The cost of acquiring land in Lagos’ prime coastal development, Eko Atlantic, has soared from approximately N180 million in the early 2000s to over N2 billion per plot, according to the third edition of the State of Lagos Housing Market report.
The report, released by the Roland Igbinoba Real Foundation for Housing and Urban Development, highlights the remarkable rise in land values across Lagos, particularly within the luxury real estate segment.
“The past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its luxury segment. What was once a market with relatively affordable land plots has rapidly matured into a highly competitive and premium investment destination, driven by a dynamic interplay of economic, demographic, and infrastructural forces,” the report stated.
It noted that land prices across the city have consistently trended upward with no significant drop, warning that delays in investment only lead to higher entry costs.
“A compelling illustration of this trend is observed in Ibeju-Lekki. A plot of land in this area, which was available for as low as N500,000-N1.5m in 2013 (prior to major development hubs like the Lekki Free Trade Zone), saw its value surge to N5m-N10m by 2018 as significant infrastructure projects commenced.
“By the first quarter of 2025, the same land commanded prices between N25m and N40m, representing a potential 40-fold increase in value over a decade. 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.
“This extraordinary appreciation underscores that real estate in Lagos has become a primary vehicle for wealth accumulation. The market’s dynamism is driven less by a pure housing need for the general populace and more by its function as a high-yield investment vehicle for the affluent, including a significant proportion of diaspora investors. This establishes luxury real estate as a critical mechanism for wealth generation and preservation in Lagos, particularly for those with patient capital and a long-term investment horizon.”
The document attributes the growth in value to several interconnected trends, including rapid urbanisation, population growth, and the rising demand for premium real estate.
“Urbanisation and population growth: Lagos’s population has rapidly expanded, reaching nearly 24 million residents, with an annual growth rate of 2.5 per cent. The city experiences an influx of over 6,000 immigrants daily, with approximately 50 per cent choosing to remain, significantly intensifying the demand for housing across all sets, including luxury. The population is projected to exceed 25 million by 2025, further fuelling this demand.”
Despite infrastructure concerns, Lagos’ luxury developments often offer world-class amenities, making them appealing to high-net-worth individuals. Features commonly found in such properties include home automation, private gyms, swimming pools, and in some cases, helipads and golf courses.
Infinity pools, concierge services, wellness centres, and opulent interior fittings are becoming standard, with homes boasting imported sanitary ware, high-end tiles, and premium fixtures. Many also incorporate home offices, entertainment lounges, and cinema rooms.
The report added, “Architectural styles within the luxury segment are diverse, ranging from sleek, modern minimalist designs characterised by clean lines, open spaces, and large windows that seamlessly blend indoor and outdoor living, to more traditional styles that incorporate intricate woodwork and local materials, reflecting Nigeria’s rich cultural heritage.
“Beyond the physical attributes, exclusivity and prestige are central to the definition of luxury housing in Lagos. Affluent estates like Banana Island, Ikoyi, Lekki Phase 1, and Victoria Island are widely regarded as symbols of wealth, prestige, and modern urban living. Residing in these areas signifies social success and positions individuals among West Africa’s elite.
“Location-specific advantages further enhance this appeal; for instance, residents in Banana Island and Victoria Island enjoy waterfront views, upscale malls, fine dining establishments, and close proximity to business hubs, aligning with international luxury buyer expectations.”
The third edition of the report follows earlier volumes published in 2009 and 2016.
The post Eko Atlantic land prices surge to over N2bn per plot – Report appeared first on Vanguard News.
