As of my last knowledge update in September 2021, Lagos State, Nigeria, had experienced significant real estate growth and development. However, please keep in mind that the real estate market is subject to various factors that can change over time, such as economic conditions, government policies, and market trends. Therefore, it’s essential to consult more recent sources and market reports for the most up-to-date information on the state of the real estate market in Lagos.

Here are some key factors that were contributing to real estate growth in Lagos State up to 2021:

• Population Growth: Lagos State is one of the most populous states in Nigeria, and its population was growing rapidly. This demographic growth was driving demand for housing and commercial properties.
• Urbanization: Lagos is a major urban center in Nigeria and serves as the country’s economic hub. The urbanization trend was leading to increased demand for housing and commercial spaces, as people migrated to the city in search of job opportunities and better living conditions.
• Infrastructure Development: The government and private sector were investing in infrastructure development projects, including road networks, bridges, and transportation systems. Improved infrastructure often leads to increased property values and demand.
• Foreign Investment: Lagos was attracting foreign investors interested in the real estate market, which was contributing to the development of luxury properties, hotels, and mixed-use developments.
• Real Estate Investment Trusts (REITs): The introduction of REITs in Nigeria allowed for easier access to real estate investments, making it more attractive for both local and international investors to participate in the real estate sector.
• Government Policies: Government policies and initiatives, such as the Lagos Home Ownership Mortgage Scheme (Lagos HOMS), were aimed at providing affordable housing options and stimulating the real estate market.
• Commercial and Industrial Development: Lagos State was experiencing growth in the commercial and industrial sectors, attracting businesses that needed office spaces and warehouses.

Conclusion

It’s important to note that the real estate market can be cyclical, and various factors, including economic downturns or regulatory changes, can impact growth. To get a current and accurate picture of the Lagos State real estate market in 2023 and beyond, I recommend consulting local real estate experts, industry reports, and government sources for the most recent data and trends.