The price of land in Eko Atlantic has reportedly skyrocketed to over N2 billion per plot, according to the newly released State of Lagos Housing Market Report (Volume 3).

This marks a sharp rise from its early 2000s valuation of about N180 million, showcasing how much the Lagos luxury real estate market has evolved over the past decade.

The report, compiled by the Roland Igbinoba Real Foundation for Housing and Urban Development, highlights the massive transformation the city’s high-end property sector has undergone — driven by infrastructure growth, rapid urbanization, and increasing investor interest.

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

It continued:

“Over the last 10 years, the Lagos property market has undergone a dramatic shift, transitioning from a landscape and premium investment space to a highly competitive one with more accessible entry points. This evolution is most vividly illustrated by the consistent and often exponential appreciation of land prices.”

One striking example cited is Ibeju-Lekki. In 2013, plots sold for as low as N500,000 to N1.5 million. By 2018, prices had climbed to between N5 million and N10 million. Fast-forward to early 2025, and plots now go for N25 million to N40 million.

Similarly, land in Lekki Phase 1 that was valued at N10 million to N15 million in 2005 now sells for N400 million to N500 million per plot.

The report stated:

“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 dramatic appreciation, according to the report, confirms that real estate in Lagos has evolved beyond housing — it’s now a key vehicle for wealth creation and preservation.

“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,” it said.

“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 report pointed to Eko Atlantic’s current N2 billion+ price tag per plot as a symbol of just how fast land value in Lagos’s luxury districts has surged.

Several key factors are fueling this rise — Lagos’s booming population, continued urban development, and the increasing demand for luxurious, secure, and well-located housing.

“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 infrastructural challenges in the city, high-end properties are built with world-class amenities to attract high-net-worth individuals.

Luxury properties in Lagos now feature smart home systems, private swimming pools, in-house gyms, and even helipads in estates like Banana Island.
Many also include imported interior finishes, wellness centers, rooftop lounges, and private cinemas.

“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,” the report concluded.