Lagos prime land costs $1 million for 507sqm, second most expensive in Africa
The cost of acquiring prime land in Lagos is now about US$1 million for 507 square metres, making it the second-most expensive among 11 major African cities surveyed, according to a report by Estate Intel. The post Lagos prime land costs $1 million for 507sqm, second most expensive in Africa appeared first on Nairametrics .
Lagos, Africa's most populous city, now boasts prime land that costs a staggering US$1 million for a mere 507 square metres, securing its place as the second most expensive prime land market among 11 major African cities, according to a report by Estate Intel. Only Cape Town surpasses Lagos, with a single million dollars purchasing approximately 329 square metres of land.
The report underscores the substantial premium placed on prime land in Lagos compared to other African property markets. Cape Town, Lagos, and Casablanca top the list as the most expensive African cities for prime residential land based on the area of land that US$1 million can buy. The report's data, sourced from selected prime residential locations in Lagos, does not represent typical plot sizes in the city.
The high cost of prime land in Lagos is attributed to sustained demand for premium locations, a limited land supply, and infrastructure gaps. Lagos Island Residential Market Report 2026 attributes this surge in land prices to rising demand, limited land availability, and increased developer activity. Despite the soaring land prices, residents in prime locations such as Banana Island, Ikoyi, Lekki Phase 1, and Victoria Island continue to grapple with unreliable public infrastructure, including water supply and frequent power outages.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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