Inside Eko Atlantic’s Land Price Surge, Where a Plot Goes for N2 Billion

• Land prices in Lagos have seen massive increases over the past decade, turning real estate into a major source of wealth
• Several factors, including rapid urbanisation, population increase, and major infrastructure projects, drive this growth
• High-end properties now offer world-class amenities and are seen as status symbols, attracting both wealthy locals and diaspora investors

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.

Land that used to cost about N180 million in Eko Atlantic in the early 2000s is now worth over N2 billion, according to the third edition of the State of Lagos Housing Market report.

This shows how fast land prices, especially in top locations by the coast, have grown in Lagos.

According to Punch, the report explains that over the past ten years, the real estate market in Lagos has changed a lot, especially in luxury areas.

What used to be affordable land has become expensive and highly competitive. This growth has been influenced by the economy, rising population, and major infrastructure projects.

According to the report, one clear example is Ibeju-Lekki. In 2013, land there was sold for about N500,000 to N1.5 million. By 2018, prices rose from N5 million to N10 million as projects like the Lekki Free Trade Zone began.

By early 2025, land prices in the same area had increased to between N25 million and N40 million, a significant rise in just 10 years.

According to the report:

"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."

These price hikes show that buying land in Lagos has become a major way to grow wealth.

The report also notes that this growth isn't just because people need homes—many wealthy investors, including Nigerians living abroad, see luxury real estate as a safe and profitable investment.

This is especially true for those willing to hold onto their land for a long time.

Why Eko Atlantic?

Lagos Eko Atlantic properties are highly sought after due to their prime location, modern infrastructure, and potential for long-term investment returns.

Situated in Victoria Island, the development offers proximity to key business areas, international airports, and the seaport.

Investors are drawn by the tax incentives from being within a Free Trade Zone and the area’s ability to attract multinational corporations.

The city boasts state-of-the-art amenities such as independent power supply, waste management systems, and secure living environments.

With its high-value properties, waterfront views, and promising future growth, Eko Atlantic is seen as a hub for luxury living and business opportunities.

Legit.ng had previously reported that celebrities such as Davido, along with major Nigerian Stock Exchange-listed companies like FirstBank, MTN Nigeria, and Dangote, are making moves to relocate their headquarters to Eko Atlantic.

Factors causing rapid landed asset growth

The report explained that the sharp rise in the value of luxury real estate in Lagos over the past ten years is due to a mix of closely related factors.

Urban growth: Lagos now has nearly 24 million people, growing by about 2.5% each year. Over 6,000 people move to Lagos daily, and many choose to stay. This pushes up the demand for homes, including expensive ones.

High-end features: Even though Lagos has infrastructure challenges, luxury homes often come with world-class features like smart technology, private gyms, pools, and sometimes even helipads and golf courses (such as in Banana Island).

Modern designs: Luxury homes come in a variety of styles—from modern, open designs with large windows to traditional homes that reflect Nigerian culture. Inside, they’re equipped with high-end finishes like Spanish tiles, imported bathroom fittings, and smart home systems.

Prestige and lifestyle: Places like Banana Island, Ikoyi, Lekki Phase 1, and Victoria Island are seen as symbols of wealth and success. Living there offers social status, waterfront views, fancy shopping, fine dining, and access to business centres.

This report was published by the Roland Igbinoba Real Foundation for Housing and Urban Development. Earlier editions came out in 2009 and 2016.

Things to consider before buying land

Legit.ng had previously highlighted some crucial factors that buyers must consider when purchasing land in Lagos.

While the property's location and price may be enticing, there are several important aspects to evaluate before making a purchase, regardless of the intended use.

Key considerations include reviewing the property's title document and understanding the relevant land use regulations, among other essential factors.

Source: Legit.ng