How much is a House in Nigeria in US Dollars?

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The average cost of a house in Nigeria is $50,000 to $200,000, using the current exchange rate. It should be noted that the cost of a house in rural areas in Nigeria can be as low as $1,000. In the upscale areas of Lagos and Abuja, the cost of a house can be above $1 million.

Nigeria is the most populous country in Africa and the country with the largest economy in the continent.

cost of house in NIgeria in us dollars

The table below shows the average cost of houses in major cities and towns in Nigeria:

City/TownAverage Cost of House in Nigeria in US Dollars
Akure                                     60,000.00
Ado Ekiti                                     50,000.00
Ibadan                                     70,000.00
Abeokuta                                     70,000.00
Ikeja                                     90,000.00
Victoria Island                                   100,000.00
Lekki                                   100,000.00
Ikoyi                                   500,000.00
Isolo                                     90,000.00
Benin City                                     60,000.00
Asaba                                     70,000.00
Warri                                     50,000.00
Port Harcourt                                   200,000.00
Uyo                                     80,000.00
Calabar                                     65,000.00
Yenagoa                                     60,000.00
Jos                                     40,000.00
Kano                                     50,000.00
Kaduna                                     60,000.00
Gombe                                     40,000.00
Bauchi                                     40,000.00
Maiduguri                                     50,000.00
Yola                                     40,000.00
Makurdi                                     50,000.00
Jalingo                                     45,000.00

Factors Affecting Real Estate Prices in Nigeria

The following are the factors that affect real estate prices in Nigeria:

Location

Just like in any real estate market, location plays a crucial role in determining property prices. Cities like Lagos, Abuja, and Port Harcourt tend to have higher property values due to their economic significance, amenities, and infrastructure.

Property Size and Quality

The size and quality of a property also significantly impact its price. Larger houses or those built with high-quality materials and modern amenities generally command higher prices.

Land

The cost of land can affect the prices of real estate in Nigeria. The value of houses is high in Lagos and Abuja because of the high cost of plot of land. A plot of land in Lekki, Lagos can go for 30 million naira while the same plot of land in Ado-Ekiti can go for as low as 1 million naira.

Economic Conditions

Economic factors, including inflation rates and currency exchange rates, can influence real estate prices. Nigeria, like any other country, experiences economic fluctuations that can impact the affordability of housing.

Neighborhood and Amenities

The neighborhood’s reputation and the availability of amenities such as schools, hospitals, and shopping centers contribute to property values. Gated communities or areas with good security measures may have higher-priced homes.

Infrastructure Development

Ongoing or planned infrastructure development in an area can boost property prices. Improved transportation, road networks, and other infrastructure projects often attract real estate investment.

FAQs on the cost of a house in Nigeria in US dollars

1. Can foreigners buy houses in Nigeria?

Yes, foreigners can buy houses in Nigeria; Nigeria is an open economy that encourages foreigners to invest in it.

2. Can local banks finance the purchase of houses in Nigeria?

Yes, banks like First Bank, Zenith Bank and Citibank etc. offer real estate financing packages and loans to investors.

3. What are the other costs involved in house acquisition in Nigeria?

The additional costs may include legal fees, search fees, agency fees, and stamp duty charges.

4. Can I buy land and build my own house in Nigeria?

Yes, you can buy your own land and build on it. However, you need to get the necessary approvals from the government before you build.

5. Does Nigeria have property tax?

Yes, you are expected to pay tenement rates in Nigeria. It should be noted that some categories of house owners are exempted from paying tenement rates.

Do you want to know the cost of a house in Nigeria in US dollars? If yes, kindly reach out to us.

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