Lagos Property Prices 2026: Buying & Land Costs
Current Property Prices in Lagos (2026 Market Report)
Last Updated: January 1, 2026 | Verified Market Data
Lagos remains Nigeria’s most active and most expensive residential property market. Price levels continue to reflect a mix of population pressure, limited formal housing supply, rising construction costs, and sustained demand from investors and the diaspora.
This page provides an overview of current residential property prices in Lagos, covering houses, apartments, and land across major neighborhoods.
House Prices in Lagos
Detached and semi-detached houses command premium pricing, particularly in established and gated neighbourhoods.
Indicative price ranges:
| Area | Property Type | Unit | Avg Price | Min | Max | ₦ / sqm | Demand | Trend | Notes |
|---|---|---|---|---|---|---|---|---|---|
| Ikeja | Detached Duplex | 5-bed | ₦500m | ₦30m | ₦1.9bn | ~₦350k | High | Increasing | Includes Ikeja GRA. Central location near the airport drives strong demand. |
| Ikoyi | Luxury Apartment | 3-bed | ₦850m | ₦16.5m | ₦4bn | ~₦1.5m | Low | Increasing | Ultra-prime enclave including Banana Island. Small but wealthy buyer pool. |
| Lekki | Terraced Duplex | 4-bed | ₦350m | ₦55m | ₦1.8bn | ~₦900k | High | Increasing | High search demand. Gated estates popular with young families. |
| Victoria Island | Detached House | 4-bed | ₦600m | ₦5m | ₦5.5bn | ~₦1.2m | Medium | Stable | Mature mixed-use district with steady demand and high-end pricing. |
| Ajah | Terraced Duplex | 4-bed | ₦160m | ₦38m | ₦800m | ~₦250k | High | Increasing | Fast-growing corridor with improving infrastructure and strong buyer interest. |
| Yaba | Apartment | 2-bed | ₦140m | ₦2m | ₦260m | ~₦300k | Medium | Increasing | Mainland tech and education hub with rising appeal. |
| Surulere | Semi-Detached | 4-bed | ₦240m | ₦50m | ₦2.5bn | ~₦250k | Medium | Stable | Established residential area with consistent but slower growth. |
| Gbagada | Semi-Detached Duplex | 4-bed | ₦250m | ₦10m | ₦580m | ~₦300k | Medium | Stable | Family-oriented enclave with steady demand and limited volatility. |
Lagos Land Prices 2026: Cost Per Square Metre (sqm)
Land remains the most profitable asset in Nigeria real estate. In 2026, land prices are categorized into Prime, Developing, and Emerging zones. If you are land banking, these are the current market rates you should expect:
| Location | Category | Avg. Price (per sqm) | Price per Full Plot (600sqm) | 2026 Outlook |
|---|---|---|---|---|
| Banana Island | Ultra-Prime | ₦3,200,000 | ₦1.9 Billion+ | 🚀 Scarce |
| Old Ikoyi | Ultra-Prime | ₦1,800,000 | ₦1.08 Billion+ | 📈 High Demand |
| Lekki Phase 1 | Prime | ₦950,000 | ₦570 Million | 📈 Stable |
| VGC / Ajah | Developing | ₦350,000 | ₦210 Million | 📈 Rising |
| Ibeju-Lekki | Growth | ₦120,000 | ₦72 Million | 🔥 High ROI |
| Epe (Ketu / Poka) | Emerging | ₦45,000 | ₦27 Million | 🔥 Fast Growth |
| Ikorodu | Emerging | ₦25,000 | ₦15 Million | ➡️ Steady |
Prices reflect market averages and are updated periodically by Nigeria Housing Market.
Quick Price Guide: How Much is a House in Lagos in 2026?
If you are planning to buy a home or land, here is the current market breakdown of Lagos property prices in both Naira and US Dollars (estimated at $1 = ₦1,455).
1. House & Apartment Prices
How much is a 3-bedroom flat in Lagos?
Mainland (Yaba, Surulere): ₦45,000,000 – ₦85,000,000 ($31k – $58k)
Island (Lekki Phase 1, Oniru): ₦120,000,000 – ₦250,000,000 ($82k – $171k)
How much is a 4-bedroom duplex in Lagos?
Mid-Market (Ajah, Gbagada): ₦95,000,000 – ₦160,000,000 ($65k – $110k)
Luxury (Ikoyi, Victoria Island): ₦450,000,000 – ₦1.2 Billion ($310k – $825k+)
2. Land Prices (Per Square Metre)
Prime Locations (Banana Island, Old Ikoyi): ₦1.2m – ₦1.7m per sqm.
Developing Corridors (Lekki-Epe, Sangotedo): ₦450k – ₦900k per sqm.
Cheap Land in Lagos (Epe, Ikorodu, Badagry): ₦1.5m – ₦15m per full plot (approx. 500-600sqm).
Pro-Tip for Diaspora Buyers: Lagos property remains a top wealth preservation tool. While Naira prices appear to rise 15% annually, USD-denominated values often offer a "discount" during currency fluctuations, making off-plan projects in Lekki and Epe highly attractive.
