It was after a most recent client paid the total of N400 million for an empty plot near Randle Avenue, Surulere, that the reality once again reminded me of how much buying property has changed in Surulere.
Buying property here has become a hot race.
If you manage to secure a good property at a price that doesn’t burn your pocket, it’s almost worth hosting a thanksgiving.
Moreover, “cheap” these days rarely means dirt-cheap. It now means getting real value without paying the skyrocketed, overblown prices most people expect in Surulere.
Whether you’re eyeing a piece of land, a house, a shop, or an entire commercial building, we’ve uncovered some clever and proven ways to find great property deals in this high-demand area.
First off, what is the current market saying?
What’s The Average Price of Property in Surulere?
It’s difficult to give a single price estimate for properties in this part of Lagos.
As of now, there hasn’t been any detailed survey to determine an average cost. That’s understandable because property prices can double within months due to the country’s economic situation.
However, based on the properties I’ve brokered over the past four months in areas like Bode Thomas, Illashe, and Itire, prices typically range from N18 million for apartments to N100 million for houses, depending on the property’s size, location, and features.
While we may not pinpoint an exact average cost, we can highlight the minimum amount you should budget:
- Based on offers we’ve seen, the starting price for houses in Surulere is around N70 million.
- The average price of a full plot of land in Surulere is about N100 million.
Interesting Ways to Find Cheaper Properties in Surulere
In my experience of being a verified real estate agent with RentHouseSurulere and also a local of this area, here are 5 fascinating strategies that can help you secure a solid property without overpaying:
1. For Apartments, Consider Older or Smaller Options
If the decision was up to me, I’d say all old properties in Surulere be rebuilt.
This is because what Surulere landlords do these days is lease their old duplexes for cheaper price preconditioned on you renovating.
Older apartments (built in the 1980s–2000s) or smaller units such as 1- or 2- bedrooms are often significantly cheaper than newer, bigger ones in the same location.
For example, a 3-bedroom flat in Bode Thomas (prime area of Surulere) may cost N85 million if it’s newly built with POP ceilings, tiles, fitted kitchen, and all.
But an older 3-bedroom flat in the same area, without a modern finish, may go for N55–N65 million.
WHY THIS WORKS
- Older apartments may look outdated or have older electrical and plumbing systems.
- Some landlords are more eager to sell because they want to upgrade or no longer want to deal with maintenance costs.
- Smaller units are less attractive to large families, so there’s less demand, making them cheaper. (Although there’s now the flip side where investors are targeting these smaller units in volumes).
NOTE:
- I did not include self-contain as part of smaller apartments to target because these are now becoming unnecessarily overpriced in Surulere.
- At least, based on my recent experiences, you could find a self-contain in Surulere going for N1.2 million per annum which is not cheap by present market’s standard.
2. Consider Properties Outside the Most Prime Areas Within Surulere
This one is simple. Anyone who is familiar with Surulere would agree to this.
Surulere has “hot zones” like Bode Thomas, Adeniran Ogunsanya, and Ogunlana Drive. These areas are expensive due to centrality and development.
But if you look into less hyped parts of Surulere (think: Ijesha, Coker Village, or Itire Road) you’ll find relatively cheaper prices.
WHY IT WORKS
- Prime zones have high demand from working-class buyers, investors, and tenants, which drives prices up.
- Less prime zones still offer accessibility to the major roads but without the hype, so properties are priced more affordably.
Meanwhile, from an investor perspective, I’d advise you to look for fringe areas still connected to key roads.
They have growth potential and become more valuable over time.
This may not be a big deal for you if you just want a property that is cheap and that you plan to occupy, not lease out after acquisition.
3. Focus on Properties That Require Renovations
These are properties that are livable but not modern or attractive.
They may have old tiles, worn-out walls, leaky pipes, or faded paint, and as a result, owners or agents price them lower than market value.
WHY THIS WORKS:
- Most buyers want move-in-ready homes.
- If you’re okay with doing some work—painting, fixing the kitchen, or bathrooms, you can buy cheaper and increase the property value over time.
It can be tricky, though. This is because the economy dances to the left and right during this period. So the price of renovation materials you have in mind may be different when you eventually go to the market.
We advise you to carry a contractor with you to estimate renovation costs, then use that to bargain further.
4. Think Uncompleted Buildings
It’s not as common to see “hopeless” uncompleted buildings these days. Many people are investing.
But there are structures where construction stopped halfway due to a lack of funds, family disputes, or other issues. They are often sold at a heavy discount because the owner wants to cut losses.
And yes, you’re right. There could be traps in this method. So, make checking documents thoroughly a priority.
Ensure there are no family disputes or land title issues. Use a lawyer and a building inspector before payment.
WHY THIS WORKS:
- Sellers are often desperate to raise cash.
- You can finish the structure at your own pace and taste.
- The total cost (purchase + finishing) is usually less than buying a completed house of the same size.
5. Consider Foreclosure and Distress Sales
Another fascinating way you can get a cheap deal on property sales in Surulere is by buying properties from people under financial pressure. It could be:
- Bank foreclosures (repossessed properties)
- Court-ordered sales
- People owing loans or relocating quickly
- Companies selling off assets to raise cash
The real question you’re probably asking right now is How do you have access to these offers?
Ask property lawyers (especially those who handle debt recoveries). You can also get a personal assistant who you will give the job of following legal auction announcements in newspapers or court boards.
The challenge with this method is that you must be ready with funding. These deals move fast.
WHY IT WORKS:
- These sellers want cash urgently.
- They don’t want to wait for long negotiations or market trends.
- Buyers like you can get properties 10% to 40% cheaper.
6. Work With an Agent Who Puts Your Pocket First
Let’s call a spade what it is. Agents are also adding to the problem of inflated property prices.
Some genuinely want to help you find the best deal within your budget. Others may inflate prices or only show you high-end options so they can earn higher commissions (Agency fees shouldn’t be more than 10%, by the way).
That’s why the agent you choose can either save you money or cost you more than necessary.
WHY IT WORKS:
- A good agent listens to your budget and helps you filter out unrealistic listings.
- They have access to off-market properties, foreclosures, uncompleted buildings, and distress sales not listed online.
- They can negotiate directly with property owners on your behalf and get discounts you wouldn’t get on your own.
Find Cheap Property For Sale in Surulere: Use RentHouseSurulere
If you’re struggling to find that type of honest, price-sensitive agent, that’s why we are here.
At RentHouseSurulere, we specialize in budget-matching property searches.
RentHouseSurulere is here to help you find that affordable property, no matter the location in Surulere, without the usual stress.
- Go to our website (https://renthouseSurulere.com/)
- Navigate to the Request Property page
- Fill out the form on the page with your details.
You’ll need to provide your name, contact number, and purchase preference (whether you’re looking to rent, buy, or sell a property).
Since you want to buy a property, select that as your preferred type and specify what kind.
Also, include your budget and preferred location in Surulere. There’s also a section for additional details.
QUICK TIP:
- You can skip all these steps and simply reach us on WhatsApp with your specs and preferences. You’ll be surprised at how fast we provide you with offers based on your request, because we have them ready to go.
We also have a super active property buying and selling community on TikTok focused on Surulere.
Meanwhile, if you are focused on landed properties, there are some areas in Surulere that are better to consider than others. We’ve prepared a separate guide that explains that in more detail.
