We spent the last six months doing a thorough real estate market comparison between Surulere and Ikeja.
At a glance, this is the verdict:
For 2025, Ikeja edges ahead as the better long-term investment (stronger rents, more corporate demand, steadier appreciation), while Surulere currently gives better cash-flow value for budget buyers and renters who prioritise lower entry prices.
But don’t take this at face value.
In the rest of this in-depth guide, we explain:
- Sale prices
- Average rents
- Commute and transport advantages
- Amenities
- Short- and long-term Returns on Investments (ROI)
- Rental demand.
…in both neighbourhoods.
Surulere vs Ikeja: At-a-glance Comparison
| Ikeja | Surulere | |
| Typical price range (apartments/semi-detached) | ₦450 million to ₦1 billion | ₦65 million to ₦550 million |
| Average annual rent (1-bed/flat market avg) | ₦2 million to ₦13 million | ₦700,00 to ₦2 million |
| Typical gross rental yield (market) | 4 to 6% | 6 to 9% |
| Commute score to Lagos Island/business districts | 7/10 (close to Murtala Muhammed Airport Rd, Ikeja GRA, Alausa) | 10/10 (Excellent for Yaba/Ojuelegba/Island fringe: much closer to many Island-bound routes; quicker trips into Victoria Island in off-peak) |
| Safety and perception | Perceived as safer | Mixed |
| Amenities (schools, hospitals, malls) | 10/10 (Ikeja GRA, Maryland/Ikeja City Mall proximity, good private schools). | 7/10 (fewer big malls; local markets, clinics, sports facilities, despite the National Stadium nearby). |
| Vacancy and demand | 7/10 | 10/10 (especially among students and young professionals). |
Source for analysis: Current property listings and the State of Lagos Housing Market Report (Volume 3) by the Roland Igbinoba Real Foundation for Housing and Urban Development (RIRFHUD)
Prices, Rents, and What They Mean For You
When it comes to property prices and rent costs, Ikeja has a broader spread.
You’ll find lower-ticket one-bedroom flats in less central areas of Ikeja starting from the ₦10 million range for purchase.
Still, premium offerings (in places like GRA and new estates) push prices to around ₦50 million to ₦250 million for quality family detached homes and luxury apartments.
Market average asking rents for flats are around ₦3.8 to 4.4 million per annum so far this year.
Surulere has a much friendlier entry price.
You’ll find many one- and two-bed flats and small 2-3 bedroom houses with asking prices clustered in the ₦6 million to ₦25 million range, depending on the exact street and condition.
The average 1-bed rent is about ₦1.5 million to ₦1.8 million per year. So it’s suitable for investor cash flow if you buy at a below-market price and manage it well.
Surulere tends to give higher gross yields if you can acquire at the right price.
OUR VERDICT:
If you want capital preservation and institutional tenants (longer leases), Ikeja is the way to go.
If you want immediate cash flow and low entry capital with active tenant turnover (students, young professionals), Surulere is a better investment option.
Transportation Access Advantage
Ikeja sits astride the main routes to MMIA, Alausa (state secretariat), Maryland/Allen Avenue, and is a short drive to the Ikoyi/VI corridors using beaches or overhead bridges.
Without argument, this makes it convenient for air travellers and civil service staff.
Ikeja has good access to major bus corridors, and private shuttle routes serve corporate estates.
On the other hand, Surulere is physically closer to Victoria Island and Lagos Island than most of the Ikeja outskirts.
Travel times to Victoria Island can be short off-peak (16 minutes) and often longer in peak traffic.
As you’d see for Ikeja below, the distance is farther (over half an hour):
In other words, Surulere is an advantage for professionals working on the Island or in Yaba tech hubs. Ojuelegba and Bode Thomas are central transport nodes.
OUR VERDICT
Both Ikeja and Surulere have danfo, okada, and minibus (korope) networks, as well as growing private shuttle services.
However, if you really think about it, Ikeja benefits from more corporate park shuttles. Surulere is a better choice for last-mile public transit to Island-adjacent business districts.
READ ALSO: How to Get to Surulere from Anywhere in Lagos (+Cheapest Routes)
Lifestyle and Amenities?
It would be disingenuous to debate Surulere vs. Ikeja on value without considering lifestyle and amenities.
Ikeja has more private international schools and exam-prep centres (closer to Ikeja GRA and Allen).
While there’s no official listing portal to confirm this, anecdotal evidence suggests that it is the case.
Surulere has respectable private schools but fewer high-end international options.
Healthcare
You’re likely to find larger clinics and private hospitals clustered near the GRA and ALAUSA corridors.
Surulere has good primary clinics and is well served by larger hospitals in neighbouring districts.
ALSO READ: How Safe Is Surulere?
