The cost of acquiring land in Lagos’ premier coastal development, Eko Atlantic, has skyrocketed from about N180 million in the early 2000s to over N2 billion per plot, according to the latest State of Lagos Housing Market Report.
The third edition of the report, published by the Roland Igbinoba Real Foundation for Housing and Urban Development, highlights a sharp and sustained upward trend in land values across the city—particularly within its luxury property 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 noted.
It observed that land prices in Lagos have experienced uninterrupted growth, warning that delaying investment decisions could lead to significantly higher entry costs.
A striking example is Ibeju-Lekki, where land that sold for N500,000–N1.5 million in 2013 rose to N5 million–N10 million by 2018—and further surged to N25 million–N40 million by Q1 2025. Similarly, land in Lekki Phase 1 valued at N10–15 million in 2005 is now priced between N400 million and N500 million.
“This extraordinary appreciation underscores that real estate in Lagos has become a primary vehicle for wealth accumulation,” the report adds. “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.”
The report points to urbanisation, population growth, and rising demand for premium housing as key drivers of the trend. With Lagos’ population nearing 24 million and growing at 2.5% annually, the city receives an estimated 6,000 new immigrants daily, half of whom remain—exerting constant pressure on the housing market, including the top end.
While infrastructure challenges persist, luxury developments in Lagos are increasingly defined by world-class amenities: home automation systems, private gyms, helipads, infinity pools, wellness centres, cinema rooms, and premium imported fittings.
Architectural designs range from sleek, modern minimalist homes with open floor plans and large glass windows, to more traditional structures integrating Nigerian cultural elements and local materials.
Beyond aesthetics, exclusivity and prestige remain the bedrock of luxury housing. High-end enclaves like Banana Island, Ikoyi, Lekki Phase 1, and Victoria Island are seen as symbols of wealth and modern urban success—offering waterfront views, access to upscale malls, fine dining, and proximity to business districts.
The 2025 report follows earlier editions published in 2009 and 2016, solidifying its place as a leading benchmark in understanding Lagos’ evolving property landscape.