A plot in Eko Atlantic that sold for N180m in the early 2000s now commands over N2bn, cementing Lagos’ luxury real estate as a top-tier investment
LAGOS – Land prices in Eko Atlantic, Lagos’ premier coastal development, have surged to over N2 billion per plot, up from N180 million in the early 2000s, according to the State of Lagos Housing Market, Volume 3. The report highlights how prime real estate in Nigeria’s commercial capital has transformed into a high-yield asset class, driven by urbanization, infrastructure growth, and demand from affluent investors.
Exponential Growth in Prime Locations
The study reveals that Lagos’ luxury property market has seen “consistent and often exponential appreciation,” with land values moving “in a singular direction: upward.” For instance:
- Ibeju-Lekki plots rose from N500,000–N1.5m (2013) to N25m–N40m (2025)—a 40-fold increase.
- Lekki Phase 1 land jumped from N10m–N15m (2005) to over N400m–N500m today.
- Eko Atlantic, initially priced at N180m per plot, now exceeds N2bn, underscoring its status as West Africa’s most exclusive real estate hub.
Key Drivers: Urbanization & Elite Demand
Lagos’ population, nearing 24 million, grows by 2.5% annually, with 6,000 daily arrivals—half of whom stay permanently. This fuels demand, particularly in gated communities like Banana Island, where homes feature private helipads, golf courses, and smart automation.
“Real estate in Lagos is no longer just about shelter—it’s a primary vehicle for wealth accumulation,” the report noted, citing diaspora investors and high-net-worth individuals as major buyers.
Luxury Living Redefined
Top-tier estates now offer:
- Infinity pools, 24/7 concierge, wellness centers
- Smart home systems, imported finishes, private cinemas
- Waterfront views and proximity to business hubs
“Location is prestige,” the report emphasized, naming Ikoyi, Victoria Island, and Banana Island as symbols of elite status.