Istanbul and Lagos are two of the most vibrant cities in the world. Both cities have their unique characteristics, but their real estate markets both have plenty to offer. In this blog post, we will compare the real estate markets of Istanbul and Lagos and put into consideration population growth, demand growth, property prices, standard of living, and property appreciation in both cities.
The real estate markets of Istanbul and Lagos have a lot of features in common. Both cities boast a high population growth rate, with Istanbul’s estimated at 3.45% and Lagos’ reaching 3.54%. This is because both cities are highly attractive for immigrants and expatriates who are looking for good business opportunities or improved quality of life. In terms of demand growth, both cities have seen a steady rise in the number of people looking for properties, especially in the commercial sector.
First, let’s consider population growth. The current metro area population of Istanbul in 2023 is 15,848,000, a 1.36% increase from 2022. Meanwhile, the current metro area population of Lagos in 2022 is 15,388,000, a 3.54% increase from 2021. This shows that the population of Lagos is growing at a faster rate than Istanbul.
When it comes to property prices, both cities have seen an increase in recent years. In Istanbul, the Central Bank of Turkey has reported a 184.6% increase in residential property prices over the last year, while in Lagos the prices have been steadily increasing as well. This is partly due to the fact that living costs have also gone up in both cities, such as sunflower oil, wheat flour, and LPG becoming more than 100 percent expensive in 2021.
The standard of living in both cities is quite high, although there are some differences. In Istanbul, the government has been investing heavily in mass housing development, particularly for low and middle-income households. This has resulted in an influx of affordable housing options in the city. On the other hand, Lagos is known for its higher cost of living, mostly due to its large population size and the need for better infrastructure and urban planning, which can be quite costly. According to Numbeo, the cost of living in Lagos is 12% more expensive than Istanbul. Istanbul is known for its affordable housing, while in Lagos, house buyers have to compromise with certain areas due to the redevelopment process.
How Has The Real Estate Appreciate in Both Istanbul and Lagos
Both cities have seen an appreciable appreciation of real estate assets in recent years. In Istanbul, house prices increased by 32.39% year-over-year in April 2021 and 28.56% in Istanbul, while in Lagos the property prices have seen a gradual increase in the last few years.
Finally, let’s look at property appreciation in each city. Most experts say that if Istanbul were to fall, Turkey would collapse. As a result, Istanbul’s housing market is a global hotspot, and the eyes of the world are watching to see how the city performs over the next ten years. In addition, some areas of Istanbul still attract buyers due to their commitment to green living. On the other hand, in Lagos, house prices have risen fast in the last year and the population is growing rapidly.
Both Istanbul and Lagos have seen a steady rise in real estate prices and demand in the last few years, and have become popular locations for property investment. The standard of living is quite high in both cities, and the rising population numbers only add to their attractiveness.
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