Lagos Land Boom: Eko Atlantic Plot Prices Skyrocket from N180m to Over N2bn

The cost of land in Lagos’ premier coastal development, Eko Atlantic, has surged from around N180 million in the early 2000s to over N2 billion per plot, according to the newly released State of Lagos Housing Market report by the Roland Igbinoba Real Foundation for Housing and Urban Development.

The third edition of the report details the dramatic rise in land values across Lagos, especially within the luxury real estate sector. It highlights how Lagos has evolved into a high-stakes, high-yield real estate market, propelled by a combination of economic shifts, demographic pressures, and massive infrastructure developments.

“In the last decade, Lagos’ real estate—particularly its luxury segment—has experienced a radical transformation,” the report noted. “What was once relatively affordable has now become a hotspot for premium investment, driven by rapid urbanisation and wealth-driven demand.”

Citing examples, the report shows how areas like Ibeju-Lekki saw land values increase from N500,000–N1.5 million in 2013 to N25 million–N40 million by early 2025, following the development of major infrastructure like the Lekki Free Trade Zone. Similarly, land in Lekki Phase 1 rose from N10 million–N15 million in 2005 to over N400 million–N500 million today. Eko Atlantic, now the pinnacle of luxury coastal property, saw plots once valued at N180 million in the early 2000s escalate to over N2 billion.

This staggering appreciation underscores that Lagos real estate has shifted from meeting basic housing needs to serving as a vehicle for wealth preservation and growth—especially for affluent investors and members of the diaspora community. The report emphasizes that delaying investments leads to significantly higher entry costs in the future.

It attributes this value boom to interlinked factors: Lagos’ population—currently near 24 million—is growing at 2.5% annually, with over 6,000 new residents arriving daily. Nearly half stay permanently, intensifying demand for housing, particularly at the high end. By 2025, the population is expected to exceed 25 million.

Despite ongoing infrastructure concerns, Lagos’ luxury developments offer world-class amenities that attract high-net-worth individuals. These include smart home technology, private gyms, helipads, golf courses, infinity pools, concierge services, wellness centers, cinema rooms, and premium imported finishes.

Architecturally, luxury properties range from ultra-modern minimalist designs with seamless indoor-outdoor living to traditional Nigerian-inspired aesthetics. Prestigious locations like Banana Island, Ikoyi, Victoria Island, and Lekki Phase 1 serve not only as residential enclaves but as symbols of elite status and social accomplishment.

The report concludes that Lagos’ luxury real estate has cemented itself as a major instrument for long-term capital growth, offering exclusivity, convenience, and a gateway into West Africa’s upper class. This latest edition follows previous reports published in 2009 and 2016.