Conference Paper

Impact of Rise in Cost of Living on Real Estate Market in Ikeja, Lagos state

Abstract This study examines the impact of the rising cost of living on the real estate market in Ikeja, Lagos State, a major urban area in Nigeria. By focusing on both the residential and commercial real estate sectors, the study explores how economic pressures are altering consumer preferences and shaping market behavior. A total of 50 copies of a structured questionnaire were distributed to real estate stakeholders in Ikeja, including property developers, investors, and consumers, with 48 completed responses successfully retrieved. Data were analyzed using both descriptive and inferential statistical methods to explore the relationship between the rise in living costs and changes in the real estate market dynamics in Ikeja. The findings indicate that the increasing cost of living has led to a greater demand for affordable housing, while transactions in the luxury real estate market have slowed. This highlights the need for policy interventions to ensure sustainable growth in the Ikeja real estate market amidst economic challenges. Keywords: Cost of living, Real estate market, Affordable.