Rent in Lagos has become one of the biggest financial pressures facing working professionals and young families. From Lekki to Yaba and even the outskirts of the city, tenants are grappling with annual increases that stretch incomes and make long-term financial planning difficult. For many residents, the question is no longer if rent will rise, but how soon.
While policy conversations around housing finance, including initiatives such as the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), continue to shape the broader real estate landscape, individuals still need practical, immediate strategies. The real opportunity lies in understanding how to transition from being a tenant to becoming a property owner, whether through buying affordable land in emerging areas or leveraging mortgage financing wisely.
Q&A with MRS SILVER ITIVERE ONUOHA
In this interview, we speak with Mrs Silver Itivere Onuoha, a Lagos-based realtor who works directly with land investors and mortgage-backed property buyers. She shares practical insights on where affordable opportunities still exist, how infrastructure development influences land value, and what first-time buyers must know to avoid costly mistakes.
Rent in Lagos continues to rise across many neighborhoods. From your professional experience, what is driving this trend, and do you see it stabilizing anytime soon?
Lagos state will forever continue to attract people from other Nigerian states and abroad because of its job opportunities, better social and economic infrastructure and education and lifestyle prospects, vis-za-vis has brought fast influx increases demand for housing far beyond supply, pushing rent price up, especially in already desirable areas. The perception of rent in Lagos is rising mainly due to strong demand and supply. As a professional Real Estate Consultant/Broker in the Real Estate industry that there are various factors drives these trends such as ;
- Rising Construction Cost: This particular factor is one of the major key players of rental increase because prices of cement, iron-rods, labor and land itself have gone up. As a matter of fact cement price is approximately Twelve Thousand Naira in 2026, hence, these acts only made most of the landlords in Lagos adjust rents to recover cost.
- High Population Growth: Like I said earlier before now, Lagos keeps attracting people daily for jobs and business, hence increasing demands.
- Inflation and Naira Devaluation: This is one aspect that makes rental prices skyrocket and this is because of the general economic pressure that affects property development and maintenance for example the higher cost of utilities, higher cost of living and loan interest rate as a whole affects everything including rent.
- Land Scarcity and Speculations: This also influences the rise in rent in Lagos because buildable lands are limited and land values increase as more people want to live close to work and services sometimes, investors just buy land for just investment purposes(speculations) not to build immediately, this, in turn, puts upward pressure on prices. When asked whether the market will stabilize soon, I can say that stabilization is unlikely, especially in a prime and developing areas such as Lekki, Ikoyi, Victoria island, Ibeju-Lekki even in Epe in years to come because of the infrastructures and amenities coming into these areas.
However, rents may slow down (not necessarily drop) if more housing projects are completed, and the economy stabilizes and government housing policies improve supply. For now, the trend is more of a gradual increase rather than a sudden spike, except in high-demand neighborhoods.
For someone currently renting and earning a steady income, what is the first realistic step toward owning property in Lagos?
I love this question. The first realistic step is to visualize or rather have a clear picture about your goals, objectives and finances which makes you build a solid foundation to bring this into reality. As a Real Estate Consultant, I always advise my clients to assess their income, expenses, and savings capacity, then create a structured plan to build a down payment fund for any property they intend to purchase. In Lagos, most properties require ten percent to thirty percent upfront, so disciplined savings is actually the key.
In a nutshell, I always recommend people to engage in a mortgage institution early to understand eligibility, financing capacity and documentation requirements. I always advise my clients and prospective clients that property ownership is not accidental, it is structurally planned with financial discipline and informed guidance, positioning yourself by transiting from tenant to home owners, which becomes a structured achievable process.
Is it more strategic for first-time buyers to start with purchasing land in emerging areas, or to consider mortgage financing for a completed property? What factors should influence that decision?
This is a very strategic question and I must say, just one answer won’t fit all because it depends on the buyer’s financial capacity, income stability, risk tolerance and long-term goals. For example areas like Ibeju-Lekki and Epe are still developing but appreciating steadily as in fact, it is now called “A New Lagos.” As a real estate consultant, I usually present two investment pathways: purchasing land or acquiring property through a mortgage. Buying land in emerging areas like Ibeju-Lekki and Epe is an ideal option for buyers seeking a lower entry cost, flexible payment plans, and long-term appreciation. It is particularly suitable for investors who are not in a hurry to move in or earn rental income immediately. On the other hand, purchasing a completed property through a mortgage in areas such as Lekki, Ajah, or Ikeja works best for buyers with stable income who want immediate possession, rental income, or an opportunity to stop paying rent.