Lagos Residential Market Outlook 2026: Infrastructure-Led Appreciation
Despite broader macroeconomic pressures, the Lagos real estate market is entering a "Golden Growth Phase" driven by massive infrastructure commitments. As of early 2026, two major corridors are dominating investor interest:
1. The Lagos-Calabar Coastal Highway Corridor
Following the successful $1.26 billion financing deal secured in December 2025 for Phase 1, Section 2 (connecting Eleko in Lekki to Ode-Omi), construction has moved into high gear.
Impact: This 700km highway is transforming Ibeju-Lekki and Epe from "suburban outposts" into premium coastal hubs.
Investor Tip: Properties within 5km of the coastal road are seeing a 25–40% appreciation spike as accessibility to the Lekki Free Trade Zone and Dangote Refinery improves.
2. The Fourth Mainland Bridge Ripple Effect
With construction finally active on the 38km Fourth Mainland Bridge, the "Mainland-Island" divide is shrinking.
Impact: This project is unlocking massive value in Ikorodu (Itamaga) and Ajah (Abraham Adesanya).
Investor Tip: Areas like Baiyeku and Langbasa are currently the "dark horse" investments for 2026. Buyers are moving into these areas now to beat the expected 50% price jump once the bridge's Lagoon section is completed.
3. The Rise of "Currency-Hedged" Assets
With the Naira stabilizing around ₦1,400–₦1,500/$, Diaspora investors are increasingly using Lagos real estate as a "Wealth Preservation Vehicle."
Demand Shift: There is a notable move toward off-plan vertical luxury in Eko Atlantic and Victoria Island, where rental yields are now being benchmarked against the US Dollar to protect against local inflation.
You can read our full breakdown of Abuja property prices
Not ready to buy? Compare the cost of renting in Lagos
Key Takeaways for Land Buyers in 2026:
The "Coastal Road" Effect: Land in Ibeju-Lekki and Epe has seen a 35% year-on-year increase due to the Lagos-Calabar Coastal Highway. Plots that were ₦15m in 2024 are now commanding ₦25m+.
Alaro City Impact: Epe is no longer "bush." The industrial boom in the Lekki Free Trade Zone has turned Epe into a primary residential support city for workers, driving up the cost of C of O land.
Title Matters: Always budget an extra 10-15% for Governor's Consent or Registered Survey fees. Buying "uncommitted" land without a title is the biggest risk in the 2026 market.
Lagos Property Price FAQs
How much does it cost to buy property in Lagos?
Entry-level residential properties in Lagos typically start from around ₦80m in emerging areas, while prime homes in locations such as Ikoyi and Victoria Island can exceed ₦1bn, depending on size, location, and finishing.
Are Lagos property prices still rising?
Yes. Lagos property prices continue to rise overall, although growth varies by neighbourhood, property type, and infrastructure development. Prime locations and high-demand corridors are experiencing stronger price increases.
What are the most expensive areas to buy property in Lagos?
Ikoyi, Banana Island, Victoria Island, and parts of Lekki Phase 1 are among the most expensive residential areas in Lagos due to limited land supply, strong demand, and premium infrastructure.
What are the cheapest areas to buy property in Lagos?
More affordable property options can be found in emerging suburbs such as Ajah, parts of Epe, Ikorodu, and some mainland districts, where prices are lower but infrastructure development is still ongoing.
Is it cheaper to buy land or a house in Lagos?
Buying land is generally cheaper upfront than buying a completed house, but total development costs can be higher once construction, approvals, and infrastructure expenses are considered.
How much does land cost per square metre in Lagos?
Land prices in Lagos vary widely by location. Prime areas can exceed ₦1m per square metre, while emerging areas may range from ₦50,000 to ₦300,000 per square metre.
Which Lagos neighbourhoods have the highest demand?
High demand is currently concentrated in Ikoyi, Lekki, Victoria Island, Ikeja GRA, Ajah, and Yaba due to employment hubs, transport access, and lifestyle amenities.
Is Lagos property a good investment?
Lagos property remains attractive to long-term investors due to population growth, housing shortages, and strong rental demand, particularly in well-located areas with good infrastructure.
How much rental income can property generate in Lagos?
Rental income varies by location and property type. Prime areas typically offer higher rental yields, especially for apartments and short-let properties, while suburban areas provide steadier but lower returns.
What factors influence property prices in Lagos?
Key factors include location, land title, infrastructure quality, proximity to business districts, security, finishing standards, and overall demand–supply dynamics.
Are property prices higher on Lagos Island or the Mainland?
Prices are generally higher on Lagos Island due to proximity to commercial hubs and premium amenities, although select mainland areas like Ikeja GRA and Yaba have seen strong price growth.
How often do Lagos property prices change?
Property prices in Lagos can change quarterly or annually depending on inflation, construction costs, infrastructure projects, and shifts in demand.
Is now a good time to buy property in Lagos?
Market timing depends on budget and location. Buyers seeking long-term value often benefit from purchasing in developing areas before infrastructure upgrades are completed.
