The Scandic Lion Lagos Property Barometer
A survey conducted among real estate agents in Lagos – predicting future price moves
The Lagos Property Barometer creates statistics from individual answers. Our wide survey gives you a better picture of what realtors are saying about the Lagos property market.
Data lets you discern between individual insight and trends. Knowing what the trends in property are is crucial for realtors, and highly important for customers. A barometer among realtors shows trends even before they materialize.
Property prices affect us all – and are of great interest to the general public. Keeping society informed on real estate prices, and the dynamics behind them, lead to greater future prosperity for all.
LAGOS PROPERTY BAROMETER 1/2019: RISING PROPERTY PRICES, BUT THE BUYERS MARKET CONTINUES
An increasing supply of real estate will continue to reign in property price increases during the spring. A new survey among 606 real estate agents reveals that 74% of real estate agents see the number of properties for sale increasing in the next three months. A decreased activity in the property market prior to elections has likely led to a larger supply on the market.
Lagos realtors expect rising property prices in Lagos; 65% of respondents believe prices will rise in the next 12 months. Within the Lagos Islands area, 68% of real estate agents expect Lekki to outperform Victoria Island and Ikoyi. Magodo Shangisha and Ikeja are expected to see the largest increases on the Lagos Mainland.
Sales times are forecasted to increase, with a full 52% believing sales times will increase while only 19% believe sales times will decrease. The main factor behind the longer sales times seems to be increased supply, as more sellers are coming to market than buyers.
”We expect buyers to gradually return to the market after the elections, and the sentiment may indeed improve both drastically and rapidly” comments Rachael Aghunor at Scandic Lion.
The Scandic Lion Lagos Property Barometer is a bi-monthly poll conducted among Lagos based real estate agents to gauge market sentiment. Scandic Lion has reviewed over 1400 real estate agents and contacted 606 realtors deemed as active in the market. The Barometer should be seen as an indication of real estate agent expectations, and the difference between expected and realized may be large. The results are free to use as long as Scandic Lion is referenced.