Over the last five years, amid an economic downturn that has caused the Naira to lose value against other currencies, especially the dollar, the property market in Nigeria has not remained the same. It has seen a major shift in product offering.
Within this period, the market has recorded a significant growth in diaspora-driven demand for both sales and rental properties in high-end locations across major cities.
With a stronger currency, these diaspora buyers and investors dominate the market, investing in land, whole buildings, and apartments, and they are very particular about where they invest and in what they invest.
“What is clear is that diaspora buyers are very specific about what they want. They’re drawn to high-security gated estates, developments that are short-let friendly, and buildings with modern amenities, including elevators, gyms, coworking spaces, reliable power, and strong property management.
These preferences are shaping how developers design projects today,” Cherish Orji, s real estate sales and marketing executive, noted in a post accessed by BusinessDay.
Orji finds it interesting that the market is experiencing a major shift, noting that there has been steady growth in diaspora-driven demand as more Nigerians living abroad are intentionally returning home, not just to visit, but to invest.
According to her, the factors driving this demand are currency fluctuations, the need to hedge long-term value, and a strong desire to own something tangible back home because, “for many, real estate feels familiar, stable, and emotionally grounding.”
Orji noted further that, even in uncertain economic times, this consistent diaspora demand is helping to keep developments moving and the market active, pointing out that, “it’s no longer just about owning property, it’s out owning something that works whether you’re in Lagos or abroad.”
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The sales and marketing executive, who has a certificate in Data Analysis, advised developers and sundry investors that understanding this shift in the market is important, especially for investors who want to stay aligned with where demand is heading.
It should be noted, however, that many developers and investors are already offering smart homes, whose design features and amenities reflect what is on offer where the diaspora buyers live. But these products are quite pricey. They come at prices only the diaporans and people with deep pockets, like politically exposed persons, can afford.
In Lagos, for instance, there is strong demand across different market nodes in the city, especially in Banana Island, Ikoyi, Victoria Island, and Lekki Phase 1.
A recent report by Edala Development, an online real estate research firm, says the sales market in Banana Island has witnessed a jump in prices, explaining that over the last five years, the price of a four-bedroom home has moved from N350 million in 2020 to N800 million in 2025, three-bedroom properties has risen to about N600 million, while two-bedroom apartments are now valued at around N385 million.
Similarly, in Ikoyi, the report says one-bedroom apartments has risen from N80 million to N170 million, two-bedroom units from N102 million to N350 million, three-bedroom homes from N255 million to N550 million, while four-bedroom properties have gone up from N300 million to N750 million.
Victoria Island has also seen similar growth, with four-bedroom homes rising from N225 million to N750 million, three-bedroom units to N500 million, and two-bedroom apartments valued around N350 million.
In Lekki Phase 1, prices have also jumped, with two-bedroom apartments surging from N70.5 million to N247.5 million, and three-bedroom homes rising from N102 million to N315.3 million. Larger properties and those with verified Certificates of Occupancy commanded higher prices, reflecting buyer confidence and the area’s strong investment appeal.
