Lekki Phase 1 is among Lagos’s most expensive and most sought-after residential districts. Its lure is basic: newer apartments, gated estates, restaurants, international schools, private hospitals and relatively easy access to Victoria Island. The premium, however, is paid for in almost every household bill.
Housing sets the baseline
Usually you pay rent on an annual basis with some additional agency, legal and caution fees. A one-bedroom apartment typically rents for around ₦5 million to ₦9 million annually, according to asking prices listed by Nigerian Property Centre and PropertyPro in 2024-25. Two-bedroom homes can go for ₦8 million to ₦16 million while well-finished three-bedroom apartments and serviced residences can fetch above ₦20 million per annum.
Service charges can add between N1 million and N3 million per year, depending on the estate and the services rendered so tenants should budget for them separately. These charges may include security, waste collection, water treatment, cleaning and maintenance. Completely serviced or furnished apartments command a lot more.
Power and water are not incidental costs
Electricity is still the big variable. Even if an estate is connected to a more stable grid supply, residents usually depend on generators or inverters. The cost of power and fuel can range from about ₦100,000 to ₦300,000 a month for a middle- to upper-income household depending on the size of the apartment, and whether you use a generator and air-conditioning. Service charges may allow diesel estates to claw back some of the cost.
Water is generally supplied from boreholes and treatment systems, but the costs of filtration, pumping and maintenance are usually included in the estate fees or charged separately. A typical monthly internet bill is between ₦25,000 and ₦100,000 depending on the speed and provider.
For a comfortable lifestyle, a professional living alone may need ₦1 million or more monthly, excluding rent. A family in a serviced home, with private schooling, domestic help and regular dining out, can spend several times that amount.