Lagos ranked fourth among the 10 cities for high-end two-bedroom rental costs, with an average annual rent of $19,379 in 2026.
Nairametrics, in its recent report, attributed high property prices to limited land availability, strong demand in prime locations, rising construction costs, speculation, and currency devaluation.
“High-end properties in Ikoyi, Victoria Island, and Banana Island are typically dollar-denominated, while some ultra-luxury developments along the Bourdillon, Alexandra, and Gerrard corridors in Ikoyi command rents of up to $130,000 annually,” the report said.
According to the report, the cost of renting also extends beyond annual rent, with tenants facing advance payments and additional charges when securing accommodation.
The report added that Nigeria is among markets where tenants typically pay annual or multiple years’ rent in advance, stressing that agency fees typically range from one to two months’ rent or 10 per cent of annual rent.
It stated that legal and agreement fees can range from five per cent to 10 per cent of annual rent.
