LAGOS, 17 JUNE, 2015: The top 10 neighbourhoods have been revealed as the most popular spots for house-hunters in Lagos, in a new ranking released by leading real estate platform Lamudi Nigeria.
According to the research from Lamudi’s Q1 2015 report, these 10 neighbourhoods in Lagos dominate property searches in Nigeria’s most populous city, attracting 89 percent of all searches. Data shows Lekki as the most popular area for house-hunters in Lagos, attracting 38.33 percent of all property searches in the city.
Breaking down the data into an easy-to-read infographic, Lamudi reveals that house-hunters in Lekki are looking predominantly for properties to rent (70 percent), with only 29 percent looking to buy. A mere one percent of searches were for land in the area.
The second most popular district is Ikeja, with 12.32 percent of house-hunters in Lagos searching for property in this area. At the other end of the scale, the research highlights 10 areas in the city that generate less than one percent of all Lagos property searches combined.
Renting is dominating property searches in all the top 10 neighbourhoods in Lagos. In Yaba – the fourth most popular district for property seekers in Lagos – 93 percent of searches are for rental properties, with only four percent looking to buy.
In Shomolu, 94 percent of property searches are house-hunters who want to rent. Data shows the most popular of the top 10 neighbourhoods for purchasing property in Lagos is Ikoyi; 42 percent of searches in this area are carried out by house-hunters aiming to buy.
Obi Ejimofo, Managing Director of Lamudi Nigeria, said: “Lagos is at the forefront of Nigeria’s dynamic property market, as highlighted by such a high number of searches in this area. We believe it should be important for both sellers and investors to understand the breakdown of demand for properties by neighborhood in order to better understand where people are looking to settle down within the city.
We have seen that the Lagos rental market is much more active than the sales market. This trend is confirmed by our data for the first quarter of 2015, where searches for rentals are dominate over 75% of all searches in the city.”