Plot of land at Eko Atlantic now sells for over N2bn — Report

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 findings from the State of Lagos Housing Market report.

The third edition of the report, published by the Roland Igbinoba Real Foundation for Housing and Urban Development, reveals a sharp upward trend in land values across Lagos, 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 stated.

It observed that land prices in the state have experienced consistent growth with no major decline, warning that postponing investment decisions would only result in 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.”

The report stressed that this surge reflects a broader shift in Lagos real estate, which has become a dominant means of wealth creation. It notes that rather than serving the housing needs of the wider population, the luxury property market increasingly functions as an investment channel for wealthy individuals, including many from the diaspora.

“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.”

Several interrelated factors, such as urbanisation, population growth, and rising demand for premium homes, are cited as major drivers of the trend.

“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.”

While infrastructure concerns persist, the report highlights that luxury developments in Lagos offer features attractive to high-net-worth individuals. These include home automation systems, private gyms, swimming pools, helipads, and golf courses.

Infinity pools, wellness centres, concierge services, and premium interior finishes are also becoming standard in such homes. Many are fitted with imported sanitary ware, designer tiles, home offices, entertainment lounges, and cinema rooms.

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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 State of Lagos Housing Market report follows earlier publications in 2009 and 2016.

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