Victoria Island to deliver 602 new homes in 2026 amid rising Lagos rents

Victoria Island is set to deliver over 602 new residential units in 2026, according to a report by Estate Intel. The island's development pipeline currently holds more than 2,850 residential units across five districts: North-West, North-East, Core, South-West, and South-East Victoria Island. Of the planned units, 47.1% are in the conceptual or early site work stage, 43.5% are under construction, and 9.4% are in the implementation stage.

While many projects are still in the initial stages, a significant number are already underway, indicating a potential surge in housing supply in the coming years. The North-West district is currently the most active in development. Estate Intel's report also notes that the average land price in Victoria Island is N3.05 million per square metre, which translates to approximately $2,238 per square metre.

The district is currently grappling with a housing supply gap and rising residential costs. A separate report from the GTI Investment Group in August 2026 revealed that Lagos' housing deficit grew from 2.95 million units in 2016 to 3.4 million units in 2025, a 15% increase. This underscores the urgent need for new housing to keep pace with population growth and replace dilapidated housing stock.

The report also highlights that Lagos residents spend between 60% and 70% of their income on rent, with a two-bedroom apartment potentially taking up to 97% of the monthly income of a worker earning N300,000.