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 3/2019: OPTIMISM GAINING GROUND IN RESIDENTIAL REAL ESTATE
The latest Lagos Property Barometer reveals that market sentiment has improved slightly since January. The first post-election survey shows that 71% of realtors believe residential real estate prices will rise in the coming 12 months, compared to 65% in January. Market supply is however expected to continue growing in the coming months.
Within the Lagos Islands area, 63% of real estate agents expect Lekki to outperform Victoria Island and Ikoya. Magodo Shangisha and Ikeja are expected to see the largest increases on Lagos Mainland. Realtors are more optimistic on price development in Lagos Mainland (79% see prices rising) than in Lagos Islands (55% see prices rising).
Sales times are forecasted to increase further, with 47% of respondents believing sales times will increase while 24% believe sales times will decrease. Compared to the previous survey in January, the mood is slightly more optimistic today. Supply is still expected to increase faster than demand, with 71% of realtors expecting there to be more properties for sale in 3 months time than there are now.
“With the presidential and gubernatorial elections in the bag, the economy will stabilize enough to encourage land investors to renew their bids to purchase choice real estate properties” comments Ifeoluwapo Asekun-Olarinmoye at Lloyds Real Estate Consulting.
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 over 600 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. Full reports are available at www.scandiclion.com/lagos-property-barometer.