Land costs in Banana Island surged by greater than 540% between 2020 and 2025, reaching roughly N3.05 million per sq. metre in 2025.
That is in keeping with the Lagos Residential Market Report 2025 by Edala Growth, an actual property firm.
The report highlights the sturdy demand for certainly one of Lagos’ most unique residential places over the five-year interval.
The sharp improve displays restricted land availability and the continued demand for prime actual property within the space.
Based on the report, land costs in Banana Island skilled probably the most dramatic progress among the many places reviewed, rising from a median of N470,000 per sq. metre in 2020 to about N3.05 million per sq. metre in 2025.
The report highlighted the sturdy efficiency of the realm’s luxurious residential market, the place ultra-luxury mansions and indifferent homes, many priced in US {dollars}, continued to draw excessive demand.
“Land costs in Banana Island stay among the many Most worthy actual property belongings in Nigeria. The value per sq. meter elevated by over 540%, rising from a median of N470,000 in 2020 to a powerful N3.05 million by 2025,” the report learn partly.
The Banana Island rental market recorded important progress over the five-year interval. A 3-bedroom house that rented for N11 million in 2020 elevated to N27.5 million in 2025, whereas a four-bedroom property rose from N18 million to N30.5 million. Two-bedroom residences greater than doubled in rental worth throughout the identical interval.
Within the gross sales market, a four-bedroom house appreciated from N350 million in 2020 to N800 million in 2025, three-bedroom properties rose to about N600 million, and two-bedroom residences have been valued at round N385 million by 2025.
The report additional famous that rental values throughout Ikoyi, Victoria Island, and Lekki Section 1 confirmed constant and important progress between 2020 and 2025.
The report additionally highlighted substantial positive factors within the gross sales marketplace for Ikoyi, Victoria Island, and Lekki Section 1. In Ikoyi, one-bedroom residences rose from N80 million to N170 million, two-bedroom items from N102 million to N350 million, three-bedroom properties from N255 million to N550 million, and four-bedroom properties from N300 million to N750 million.
Victoria Island noticed related progress, with four-bedroom properties rising from N225 million to N750 million, three-bedroom items to N500 million, and two-bedroom residences valued round N350 million.
Lekki Section 1 gross sales additionally carried out strongly, with two-bedroom residences surging from N70.5 million to N247.5 million, and three-bedroom properties rising from N102 million to N315.3 million. Bigger properties and people with verified Certificates of Occupancy commanded larger costs, reflecting purchaser confidence and the realm’s sturdy funding attraction.
The report confirmed that land costs additionally recorded dramatic progress throughout Ikoyi, Victoria Island, and Lekki Section 1.
In Ikoyi, the typical per sq. metre elevated from N420,000 in 2020 to N2.15 million in 2025, whereas Victoria Island rose from N350,000 to N1.55 million per sqm.
Lekki Section 1 additionally noticed important appreciation, climbing from N264,000 to N1.1 million per sq. metre, a 316% improve. These traits mirror sturdy demand, restricted availability of premium plots, and the strategic places of those high-end residential areas.
Nairametrics had earlier famous, based mostly on a report from Property Intel, that Lagos’ luxurious residential market delivered sturdy gross sales progress over the previous 5 years.
Eko Atlantic led with a 59.5% gross sales progress fee, highlighting its standing as a chief vacation spot for luxurious actual property investments.
Ikoyi adopted carefully with a 58.14% improve, reflecting sustained demand from prosperous consumers.
Banana Island recorded a 55.30% progress, pushed by restricted waterfront properties and ultra-luxury residences, aligning with Edala Growth’s observations of rising land, rental, and gross sales values within the space.
Victoria Island noticed a forty five.04% rise, highlighting regular demand in its mixed-use industrial and residential setting.
General, these prime Lagos places delivered annualized positive factors of 38%–60% in naira, illustrating the resilience and continued attractiveness of town’s high-end property market.
