Lagos Island land prices soar, Ikoyi tops N2.5 million per sqm
By Aboki Forex —
Land prices across Lagos Island’s major residential markets have climbed sharply, with Ikoyi now averaging about N2.5 million per square metre in 2026. That is according to the Lagos Island Residential Market Report 2026 by Lagos Realty, which tracked rental prices, sales values and land costs between 2022 and 2026.
The report divides the Lagos Island market into four submarkets: Ikoyi, Victoria Island, Lekki Phase 1 and Ikate. It says rising demand, limited land availability and increased developer activity have driven significant appreciation across all four areas.
Ikate and Lekki Phase 1
Ikate has the lowest average land price on the Island at N955,000 per square metre in 2026. That is up from N385,000 in 2022, a 148.05% increase. The report says the area, east of Lekki Phase 1, is shifting from low-density housing to apartment towers and gated schemes. Waterfront and lagoon-facing parcels attract a premium over inland plots.
Lekki Phase 1 averages N1.5 million per square metre in 2026, the second-lowest on the Island. The price rose from N421,000 in 2022, a 256.53% jump. The report says the submarket is the most transactionally active, drawing young professionals, families, diaspora returnees and institutional investors. Proximity to the Lekki Free Trade Zone and better roads support values, while high-rise towers and gated estates are under development.
Victoria Island and Ikoyi
Victoria Island averages N2.1 million per square metre in 2026, up from N705,000 in 2022, a 197.87% increase. The report links this to the commercial district premium, demand for mixed-use projects and competition for plots near Eko Atlantic City. Densification, with new towers replacing older low-rise buildings, has reduced available supply.
Ikoyi remains the most expensive submarket, with an average land price of about N2.5 million per square metre in 2026, or N2.45 million to be precise. That is up from N1.35 million in 2022, an 81.48% increase. The report says extreme scarcity of plots, prestige and proximity to Eko Atlantic City keep values high. Luxury residential units in Ikoyi are often priced in US dollars.
The figures confirm that land on Lagos Island has become a much pricier asset. For developers, businesses and homebuyers, the cost of acquiring plots in these four markets has risen steeply in four years, reflecting how tight supply has become.