulatory oversight in the rental sector.
As Nigeria’s political and commercial hubs, Abuja and Lagos continue to attract workers, investors, and businesses faster than new homes are constructed, intensifying competition for upscale residential units.
The housing shortage has created affordability challenges, particularly for low- and middle-income earners, and is widening the gap between premium and standard housing markets.
Prime Luxury Locations in Abuja
- Guzape: A high-end district featuring modern estates and luxury apartments. Three-bedroom units rent from N20 million annually, with some blocks of flats reaching N75 million.
- Maitama: Known for embassies and top-tier residences, three-bedroom apartments rent around N7 million per month, with some units fetching N40 million annually.
- Asokoro: Four-bedroom terraced duplexes rent for approximately N25 million per year, offering privacy and proximity to government institutions.
- Wuye: Centrally located with a mix of gated estates and apartments, five-bedroom detached duplexes rent for N25 million annually.
- Jahi and Katampe: Emerging districts with four-bedroom duplexes renting for about N20 million per year.
Lagos High-End Rental Market
In Lagos, premium residential areas such as Ikoyi, Banana Island, Eko Atlantic, Victoria Island, and Lekki Phase I have seen substantial rent increases:
- Ikoyi: Three-bedroom apartments now average N25 million annually.
- Eko Atlantic City: One-bedroom units cost N20.9 million, while three-bedroom apartments average N35.3 million.
- Banana Island: Three-bedroom apartments rent for N27.5 million annually.
- Victoria Island: Three-bedroom apartments average N15 million per year.
- Lekki Phase I: Three-bedroom units rent for around N11.2 million annually.
The surge in rental prices reflects broader economic pressures, including persistent high construction costs, elevated interest rates, and continued demand from affluent Nigerians and expatriates.
Despite inflation easing to 16.05% in October 2025, the Monetary Policy Rate remains high at 27%, contributing to rising housing costs.
According to Edala Development, Lagos’ residential sector continues to expand due to increased investment in luxury estates and continued urbanization, while Abuja’s growth in high-end apartments has similarly outpaced available supply.
Construction activity rose by 9.9% in nominal terms in Q1 2025, with real-term growth of 5.57% in Q3 2025, highlighting strong investor confidence in the luxury property market.
However, limited affordable housing options and rising demand for upscale living, Abuja and Lagos remain hotspots for luxury property investment. High-end apartments in these cities are not only attracting wealthy Nigerians but also foreign investors and expatriates seeking premium rental accommodations.
