In 2024, the most expensive states to own a house in Nigeria are influenced by a combination of demand for luxury real estate, the concentration of wealthy individuals, economic activity, and infrastructural developments. Here’s a list of the top 10 most expensive states:
Top 10 Most Expensive States to Own a House in Nigeria in 2024: Driven by Luxury Demand and Economic Growth
- Lagos State: Lagos continues to be the most expensive state for real estate, particularly in high-end areas like Banana Island, Victoria Island, and Ikoyi. Properties here can range from hundreds of millions to several billions of naira.
- Abuja (Federal Capital Territory): As the political capital of Nigeria, Abuja has some of the priciest real estate, especially in neighborhoods like Maitama, Asokoro, and Wuse. The cost of houses in these areas often matches or exceeds those in Lagos.
- Rivers State: Port Harcourt, the capital of Rivers State, is a major oil and gas hub. This has driven up real estate prices, particularly in secure estates and waterfront properties.
- Ogun State: Ogun is increasingly expensive due to its proximity to Lagos and the rise of developments in areas like Abeokuta and Sagamu, with high-end estates attracting significant investment.
- Oyo State: With Ibadan’s growing economy and infrastructural developments, Oyo State has become more expensive, particularly in upscale neighborhoods.
- Anambra State: The economic activities and wealthy individuals in cities like Awka and Onitsha have led to a surge in property prices, making it one of the most expensive states in the southeast.
- Enugu State: Enugu is becoming a real estate hotspot due to its increasing urbanization, particularly in the Government Reserved Areas (GRA) where property values have surged.
- Delta State: Real estate prices in Delta, particularly in Warri and Asaba, have risen significantly due to oil wealth and growing commercial activities.
- Edo State: Benin City, the capital of Edo State, is seeing rising property prices, especially in well-developed estates and areas favored by returnees and expatriates.
- Kano State: As one of the major commercial centers in northern Nigeria, Kano has some of the highest property values in the region, particularly in the business districts.