Yaba is known as a residential hub for the younger demographic due to its proximity to Victoria Island and other key business hubs in Lagos including Ikeja, and Lagos Island where the majority of young people in Lagos work.
The region also has over 8 tertiary institutions and houses three of Lagos’ major educational institutions namely; the University of Lagos (UNILAG), Yaba College of Technology and Federal College of Education, Akoka.
It is located within Lagos Mainland Local Government Area which is approximately 19.62 km2 and has in recent times, formed a cluster for technology-driven companies. This has led to increased interest in real estate infrastructure to support its futuristic narratives, such as co-working spaces and smaller multi-unit residential apartment buildings.
The facts:
Estate Intel is currently tracking about 515 completed residential units in Yaba, although there is more untracked stock in the area, we approximate that about 120 of the units are currently under construction. Yaba has recorded an average rental growth of 1.7% over the last 5 years with the average rent for a 1-bedroom at c. ₦700,000.
The region has now become a major hub for young professionals, also based on its proximity to the island. This is contributing to the growing interest and investment into young professional housing within the area.
The increasing awareness of the younger population has led to an increase in 1-bedroom and studio developments in the pipeline, designed to serve that market demographic, projects such as Lagoon View Estate and Jacob Mews Estate.
Though there are multiple conceptual projects for large scale (50+units) targeting young professionals and families, There are also larger-scale projects, such as Casino Heights and Opal Luxury Apartments which are currently under construction in the Yaba area.
Yaba is becoming an interesting investment opportunity for large and small-scale residential developers, due to the direction of the market and its large population of young professionals.
Our Yaba Residential Market Analysis gives a more in-depth study on the sale and rental rates, yields and data points necessary for making the right investment decisions.
