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Despite decades of conflict and the fact that nearly three-quarters of the population live in poverty, property prices in Nigeria are showing remarkable resilience. The country is in the midst of a housing boom and international investors are taking note. Not only do key regions of Nigeria present some of the most highest-priced land and real estate anywhere in Africa, but Ikoyi and Victoria 🏝 Island in Lagos are also reputed for their impressively high rent yields of up to 8 per cent.
What lets the whole affair down in a big way is the way in which roundtrip transaction costs can be as high at 32 per cent of the property’s total value and the authorities are often accused of collecting bribes.