Land prices in Eko Atlantic have risen from about N180 million in the early 2000s to over N2 billion, reflecting the sharp appreciation of prime real estate in Lagos, according to the State of Lagos Housing Market, Volume 3.
The report, released on Friday, noted that Lagos’ property market has transformed into a premium investment destination over the past decade, driven by economic growth, infrastructure projects and rising investor demand.
“Historical data shows land values have moved in one direction upward with no significant reversals. The longer an investor delays, the more expensive real estate becomes,” the report stated.
It highlighted Ibeju-Lekki as one of the fastest-growing property markets. A plot of land in the area that sold for between N500,000 and N1.5 million in 2013 now costs between N25 million and N40 million as of the first quarter of 2025.
Similarly, plots in Lekki Phase 1 that were priced between N10 million and N15 million in 2005 are now valued at over N400 million to N500 million. Eko Atlantic has experienced one of the sharpest increases, with land prices rising from N180 million to over N2 billion in just over two decades.
The report described Lagos real estate as a key wealth creation vehicle, noting that the luxury segment is largely driven by high-net-worth and diaspora investors.
