Lagos Ranks Fourth Among Africa’s Priciest Cities for Rental Housing
A recent study by a global property consultancy ranks Lagos as the fourth most expensive African city for two-bedroom rentals. It highlights rising pressure on affordability that pushes many residents away from central neighbourhoods. Premium districts like Ikoyi, Victoria Island and Banana Island command average annual rents of about $19,400 (₦26.8 million). This follows Abidjan at $41,700, Cape Town at $27,800 and Accra at $26,300 for similar properties. Analysts warn that rent inflation in Lagos has surged by 50–200% in two years. Many households now spend up to 70% of income on housing, far above the internationally recommended 30% benchmark. Limited supply, expensive materials, high borrowing costs and the weakening naira are driving demand to outer suburbs. Even there, two-bedroom rents typically range from ₦1.5 million to ₦2.5 million yearly. Experts say policy reforms and affordable developments are urgently needed to ease this crisis.
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