Land prices in Lagos have skyrocketed over the past decade, with plots in Eko Atlantic now valued at over N2 billion, according to the third edition of the State of Lagos Housing Market report. The report, published by the Roland Igbinoba Real Foundation for Housing and Urban Development, reveals that land that cost about N180 million in the early 2000s has escalated dramatically, making real estate a major source of wealth in Nigeria's commercial capital.
Price Growth Across Lagos Luxury Areas
The report highlights significant price increases in several upscale locations. In Ibeju-Lekki, land sold for between N500,000 and N1.5 million in 2013. By 2018, prices had risen to N5 million to N10 million as projects like the Lekki Free Trade Zone began to take shape. By early 2025, land prices in the same area had surged to between N25 million and N40 million, a substantial increase in just 10 years.
Similarly, plots in Lekki Phase 1 that were priced at N10 million to N15 million in 2005 are now valued at over N400 million to N500 million. The report states: "Similarly, plots in Lekki Phase 1 that were priced at N10m – N15m in 2005 are now valued at over N400m – N500m. Land prices in Eko Atlantic, which stood at N180m per plot in the early 2000s, have also escalated to over N2bn today."
Why Eko Atlantic Attracts Investors
Eko Atlantic properties are highly sought after due to their prime location, modern infrastructure, and potential for long-term investment returns. Situated in Victoria Island, the development offers proximity to key business areas, international airports, and the seaport. Investors are drawn by the tax incentives from being within a Free Trade Zone and the area's ability to attract multinational corporations.
The city boasts state-of-the-art amenities such as independent power supply, waste management systems, and secure living environments. With its high-value properties, waterfront views, and promising future growth, Eko Atlantic is seen as a hub for luxury living and business opportunities. Legit.ng had previously reported that celebrities such as Davido, along with major Nigerian Stock Exchange-listed companies like FirstBank, MTN Nigeria, and Dangote, are making moves to relocate their headquarters to Eko Atlantic.
Factors Driving Rapid Landed Asset Growth
The report explained that the sharp rise in the value of luxury real estate in Lagos over the past ten years is due to a mix of closely related factors. Urban growth plays a significant role, with Lagos now having nearly 24 million people, growing by about 2.5% each year. Over 6,000 people move to Lagos daily, and many choose to stay, pushing up the demand for homes, including expensive ones.
High-end features also contribute to the value, as luxury homes often come with world-class amenities like smart technology, private gyms, pools, and sometimes even helipads and golf courses, such as in Banana Island. Modern designs range from contemporary open layouts with large windows to traditional homes reflecting Nigerian culture, equipped with high-end finishes like Spanish tiles, imported bathroom fittings, and smart home systems.
Prestige and lifestyle are also key drivers. Places like Banana Island, Ikoyi, Lekki Phase 1, and Victoria Island are seen as symbols of wealth and success. Living there offers social status, waterfront views, fancy shopping, fine dining, and access to business centres. The report notes that this growth isn't just because people need homes—many wealthy investors, including Nigerians living abroad, see luxury real estate as a safe and profitable investment, especially for those willing to hold onto their land for a long time.
Considerations Before Buying Land
Legit.ng had previously highlighted some crucial factors that buyers must consider when purchasing land in Lagos. While the property's location and price may be enticing, there are several important aspects to evaluate before making a purchase, regardless of the intended use. Key considerations include reviewing the property's title document and understanding the relevant land use regulations, among other essential factors.
The report, which is the third edition of the State of Lagos Housing Market, follows earlier editions published in 2009 and 2016. It underscores that buying land in Lagos has become a major way to grow wealth, with the real estate market continuing to evolve in response to economic conditions, population growth, and major infrastructure projects.
