Eko Atlantic drives 59.5% growth in Lagos luxury sales

A web photo Eko Atlantic apartment

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Eko Atlantic has consolidated its position at the top of Lagos’ luxury property market, recording a 59.5 per cent increase in sales over the past five years, a report by Estate Intel has revealed.

The report highlighted that prime Lagos luxury residential assets delivered strong sales price growth in naira by an average of 38 per cent–60 per cent annually over the past five-year period.

It stated, “While Eko Atlantic topped the list, other prime areas also posted impressive gains. Ikoyi followed closely at 58.14 per cent, reflecting its enduring appeal among affluent buyers, while Banana Island recorded 55.30 per cent growth, driven by its scarce waterfront properties and high-end residences.

“Victoria Island grew 45.04 per cent, demonstrating strong demand in a mixed-use commercial and residential hub, whereas Oniru rose 38.32 per cent, showing steady but comparatively moderate appreciation in a district with a broader mix of housing options.

“The data illustrate a widening gap between ultra-prime, master-planned districts and more mixed neighbourhoods, as investors continue to pay premiums for scarcity, security, and lifestyle amenities. The sustained demand, scarcity premiums, and superior urban planning remain the key drivers of ultra-prime areas’ strong performance.”

An earlier report by The Punch revealed that a plot of land in Eko Atlantic, which was valued at around N180m in the early 2000s, has now skyrocketed to over N2bn, highlighting the rapid appreciation of prime coastal real estate in Lagos, according to a report by the State of Lagos Housing Market, Volume 3.

The report read, “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 stated that 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.

“A compelling illustration of this trend is observed in Ibeju-Lekki. A plot of land in this area, which was available for as low as N500,000-N1.5m in 2013 (prior to major development hubs like the Lekki Free Trade Zone), saw its value surge to N5m-N10m by 2018 as significant infrastructure projects commenced.

“By the first quarter of 2025, the same land commanded prices between N25m and N40m, representing a potential 40-fold increase in value over a decade. Similarly, plots in Lekki Phase 1 that were priced at N10m–N15m in 2005 are now valued at over N400m–N500m. Land prices in Eko Atlantic, which stood at N180m per plot in the early 2000s, have also escalated to over N2bn today.

“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.”

Josephine, a correspondent with The PUNCH has over two years experience covering the building industry and the personal finance ecosystem

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