Surulere Property Valuation: How to Know What Your House Is Really Worth

If you live in Surulere, or you’re thinking of buying, selling, or renting here in 2025, the central question is often: what is my property really worth? 

As experienced property brokers in the Surulere market, we have special ways to evaluate properties. You will learn them in this article, step by step.

You will also learn what’s driving prices in Surulere right now and common mistakes to avoid. 

First off, what’s the market saying currently? 

Current Average Cost of Properties in Surulere

Here’s the general average of various properties across town based on the current market. 

But note that it ultimately depends on the property’s location, titles, and features, among other factors. 

Figures are based on listings from verified property sites and field data from our verified agents at RHS.

Buying landed property is a different ball game entirely. The average cost of a full plot of land in Surulere is around ₦220 million to ₦230 million, with prices ranging from under ₦100 million to over ₦10 billion for larger or prime properties.

Figures are based on listings from verified property sites and field data from our verified agents at RHS.

With this in mind, if you’re trying to evaluate your property, it’s better to use sold prices or recent closed deals in your neighbourhood and of the same type and condition (not only averages).

READ ALSO: Complete Guide to Buying a Flat in Surulere (2-, 3-Bedroom Prices &Tips)

The Four Practical Valuation Methods You Can Use (Step-By-Step)

These are methods that many property brokers use. You can use one or combine them to triangulate the best estimate.

1. Comparable Sales (Comps): The Best Practical Method

What it is: Find 3–6 recently sold homes that are as similar as possible (same neighbourhood, same number of bedrooms, same condition). Adjust for differences and average them.

How to do it:

1. If you can’t access an agent’s sale records for sold listings in the last 6–12 months, ask local agents. They can share with you recently sold prices.
2. Pick 3–6 good comps: note the sale price, date, size (sqm or plot), number of bedrooms, and condition.
3. Adjust the price of each comp for differences (e.g., add 10% if your house has a new extension; subtract 15% if the comp lacks parking and yours has). 
4. Typical adjustments range from 5–20% depending on the factor.
5. Average the adjusted prices. Viola! You have your market estimate.

Example: 

You own a 3-bed terrace in Aguda in decent condition. Then, when you look at recently sold comps:

• Comp A (3-bed terrace, same street) sold for ₦48 million last month.
• Comp B (3-bed terrace, renovated) sold ₦60 million 3 months ago (assuming you remove 10% due to the higher finish = ₦54 million).
• Comp C (3-bed, slightly smaller) sold ₦45 million (no major adjustments).

So the average cost for 3-bed terrace = (48 + 54 + 45) / 3 = ₦49 million.

That’s the market value.

NOTE: These property prices tend to be higher in real-life situations. We used these figures for example’s sake. 

2. Price-Per-Unit Or Price-Per-Sqm Method

What it is: Calculate price per square meter or per bedroom based on comps, then multiply by your home’s size.

How to do it:

1. Take three comps with a known area. Compute price/sqm for each.
2. Average the price/sqm.
3. Multiply by your home’s sqm.

For example:

The three Comps show price/sqm as:

₦230,000

₦250,000

₦210,000

That way, the average is ₦230,000/sqm.

If your house is 120 sqm, then 120 × ₦230,000 = ₦27.6 million 

BUT REMEMBER: price/sqm is more useful in new estates or when the area is accurately recorded; in older neighbourhoods where plot size and house condition vary, adjust for land value.

3. Income/Yield method (best for buy-to-let investors)

What it is: This is when you determine the value of your property by dividing the annual rent by the desired yield. 

This method makes sense most of the time if you plan to keep the property and rent it out. 

How to do it:

• Estimate realistic annual rent 
• Decide on a target yield (ranging from 4–8% depending on location and property type).
• The property Value = annual rent ÷ yield.

For example: 

You expect ₦1,200,000 annual rent. 

Target gross yield 6%

So, the proper value = 1,200,000 / 0.06 = ₦20 million. 

Remember that yields are falling in prime Lagos locations. So, always factor vacancy, maintenance, and taxes when using this method. 

4. Replacement (cost) Approach

What it is: This is when you estimate the cost to rebuild the house today (materials, labour, and profit) plus land value. 

This is less useful for older homes, as market prices rarely equal replacement costs in Surulere’s mix of old and new stock. 

You can use it if you’re insuring or considering a rebuild.

How To Tell If A Listed Price Is Overpriced, Accurate, Or A Bargain

There are two sides to the coin. If you’re buying a property, look out for these signs: 

Signs a listing is overpriced

• The asking price is significantly above recent sold comps (over 20% higher) and lacks special features that would justify the premium.
• The seller uses lofty terms (“luxury, newly renovated”), but the photos show basic finishes or deferred maintenance.
• The price per sqm is significantly above the neighbourhood band, with no unique advantages (e.g., a serviced compound, guaranteed parking).

ALSO READ: 10 Real Estate Mistakes to Avoid as a First-Time Buyer in Lagos

Signs of a reasonable price or bargain

• Price sits slightly below the average of strong comparables (5–10%). Motivated sellers fix these kinds of prices.
• The property has been on the market for a short time, but recent sales prove the band.
• Small, inexpensive improvements would significantly increase market appeal (fresh paint, new tiles).

THE QUICK VALUE CHECK THAT NEVER FAILS US AT RHS: 

We obtain the average cost of three recently sold comparables for the said property. 

If the asking price is more than 15% above the average, it’s likely overpriced. 

If the asking price is 10% or less below average, it’s a possible bargain.

Before a final verdict, we verify legal/title issues and conditions. 

Bottom Line: You Need a Property Valuer or Agent

You already know how it is done. But if you truly understand, then you’d agree that: 

To properly evaluate your property, you need reliable comparisons of recently sold properties of similar types. 

If you cannot find reliable comps or there’s market volatility, that’s where professional valuers or real estate agents come in. 

Real estate agents will be able to compare your property with recent deals and current listings. 

An experienced agent will know how to weigh in all the factors and the condition of your home to determine a competitive price for your home.

No computer can do that. Yet your success as a seller rides on it. 

Buy, Sell Properties in Surulere Fast and Safe: Use RentHouseSurulere

Right now, if you’re not leveraging social media or working with a well-connected network of trusted agents, you’ll spend more time before seeing serious buyers who won’t waste your time.

That’s precisely where RentHouseSurulere comes in. 

For years, we’ve remained one of the most trusted platforms in Surulere, through which people sell their various kinds of properties to serious buyers quickly.

ALSO READ: Why You Should List Your Property For Sale, Rent Or Lease With RentHouseSurulere?

Our system is designed for busy property owners like you who want results.

With RentHouseSurulere, you’re not just listing a property; you’re putting it in front of the right people.

And that process is handled by a team that knows how to sell, rent, and manage homes in Surulere, because we are locals too.

Send us a WhatsApp message today, and let’s help you move your property faster.

FAQs

Who can value my house in Surulere?

Only a certified estate surveyor and valuer registered under the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) can issue a formal valuation report. However, local agents can provide informal market estimates of sale prices.

How often should I revalue my property in Surulere?

For accuracy, property owners should revalue every 12 to 24 months or after major renovations, economic changes, or new infrastructure projects in the area that could affect market value.

What factors reduce property value in Surulere?

Factors include poor road access, flood-prone streets, outdated building conditions, and unclear title. Noise pollution or tenant disputes can also reduce value.

Can I check Surulere property value online?

Yes. You can get rough estimates from portals like NigeriaPropertyCentre. However, you can rely on them. For a precise, current valuation, combine these with local comps or a professional valuer’s report.