{
  "id": 988522,
  "title": "Lagos Island land prices soar, Ikoyi hits N2.5 million per sqm",
  "url": "https://urgent.news/2026/08/15/lagos-island-land-prices-soar-ikoyi-hits-n2-5-million-per-sqm",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-15T07:55:07.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/08/15/lagos-island-land-prices-soar-ikoyi-hits-n2-5-million-per-sqm/"
  },
  "original_language": "en",
  "account": "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.\n\nVictoria 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.\n\nIkoyi 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.\n\nIn 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.",
  "summary": "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 .",
  "key_points": [
    "Lagos Island land prices surged to N2.5 million per sqm in 2026",
    "Ikoyi emerged top submarket, N2.5 million per sqm in 2026",
    "Ikate had lowest average land price at N955,000 per sqm in 2026"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}