Eko Atlantic Land Prices Soar to N2 Billion Per Plot, Reports Lagos Housing Market Study
Land prices in Eko Atlantic have surged from approximately N180 million per plot in the early 2000s to over N2 billion in 2025, reflecting the rapid appreciation of Lagos’ prime coastal real estate, according to the State of Lagos Housing Market, Volume 3, published by the Roland Igbinoba Real Foundation for Housing and Urban Development.
The report states: “The past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its luxury segment. What was once a market with relatively affordable land plots has rapidly matured into a highly competitive and premium investment destination, driven by a dynamic interplay of economic, demographic, and infrastructural forces. Over the last 10 years, the Lagos property market has undergone a dramatic shift, transitioning from a landscape and premium investment space to a highly competitive one with more accessible entry points. This evolution is most vividly illustrated by the consistent and often exponential appreciation of land prices.”
It highlights that land values in Lagos have consistently risen without significant reversals, noting: “Historical data unequivocally demonstrates that land values have moved in a singular direction: upward, with no significant reversals, noting that the longer an investor delays, the more expensive real estate becomes.” For example, Ibeju-Lekki plots valued at N500,000 – N1.5 million in 2013 rose to N5 million – N10 million by 2018 and reached N25 million – N40 million by Q1 2025, a potential 40-fold increase. Similarly, Lekki Phase 1 plots, priced at N10 million–N15 million in 2005, now command N400 million – N500 million. Eko Atlantic’s escalation from N180 million to over N2 billion per plot underscores this trend.
The report emphasizes: “This extraordinary appreciation underscores that real estate in Lagos has become a primary vehicle for wealth accumulation. The market’s dynamism is driven less by a pure housing need for the general populace and more by its function as a high-yield investment vehicle for the affluent, including a significant proportion of diaspora investors. This establishes luxury real estate as a critical mechanism for wealth generation and preservation in Lagos, particularly for those with patient capital and a long-term investment horizon.”
Key drivers of this growth include:
Urbanisation and Population Growth: Lagos’ population, nearing 24 million with a 2.5% annual growth rate, sees over 6,000 daily immigrants, with half staying, intensifying housing demand. The population is projected to exceed 25 million by 2025.
World-Class Amenities: Luxury properties feature smart home technology, in-house gyms, infinity pools, 24/7 concierge services, and wellness centres. Ultra-exclusive estates like Banana Island offer private helipads and golf courses.
Architectural Diversity: Designs range from modern minimalist with open spaces and large windows to traditional styles with intricate woodwork and local materials.
Exclusivity and Prestige: Areas like Banana Island, Ikoyi, Lekki Phase 1, and Victoria Island symbolize wealth and prestige, offering waterfront views, upscale malls, fine dining, and proximity to business hubs.
The State of Lagos Housing Market, 3rd Edition, published in 2025, follows its first and second editions in 2009 and 2016, respectively, highlighting the ongoing evolution of Lagos’ luxury real estate market.
