Valuation check on a 55 m² serviced apartment in Lagos

[ellis_titles]

Getting the comparison wrong at this level would be expensive. I’m considering a two-bedroom serviced apartment in Lagos, about 55 m² and in average condition, at an asking price of NGN 2,015,000,000.

The evidence I have is three current listings and one recorded transaction. I’m unsure how much confidence to place in price per square metre when such a compact unit may be measured differently from the comparables. I also need to allow for its condition without pretending the limited evidence supports a precise percentage.

Would the exact building and micro-location matter most here, or could parking, tenure or remaining lease term, service charges, and outdoor space produce a larger change? I’m trying to identify the facts worth verifying before spending more time on the headline price.

 

[way.easy]

I’d anchor on the completed sale and treat the three listings as context, not equal evidence. For condition, test modest percentage deductions in a sensitivity table rather than choosing one supposedly precise adjustment. For floor area, compare price per square metre only after confirming every property uses the same measurement basis. Exact building and micro-location would be my biggest missing fact.

 

[kai_park]

Is the 55 m² internal apartment area, or does it include balconies or a share of common space? That could make the floor-area comparison misleading before any adjustment is applied. I’d also want the remaining lease length or tenure details and the date of the completed sale. A nearby sale can still be weak evidence if its rights or timing differ materially.

 

[SteadyTrail]

I’m less convinced that micro-location is automatically the largest unknown here. With a serviced apartment, the current service charge and any credible reserve or major-works exposure could outweigh dated finishes. Finishes can be costed; an unclear building liability is harder to contain. Parking also needs to be separated rather than buried in a general location premium.

 

[timo_lending]

Build a simple comparison grid: completed price or asking price, sale/listing date, measured area and basis, condition, precise location, tenure, service charge, parking and outdoor space. Calculate unit rates, then make one adjustment at a time and avoid counting dated common areas both as “condition” and as reserve costs. With only one completed comparable, I’d present a range with low, central and high cases for the local appraiser to challenge.