The purpose of this paper is to establish the relationship between performance of oil revenue and the property markets in Nigeria. The petroleum industry in Nigeria is the largest on the African continent. As of 2016, Nigeria's petroleum industry contributes about 9% to its economy. The price of oil, Nigeria's main source of government revenues and foreign exchange, started to plunge in 2014. Crude oil prices fell sharply in the fourth quarter of 2014 as robust global production exceeded demand. There are also alternatives to petroleum like shale oil and renewable energies. After reaching monthly peaks of $112 in early part of 2014 per barrel (bbl) and $105/bbl in June, crude oil benchmarks Brent and West Texas Intermediate (WTI) fell to $62/bbl in July and $59/bbl in December, 2014, respectively. It has not gained appreciable value since 2014 and has seriously affected the Nigerian economy. The housing market and positive and negative changes in house prices affect the rest of the economy. The property market is an important part of the real estate sector and a key part of the financial system because of the aggregate finance involved in real estate transactions. The growth of the real estate sector of Nigeria in the fourth quarter of 2017 was -5.92%. This paper will adopt the qualitative and quantitative research methodology to study the property market dynamics between 2014 when the fall in prices started to date, to establish if there is any correlation. The findings will help advice policy makers and investors on impact of oil prices on property market in Nigeria and will assist in property speculation. This research will only cover Lagos, Abuja, Kano and Port Harcourt property markets to generalize for the whole of Nigeria. These areas are the most dynamic property markets in Nigeria.