Property prices in Nigeria, both residential and commercial, have increased by more than 200% over the past 8 months.

Houses sold for N150 million in December last year in the posh areas of Ikoyi, Victoria Island and Lekki in Lagos would presently set you back between N400 million and N500 million.

Higher property prices are said to be due to an increase in business activities, forces of supply and demand, and migration of oil workers from the Niger Delta area.

Meckson Innocent Okoro, principal partner at M.I. Okoro and Associates said that Lagos' main business district Victoria Island has seen an increase in business activities which a higher demand for commercial property.

He also views the movement of oil workers from the troubled Niger Delta region as a reason for the surge in commercial property prices. Shell Petroleum is in the process of transferring 1 000 members of its staff from Rivers State and Warri State to Lagos.