BAROMETER LAGOS REAL ESTATE: Q1 2015

LAGOS OVERVIEW

N 13,815,179

N 11,388,006

HOUSE

APARTMENT

AVERAGE SALE PRICE/BEDROOM

AVERAGE SALES PRICE/BEDROOM

N 831,510

N 578, 519

HOUSE

APARTMENT

AVERAGE RENTAL PRICE/BEDROOM

AVERAGE RENTAL PRICE/BEDROOM

SALES RENTAL

LAGOS AVERAGES

Apartmentfor Rent

Apartment for sale

58%

4%

Land for sale5%

House for sale14%

House for rent19%

House for Sale

House for Rent

41%

14%

Land for sale14%

Apartment for Sale9%

Apartment for Rent22%

TOTAL DEMAND

TOTAL SUPPLY

Lamudi, through this report, provides a granular insight into the Lagos property market. This report is based on supply and demand data gathered on almost every Lagos neighbourhood.

Despite a reported lull in sales activity in the sector, the first quarter of 2015 represented Lamudi’s busiest since launch. Visits to the Lamudi platform were up almost 43% in comparison to the previous quarter (Q4 2014).

The average selling price of available residential property across Lagos for the first quarter of 2015 was N13.4 million (per bedroom), while the average rental price per bedroom was N694,000.

While over 70% of property searches were for rental properties, only 30% of properties made available were rentals.

Land purchases represented less than 5% of overall demand. However, over 30% of real estate brought to market were plots of Land for sale.

Highlights

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Lagos Isand

385%N 51,584,119

Ikeja

149%N 19,898,431

Apapa

178%N 23,775,316

Badagry

14%N 1,835,983

LAGOS SALE PRICES

Not CoveredKey to L.G.A’s on Page 5

51.58M28.43M23.77M19.89M

15.46M

13.80M13.76M13.74M11.71M

10.79M

305%213%178%149%

116%

103%103%103%

88%81%

CityNeighbourhood Avg price/bedroom Deviation from

Lagos average

IkoyiVictoria IslandApapa

Ikeja

KetuMarylandLagos IslandLekki

FestacIsolo

Iju 5.40M5.32M4.51M4.25M4.19M

3.78M3.54M

3.21M2.33M1.84M

40%40%34%32%

31%

28%26%24%

17%14%

CityNeighbourhood Avg price/bedroom Deviation from

Lagos average

EjigboIpaja

Ikorodu

IkotunIgando

Abule-EgbeEgbe

OjoBadagry

LOWEST 10 NEIGHNOURHOODS TOP 10 NEIGHBOURHOODS

0 - 4M

20M - 30M30M+

8M - 12M4M- 8M

12M - 16M16M - 20M

AVERAGE SALES PRICE BY L.G.AN: Average price per Bedroom%: Deviation from Lagos average

The average sales price for available property in Lagos Island was N46m per bedroom, more than three times the Lagos median sales price.

The average sales price by Local Government Area (LGA) illustrates the significant disparities that exist across Lagos city:

The lowest average sales prices were below N2.5m per bedroom in the southern Lagos outskirts of Badagry and Ojo. These prices were less than a fifth of the Lagos median price.

Surprisingly, Apapa and not Ikeja represented the third most expensive neighbourhood (behind Ikoyi and Victoria Island) at N23.5m per bedroom.

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Lagos IslandN 985,327

Abule Egbe

16%N 110,492

Ikotun

18%N 119,163

Igando

16%N 112,154

Ikorodu

17% N 113,589

Apapa

112%145% Victoria Island

N 1,549,582228%

IkoyiN 2,382,192

350%

N 762,263

Ojo

16%N 108,796

LAGOS RENTAL PRICES

Not CoveredKey to L.G.A’s on Page 5

Ikoyi 2.38M1.55M985K821K762K

679K587K528K

508K500K

350%228%145%121%

112%

100%86%78%

75%45%

CityNeighbourhood Avg price/bedroom Deviation from

Lagos average

Victoria IslandLagos Island

Lekki

ApapaMarylandMushinBadagry

OguduIkeja

Egbe 185K175K174K144K140K

119K113K

112K110K108K

27%26%26%21%

21%

18%17%16%

16%16%

CityNeighbourhood Avg price/bedroom Deviation from

Lagos average

AgegeIju

Egbeda

IpajaIkotunIkoroduIgando

Abule EgbeOjo

LOWEST 10 NEIGHBOURHOODSTOP 10 NEIGHBOURHOODS

0 - 150K

751K - 1.5M1.5M - 2.5M

251K - 350K151K - 250K

351K - 450K451K - 750K

The relatively high average rental price (N694,000 per bedroom) for Lagos is skewed towards the high availability of overpriced rental stock in Lagos Island and Eti-Osa LGAs.

Rental price patterns across Lagos generally mirror sales prices with a few notable exceptions:

Lekki in particular, is overpriced for rentals, potentially a sign of speculative pricing for low demand housing stock rather than an actual lack of available housing stock.

