I always look into Nigerian real estate as part of my educational activities, and in the past, Lamudi Lagos’ blog was a great resource for me.
For instance, they had charts showing the distribution of demand and supply in the Lagos housing market, the costs of development for different parts of the city and more. Now, since they became Jumia Housing, the blog has disappeared and I have been lost on where to glean accurate and well laid out data for real estate market in Nigeria.
Today, I was looking for cap rate information. This is simply the ratio of net income from a real estate property divided by the cost of that property or it’s current market value. Simple enough calculation, and I believe Lamudi used to have a survey or estimate of the average cap rates for Lagos properties on their blog. I can’t find that information anywhere.
Moreover, I can’t get any reliable info on rental rates, cost of development or anything like that for any property that I’ve seen publicly available. I know a good backdoor would be to hit up people in development industry, get estimates of costs and rental revenues and then parse the cap rates from there. I might still do that. But if anyone knows of a good real estate research resource anywhere that gives reliable information about the industry in Nigeria, please send it my way.
You can reach me on twitter @eldivyn.