Shopping and entertainment
Goes without saying that there’s the Ikeja City Mall, along with other local malls and markets that make Ikeja stronger for one-stop shopping.
Meanwhile, Surulere’s advantage is local commerce.
There are more lively markets, sports culture (National Stadium), eateries, and entertainment (which seem to be better for older, established Lagosian lifestyle).
Green spaces and nightlife
Unfortunately, neither is a green-space haven by global standards.
The global standard, recommended by the World Health Organisation (WHO) and cited by the UN, is:
- A minimum of 9 square meters of green space for every person.
- A park should be within 300 meters of each resident’s home.
Indeed, there are several green parks in Ikeja, with at least three notable ones being the Ndubuisi Kanu Park, Johnson Jakande Tinubu (JJT) Park, and Dr. Oluyomi Abayomi Finnih Park.
The well-known ones in Surulere include the grounds around Teslim Balogun Stadium and the National Stadium, as well as smaller parks such as Shitta Roundabout Park and Kernel Street Recreational Park.
Ikeja’s planned estates have better recreational facilities.
Nightlife in Surulere is local and vibrant, while in Ikeja it’s more suburban.
Investment Perspective (1–3 year outlook)
Starting with Rental demand…
Ikeja’s demand for rent is driven primarily by corporate staff, civil servants, airport staff, and middle- and upper-income families.
This produces steady demand even during macroeconomic dips.
On the other hand, Surulere’s demand is highly rental-centric. You’ll find, in the majority, young professionals, small families, and students.
This means high occupancy but also turnover.
Vacancy and time to let
From our experience, Ikeja typically takes longer to let premium units, but they secure longer leases.
On the other hand, Surulere units allow for faster processing but, in some cases, would require more frequent tenant management.
Value Appreciation (1–3 years)
In Ikeja, property prices are expected to rise steadily over the next few years.
This is because new commercial developments and better infrastructure are attracting more serious investors and companies to the area.
In Surulere, property values may also rise, but only in areas undergoing upgrades or redevelopment.
The overall increase across the entire neighbourhood will likely be smaller and less consistent compared to Ikeja.
The Pros and Cons
Each neighbourhood has its good and bad sides from an investor’s perspective:
Surulere
| PROS | CONS |
| Lower entry cost and strong local rental demand. | Property condition can vary |
| Better cash-flow if bought well, and there’s high turnover but consistent demand. | Tenant churn can raise management costs. |
| The neighborhood has a community feel with relatively affordable houses. | Fewer premium schools; |
Ikeja
| PROS | CONS |
| Strong capital preservation due to a corporate tenant pool, access to the airport, and proximity to government offices. | Higher entry capital for property ownership |
| For renters, reliable services, malls, and private schools. | Higher rents |
| Investors get stable long-term tenants, and it’s easier to attract corporate leases. | Lower gross yields than in smaller-ticket areas. |
Buy Properties in Lagos Using RentHouseSurulere
If you’re looking to buy any property in Surulere, Ikeja, or any part of Lagos, the easiest and fastest way is to use the ‘Request Property’ feature on RentHouseSurulere.
We know the struggle of endless searches, unreliable listings, and dealing with agents who charge hidden fees.
But with RentHouseSurulere, your search becomes easier, faster, and completely stress-free. Some of the hot deals are on:
- Apartments/Flats: Includes self-contained units, mini-flats (1-bedroom), 2-bedroom, and 3-bedroom flats.
- Duplexes: Semi-detached and fully detached duplexes, often for families or high-end buyers.
- Bungalows: Single-story house.
- Detached houses: Standalone houses with private compounds.
- Semi-detached houses: Houses sharing a wall with another unit.
- Office spaces: For businesses, startups, and corporate offices.
- Shops and retail spaces: Shop units for trading, boutiques, supermarkets, and salons, especially around markets in Surulere.
- Bare land: Bought for future development or resale.
- Serviced plots: Land in gated estates with infrastructure like roads, drainage, and electricity.
If you’re in a hurry or prefer chatting, simply message us on WhatsApp with the following:
- That you’re looking for a particular type of property
- Your budget
- Your preferred area
- Any must-have features (like water supply, security, etc.)
We’ll reply faster than you expect, usually with ready-to-go apartment options, photos, videos, and even personalised advice on which areas in Surulere or Ikeja are most suitable for you, based on your lifestyle and budget.
The Bottom Line
Ikeja is a better neighbourhood in terms of value if you’re buying with a 5+ year horizon, want low vacancy risk, target corporate or professional tenants, or need proximity to the airport and government hubs.
If the above is not a priority, then Surulere offers better value right now.
This is especially true if you want lower capital entry, immediate rental cash flow, and easy access to Island/Yaba for young professionals.
