Lagos Island land prices soar, Ikoyi hits N2.5 million per sqm
The Lagos Island Residential Market Report 2026 by real estate company Lagos Realty, seen by Nairametrics, tracks residential rental prices, sales values and land costs across the market between 2022 and 2026. The post Lagos Island land prices soar, Ikoyi hits N2.5 million per sqm appeared first on Nairametrics .
Land prices in Lagos Island have surged in recent years, with the average land cost hitting N2.5 million per square metre in 2026, according to a residential market report by Lagos Realty. The report, which analyzed data from 2022 to 2026, divided the Lagos Island residential market into four submarkets: Ikoyi, Victoria Island, Lekki Phase 1, and Ikate.
Victoria Island emerged as the second-highest submarket, with an average land price of N2.1 million per square metre in 2026, a 197.87% increase from N705,000 per square metre in 2022. This growth was driven by the commercial district premium, rising demand for mixed-use developments, and competition for prime Eko Atlantic City plots.
Ikoyi secured the top spot as the most expensive submarket, with an average land price of N2.5 million per square metre in 2026, representing an 81.48% increase from N1.35 million per square metre in 2022. The high land values were attributed to the scarcity of available plots, Ikoyi's prestige status, and its proximity to the Eko Atlantic City.
In contrast, Ikate had the lowest average land price at N955,000 per square metre in 2026, with a 148.05% increase from N385,000 per square metre in 2022. This appreciation was attributed to increased developer interest and the area's transformation into a more prominent mixed-use residential market, with waterfront and lagoon-facing parcels commanding a significant premium over inland plots.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
