Here is the Nigeria Real Estate Blog weekly snapshot of average asking prices for 3-bedroom apartments (furnished and semi-furnished units in established estates) as of May 20, 2026.
Note: These are asking prices. Actual transacted prices are typically 8–18% lower after negotiation.
Average Asking Prices – 3-Bedroom Apartments (May 20, 2026)
| City / Area | Average Price | WoW Change | MoM Change | Key Driver |
|---|---|---|---|---|
| Lagos (Lekki, Ikoyi, VI) | ₦185M – ₦245M | +1.8% | +6.2% | Premium demand & limited supply |
| Lagos (Ajah, Badore, Sangotedo) | ₦95M – ₦138M | +2.1% | +7.8% | Infrastructure spillover |
| Abuja (Maitama, Asokoro) | ₦135M – ₦178M | +0.9% | +4.1% | Diplomatic & high-end demand |
| Abuja (Gwarinpa, Lugbe) | ₦78M – ₦105M | +1.4% | +5.9% | Affordable satellite growth |
| Port Harcourt | ₦68M – ₦92M | +0.7% | +3.8% | Oil sector stability |
| Ibadan | ₦52M – ₦78M | +2.3% | +8.4% | Strong suburban expansion |
| Enugu | ₦48M – ₦71M | +1.1% | +5.2% | Steady residential demand |
| Kano | ₦45M – ₦65M | +0.5% | +3.1% | Cautious northern market |
Market Commentary (May 2026)
- Lagos continues to lead with strong price growth, especially in emerging corridors like Sangotedo and Ajah, driven by new infrastructure and the gradual easing of mortgage rates following recent CBN MPR cuts.
- Abuja shows moderate growth as buyers shift toward more affordable satellite locations due to high prices in core areas.
- Ibadan recorded the highest month-on-month increase this week, benefiting from spillover demand from Lagos and improving road networks.
- Overall national trend: Mid-market 3-bedroom apartments in suburbs are seeing faster price appreciation than ultra-luxury segments.
Key Factors Influencing Prices This Week
- Continued CBN rate cuts improving buyer confidence and mortgage accessibility.
- Rising construction costs pushing developers to raise asking prices on new completions.
- Strong rental demand in suburbs supporting investor purchases.
- Increased activity from pension funds and institutional buyers in mid-market residential.
Final Thoughts
The 3-bedroom apartment segment remains the most active and liquid in Nigeria’s residential market in 2026. While prime Lagos locations command premium prices, fast-growing suburban corridors continue to offer the best combination of capital appreciation and rental yields for most investors.
Buyers should focus on areas with confirmed infrastructure delivery and strong tenant demand, while negotiating aggressively as transacted prices are still noticeably below asking prices.
Would you like us to track a specific city or property type in next week’s report? Drop your request in the comments.
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