Knight Frank Report Highlights Lagos, Abuja, and Port Harcourt Property Market Trends
Knight Frank's H1 2026 Lagos Market Update identifies a property market shaped by rising residential costs, infrastructure investment, and selective occupier demand.
In Brief
- •Knight Frank's H1 2026 Lagos Market Update identifies a property market shaped by rising residential costs, infrastructure investment, and selective occupier demand.
- •Nigeria's construction sector grew by 6.38 percent year-on-year in Q1 2026, with real estate accounting for 13.10 percent of real GDP.
- •Residential rents in Lagos have more than doubled since 2023, with demand shifting towards more affordable options on the Mainland.
- •Commercial property demand is selective, with Grade A office rents stabilizing at about US$55 per square metre monthly.
- •Diaspora investment remains an important driver, while affordability continues to be a concern in Abuja and Port Harcourt.
Why It Matters
The report highlights the evolving dynamics of Nigeria's property markets, driven by infrastructure investments, changing occupier needs, and affordability pressures. These trends are crucial for investors, landlords, and developers as they navigate the market's complexities. Understanding these shifts can help stakeholders make informed decisions and position themselves for growth in key urban markets.
Key Details
- Construction Sector Growth
- 6.38 percent year-on-year
- Real Estate Contribution to GDP
- 13.10 percent
- Headline Inflation Rate
- 15.91 percent
- Grade A Office Rents
- US$55 per square metre monthly
- Industrial Rents in Alaro City and Lagos Free Zone
- US$4–6.5 per square metre monthly
Context & Background
Nigeria's property market has been influenced by various factors, including economic policies, infrastructure development, and changing consumer preferences. The report provides insights into the current trends and challenges faced by the market.
Original Reporting & Sources
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