Land prices surge in Eko Atlantic to over N2bn per plot

The price of land in Eko Atlantic, Lagos, has risen to over N2bn per plot, according to new findings in the third edition of the State of Lagos Housing Market report. This marks a sharp increase from the early 2000s, when plots in the luxury development were valued at about N180m.

Published by the Roland Igbinoba Real Foundation for Housing and Urban Development, the report attributes this appreciation to sustained demand from high-net-worth individuals and increased investment interest, particularly from the diaspora.

According to the report, “The past decade has marked a period of transformation for the Lagos real estate sector, particularly within its luxury segment.”

It noted that land values have steadily increased without major declines, reinforcing the perception of real estate as a vehicle for long-term capital preservation.

The report offered comparative examples to illustrate the trend. In Ibeju-Lekki, land that sold for N500,000 to N1.5m in 2013 rose to N5m–N10m by 2018, and further climbed to N25m–N40m in the first quarter of 2025. Similarly, Lekki Phase 1 plots priced at N10m–N15m in 2005 now go for N400m–N500m.

“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,” the report read. “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 findings identify several factors contributing to the trend, including rapid urbanisation. With Lagos’s population nearing 24 million and growing at an annual rate of 2.5%, the city receives an estimated 6,000 new migrants daily, about half of whom choose to stay. This demographic pressure, the report said, contributes to rising demand for housing across income levels, including the luxury segment.

Despite persistent infrastructure gaps in the broader city, luxury developments in Lagos are described as offering “world-class features and amenities designed to meet international standards.” These include smart home technologies, gyms, swimming pools, private helipads, and dedicated leisure spaces.

Architectural styles range from contemporary minimalist to traditional designs using indigenous materials. The report noted that areas like Banana Island, Lekki Phase 1, Ikoyi, and Victoria Island have become symbols of wealth and status. Proximity to business districts, waterfront views, and access to high-end retail and dining options further enhance their desirability.