Stakeholders in Nigeria’s real estate sector have called for accelerated urban redevelopment across Lagos State to tackle increasing population pressure, housing demand and infrastructure challenges.

The call formed the focus of discussions during a real estate forum organised by Exclusive Estate in partnership with BusinessDay in Lagos. The event, themed “Exploring Redevelopment Investment Opportunities in Lagos Mainland Real Estate Sector,” examined the future of urban renewal and housing investment opportunities within the state.

Industry experts warned that without strategic redevelopment efforts, Lagos may struggle to cope with its rapidly expanding population and changing housing demands.

Lagos Mainland Becoming More Attractive

Chairman of Exclusive Estate, Peter Adobamen, noted that Lagos Mainland remains strategically positioned because of its accessibility and proximity to key commercial districts.

According to him, nearly 85 percent of Lagos residents currently live on the mainland, making redevelopment efforts increasingly important.

He explained that many residents who moved to areas such as Lekki and Sangotedo due to housing expansion are gradually reconsidering mainland locations because of traffic challenges and proximity to business hubs.

According to Adobamen, locations such as Yaba offer easier access to Marina and Victoria Island compared to longer commuting times experienced by residents in outer districts.

Housing Preferences Are Changing

Adobamen also observed a major shift in housing preferences among younger residents.

According to him, demand is gradually moving away from large residential buildings toward smaller and more practical housing units.

He explained that younger professionals increasingly prefer compact apartments that suit modern lifestyles and work arrangements.

As a result, many old buildings across Lagos Mainland are now being demolished and replaced with smaller modern residential developments.

High Financing Costs Slow Redevelopment

Despite growing investment opportunities, stakeholders identified financing constraints as a major challenge affecting urban redevelopment projects.

High interest rates and rising development costs continue to create obstacles for investors and developers.

Adobamen stressed the need for government policies that balance urban growth with social considerations, particularly concerns surrounding displacement of low-income communities.

He warned that redevelopment initiatives should avoid creating hardship for vulnerable populations.

Experts Seek Lower Documentation Costs

Also speaking at the event, Director of the Centre for Housing and Sustainable Development at the University of Lagos, Prof. Timothy Nubi, urged authorities to reduce costs associated with land documentation and approvals.

He argued that expensive approval processes discourage development and contribute to illegal construction practices.

According to him, many developers avoid proper approval channels because of high regulatory costs, resulting in substandard construction methods.

Nubi warned that reducing approval costs could stimulate development and generate long-term revenue through land-use charges.

Population Growth Raises Concerns

Nubi further warned that Lagos could face enormous population pressure over the coming decades.

According to him, about 900 people migrate into Lagos daily, with security challenges in other parts of Nigeria potentially increasing migration levels.

He projected that Lagos could approach a population of 60 million within the next 25 years if current trends continue.

Experts say understanding changing demographics and housing preferences will be critical for future urban planning efforts.

The post Stakeholders Push for Lagos Urban Redevelopment Amid Population Surge appeared first on Housing TV Africa.

…as soaring rent prices push residents out of prime areas, Lagosians turn to the Mainland for relief

With rent prices in Lagos climbing to record highs, thousands of residents are fleeing once-coveted districts such as Lekki, Victoria Island, and Surulere in search of affordable accommodation. The surging cost of living, coupled with rising agent fees and damages charges, has created a rental crisis forcing many Lagosians to downsize or even convert shops into makeshift homes.

Just a few years ago, self-contained apartments in the city could be found for between ₦150,000 and ₦500,000. Today, getting a one-bedroom flat below ₦1 million feels almost impossible. Yet, investigations by Lagos Reporters show that a handful of neighbourhoods still offer functional, budget-friendly apartments without completely sacrificing access to amenities such as schools, markets, hospitals, and transport systems.

Iyana Ipaja remains one of the most active transport hubs on the Mainland, ideal for workers commuting to Ikeja or Oshodi. It offers mini-flats and self-contained apartments at some of the most competitive rates in the city.

Abule Egba, located along the Lagos–Abeokuta Expressway, continues to attract middle-income families with its improved infrastructure, BRT stations, health centres, and proximity to Katangowa Market. The area’s affordability and connectivity make it a popular choice for residents seeking balance between comfort and cost.

Egbeda, a lively neighbourhood close to Ikeja, combines affordability with modern amenities, reliable roads, and a bustling social scene. It has become a go-to area for young professionals and families looking for decent housing without breaking the bank.

Agege, positioned between Ikeja and Ifako-Ijaiye, benefits from strong transport links, including the new Lagos Red Line rail. With modern apartments and growing commercial activity, it offers affordability and accessibility.

Idimu offers a quieter residential environment connected to Egbeda and Iyana Ipaja. Its peaceful setting and relatively low rent make it suitable for small families and those seeking a calm neighbourhood.

Ayobo and Ipaja, on the eastern edge of Alimosho, are rapidly developing with new estates and better road networks. Their affordability continues to draw tenants seeking long-term housing value.

Ikotun, a bustling district known for its markets and proximity to the Synagogue Church of All Nations, remains one of the most affordable areas in Lagos despite its busy streets.

Mushin, though congested and occasionally plagued by security concerns, still provides mini-flats under ₦800,000, a rare find given its proximity to Yaba, Surulere, and Oshodi.

Alagbado, stretching along the Lagos–Abeokuta axis toward Ogun State, is fast urbanizing with emerging estates and good transport links. It remains a preferred choice for those priced out of central Lagos.

Ikorodu, though distant from the city’s core, continues to offer some of the most affordable rent in Lagos. Its access by road and water, coupled with expanding infrastructure and vibrant local markets, makes it a viable alternative for cost-conscious tenants.

A Deepening Crisis

Findings by Lagos Reporters reveal that Lagos’s rent crisis continues to worsen, with landlords increasing rents almost yearly. Many tenants now spend over half of their income on accommodation, while others resort to shared housing or relocation to the city’s outskirts. Despite these pressures, the Lagos Mainland remains the most realistic option for affordable living  offering a balance of cost, convenience, and community.

By: Lagos Reporter

The post Top Lagos Neighbourhoods Where You Can Still Rent a House for Less Than ₦1 Million in 2025 appeared first on Housing TV Africa.