How would you adjust a NGN 279m Lagos flat with only one completed comparable?

[yard.red]

I’ve checked the basic numbers, but the evidence behind them is still thin. The property is a roughly 150 m², 5-bed new-build flat in Lagos asking NGN 279,000,000. Light and location are the main attractions; the finishes look dated, the condition is otherwise average, and transaction costs could be meaningful.

There are three asking comparables and only one recorded completion. I’m therefore considering separate adjustments for floor area and condition rather than a single discount, but I’m unsure what range is defensible. The exact micro-location, remaining lease term, service charges, parking and outdoor space also need confirming.

Which of those facts would change your view most, and what details should I obtain about the completed sale before using it as the anchor? I’ll still arrange a local appraisal; I mainly want the comparison organised well enough to challenge or understand that figure.

 

[view.solid]

I wouldn’t start with one fixed adjustment percentage. The asking price is NGN 1.86m per m², so put each comparable on the same basis first, then test separate scenarios for size and condition rather than combining them into one discount. My biggest missing fact is the exact micro-location. In Lagos, a comparable that sounds nearby may still serve a meaningfully different market.

 

[view.solid]

Also, the completed sale needs more detail before it anchors anything: completion date, actual floor area, floor level, parking, outdoor space and whether its condition genuinely matches. The three listings show current seller expectations, but they do not confirm where buyers are completing. How recent is the sold comparable, and is it another 5-bed arranged within roughly 150 m²?

 

[view.solid]

I’d keep transaction fees outside the property valuation and show them separately in the total acquisition cost. Otherwise it becomes difficult to tell whether NGN 279m is too high for the flat itself or whether the overall deal is unattractive because of added costs. Lease length and the precise interest being sold also need clarification before the comparison is dependable.

 

[sasha.bell]

I’m not convinced micro-location is automatically the biggest unknown here. A large recurring service charge, weak management or parking that is excluded could alter the decision more than a modest location difference. “New-build” alongside “dated finishes” also needs unpacking: is the building newly completed, or is this simply an unused unit with an older specification? I’d cost the visible finish work item by item rather than apply a generic condition haircut.

 

[FarVale]

A practical next step is a one-page grid with the four comparables as rows and columns for sold versus asking, date, exact area, bedroom count, floor, condition, parking, outdoor space, micro-location, lease length and service charge. Leave unknowns visibly blank.

Then run at least three cases around the NGN 1.86m/m² asking level: generous assumptions, neutral assumptions and a case where the dated finishes, management costs and missing amenities all count against it. With only one completed transaction, the spread between those cases is probably more honest than a single precise valuation.