As a realtor, I will always say, for most first-time buyers or subscribers, starting with land in a credible emerging area is safer and less financially stressful. However, buyers with strong and stable income can strategically use mortgage financing to acquire completed properties and build wealth faster.
Which locations within or around Lagos currently offer relatively affordable land with strong potential for appreciation, particularly in areas where infrastructure or road development is planned?
This is a fantastic question and from a professional perspective, I would advise to focus on infrastructure and basic amenities driven corridors such as; Ibeju-Lekki which is a very strong area because of projects like the Lekki Deep Sea Port, Dangote Refinery and the Lekki Free Trade Zone and the proposed Lekki International Airport, this area still has relatively affordable pockets with high appreciation potential.
Epe is another good option due to road expansion along the Lekki-Epe axis. Ikorodu is gaining attention with developments linked to the proposed Fourth Mainland Bridge. In addition, Lagos border towns(Ogun state axis) such as Lagos Ibadan expressway example Mowe-Ofada, Agbara and Ijebu-Ode Ikorodu road offer larger, more affordable plots benefitting from Lagos spill over growth.
Badagry is another beautiful location to consider, because of improvements on the Lagos-Badagry Expressway. For clients looking for more affordable entry points,
border towns along the Lagos-Ibadan Expressway that I mentioned earlier like Mowe and Agbara also present viable opportunities.
In a nutshell, I always advise clients to buy in areas where infrastructure is either ongoing or planned, and to ensure proper land titles for security.
Many prospective buyers are concerned about land fraud and improper documentation. What due diligence steps should they take before committing to a purchase?
This is one vital and crucial aspect of owning a property in Nigeria, if you are not careful, you will fall victim to buying a fake land with cloned documents. Land fraud is a major concern in Lagos, so due diligence is non-negotiable.
First, buyers must verify the title documents, whether it’s a C of O, Governor’s Consent, Excision or Registered Survey. This should be confirmed at the Lagos State Land Registry. I always say this as a realtor, every individual must have their own personal surveyor and Lawyer for proper guidance in owning properties in Nigeria.
Second, conduct a charting and search of the land you want to buy at the Lagos State Surveyor General’s Office to confirm the land is not under government acquisition. I personally have my own surveyor who helps me carry out all necessary coordinate charts of the land or house before I sell to all my clients.
Third, carry out a physical inspection very important, know what you are buying, confirm access roads, check for encroachment, even ask the neighbors around the area about the land you want to buy and speak with adjoining property owners.
Fourth, engage a Real Estate lawyer to review documents and handle the deed of assignment properly.
Finally, ensure proper documentation and registration after purchase to secure legal ownership because buyers should never rely on verbal assurances, every claim must be verified legally and professionally before payment.”
For young professionals who feel financially unprepared to own property, what practical financial habits or planning strategies would you recommend they start implementing today?
From the inception of this interview, I emphasized an essential factor in actualizing your set goals and objectives when trying to own a home or rather a land to your possession which is “Discipline in Savings.” The deal as young professionals in Nigeria and Diaspora who feel financially unprepared, I recommend starting with disciplined financial structure.
First, you have to create a clear monthly budget and track expenses to identify savings capacity. This is essential to enable you to strategise in achieving owning your own property.
Second, build a dedicated property fund and automate consistent contributions.
Third, maintain a credit profile, that is, a strong and stable income record to improve mortgage eligibility.
Fourth, reduce unnecessary debt, avoid excessive spending and focus on long-term asset building rather than lifestyle inflation.
Finally, start early with land banking in emerging corridors such as Ibeju-Lekki or Epe, where entry prices are still relatively accessible, I sing it everyday to all my existing clients and prospective clients to start early in buying land banking in order to build more wealth
Property ownership is not about how much you earn at once, but how well you plan, save, invest wisely, and take advantage of opportunities early.
Building wealth through property requires patience, disciplined financial habits, proper due diligence, and making informed decisions in the right locations at the right time.
We thank Silver Itivere Onuoha (Sunshine) for sharing her insights and practical advice on navigating Lagos’ property market.
About Silver Itivere Onuoha
Silver Itivere Onuoha, popularly known as Sunshine, is an interior and exterior designer, real estate consultant, and CEO of L&Sbrealty Prestige Luxury Homes and Co-Founder and CEO of L&S Interior Decor. She specializes in property advisory, luxury home marketing, and strategic land acquisition. A Lagos State University graduate, she is committed to helping clients make informed real estate decisions that support long-term wealth and lifestyle growth
Connect with her
FACEBOOK NAME: SUNSHINE DÉCOR
INSTAGRAM: L-SLUXURYHOMES
YOUTUBE:L&S LUXURY HOMES & DÉCOR
CONTACTS: +2348160637112
+2348137722427
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