We currently live in a nice leafy suburb in North London. We aim to keep the house when we move over to Lagos, let it out and go and let in Lagos for a while before seeking to buy or build.
I am informed that a rental in a nice part of Lagos on the Island is going to cost from N2.5M - N4.5M per annum / £10.5k - £17k / $21k - $33k / £900 - £1,400 per mth depending on where (how far you have to travel to the CBD), whether serviced (water and power) and how big (flat, semi-detached duplex or detached house).
It is quite impressive that Lagos rents are matching London rents and I wonder how expensive Lagos now is on a cost-of-living index.
Just checked the figures for 2007.
London is in the No.2 position, just after Moscow. Lagos is at No.37 from No.31 last year. 2008 will probably show Lagos moving up as a costly city. You can see the figures here:
http://www.mercer.com/referencecontent.jhtml?idContent=1095320
I am also informed that you have to pay 2 years in advance compared to the 1-2 mths advance you pay in London. Interesting...
About Me
- Munachi Okoye
- Munachi Okoye has worked as an equity and debt derivates analyst and a Real Estate Investment Manager in London. He is currently in the process of returning to Nigeria where he has taken up a position in a bank. This blog will chronicle his return but will also highlight investment opportunities in Nigeria via his new role as a Nigerian Investment Banker.
No comments:
Post a Comment