Mushin, Ikotun and Badagry surprisingly made it into the top 10 most expensive neighbourhoods to rent in Lagos.

AVERAGE RENTAL PRICE BY L.G.AN: Average annual rental per bedroom%: Deviation from Lagos Average

LAGOS DEMAND

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Lagos Mainland1822%

Shomolu991%

Ikeja713%

Eti osa696%

Surulere1052%

500% -1000%1000% -1500%1500%+

<100%100% - 250%250% - 500%

Key to L.G.A’s on Page 5

MARKET PRESSURE BY LGA%: Percentage demand Vs availability

Yaba/AkokaLekkiIkeja

SurulereShomolu

Apartment RentYaba/Akoka

LekkiKetuIkeja

Shomolu

Houses for RentAjahIkoyiLekki

Victoria IslandBerger

Apartments SaleLekkiIkoyiIkejaAjah

Maryland

Houses for SaleOgudu

SurulereYaba/Akoka

IpajaAgege

Land for Sale1.2.3.4.5.

NEIGHBOURHOODS WITH HIGHEST MARKET PRESSURE BY PROPERTY TYPE

NEIGHBOURHOODS WITH MOST DEMAND VOLUMES BY PROPERTY TYPE

Lagos Mainland LGA had the highest market pressure for housing with demand outstripping supply by 18 times followed by Surulere (10x).

The demand pressures on available housing (volume of demand/volume of available supply) in the central districts of Lagos Mainland far outstripped the rest of the city:

In terms of rental property, Yaba had the highest demand pressure on both houses (15x) and flats (30x) followed by Lekki (13x and 29x available supply respectively).

Ajah had the highest demand on flats to buy (7.5x), while Lekki had the highest demand pressure on houses to buy (6.5x). Ikoyi comes second in demand pressure in both categories (7x and 6x respectively).In terms of raw search volumes, Lekki is the most sought after location for both rental and property purchases, followed by Ikeja in both categories.Ikorodu is the district most sought after for land purchases with 12% of overall demand for land, however the highest market pressure for land purchases is in Ogudu.

House for Rent

Apartment for Rent

House for Sale

Apartment for Sale

Land for Sale

AjahIkejaIKoyiIsoloKetuLekkiYabaVictoria IslandSurulere

ShomoluBadagryIkoroduIpajaOguduAgegeMaryland

Head O�ce11, Commercial AvenueSabo-yabaLagos, Nigeria

09091627364www.lamudi.com.ngcs@lamudi.com.ng

/lamudi.nigeria@lamudi_nglamudi nigeria

LAGOS L.G.A’s

2. IKEJAIkejaBergerMaryland

1. ALIMOSHO

3. EPEEpe

4. SHOMOLUShomolu

5. AMUWO-ODOFINAmuwo OdofinFestacSatellite Town

6. OSHODI-ISOLOEjigboIsoloOshodi

7. BADAGRYBadagry/Ijanikin

IkotunEgbedaAbule EgbaIpaja

15. OJOIgandoOjo

16. KOSOFEKetuKosofeOguduOjota

17. IKORODUIkoroduIgbogbo

18. LAGOS ISLANDIkoyiLagos Island

19. LAGOS MAINLANDYabaAkoka

20. APAPAIjoraApapa

13. AJEROMI- IFELODUN

12. IBEJU- LEKKI

14. ETI-OSAAjahLekkiVictoria Island

8. MUSHINMushin

9. AGEGEAgegeIju

10. SURULERESurulere

11. IFAKO-IJAYEIjoroko

METHODOLOGYThe Lamudi Quarterly Barometer for Lagos is based entirely on data on properties listed on the Lamudi platform by our network of real estate agents and property developers as well as data on searches carried out by property seekers. With over 125,000 visits monthly and 30,000+ property listings, Lamudi is Nigeria’s largest real estate platform and leverages its data to assist buyers, sellers and investors in making intelligent decisions in the Real Estate sector.

Demand and Pricing data for the first quarter of 2015 has been collated for every Lagos Neighbourhood location for which sufficient data is available and validated by local Lamudi teams before consolidation under Local Government Area. The complete breakdown of locations grouped under their respective LGAs is provided in the following table.

Property Sales Price data is derived from the offer prices on available residential

properties and calculated “per bedroom”.

Rental Price data is derived in a similar fashion and presented as “Annual Rental price per bedroom”.

It is important to note the distinction between Offer price and Actual Sales price which is typically the result of private negotiations.

Land Price data has been excluded from this initial report, but it is the intention that future reports include land price on a “price per sqm” basis.

Demand Pressure is calculated as a proportion of Demand (Searches) in a location versus the level of Supply of available properties in that location.

From Q2 2015, the quarterly report will include a metric for +/- growth against the previous quarter for each data point.

Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 32 countries in Asia, the Middle East, Africa and Latin America, with more than 900,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers,

About Lamudilandlords and renters a secure and easy-to-use platform to find or list properties online.

Lamudi Nigeria is the largest real estate portal in the country with over 30,000 property listings and a nationwide network of over 3,000 real estate agents and property developers.