North-West Victoria Island Land Hits ₦1.96 Million per Sq Metre as Luxury Development Surges
Land Values Climb on Victoria Island Amid Residential and Luxury Development Growth
Land in the North-West sub-zone of Victoria Island, Lagos is now commanding an average price of approximately ₦1.96 million per square metre, according to recent research by property analytics firm Estate Intel. This trend reflects heightened demand from developers and investors amid a broader upsurge in luxury and deluxe residential construction across the district.
Strong Demand and Strategic Positioning
The North-West segment of Victoria Island roughly bounded by Ozumba Mbadiwe Avenue, Akin Adesola Street, Adeola-Odeku Street and Ahmadu Bello Way is emerging as a price-competitive yet strategically central alternative to higher-priced areas such as the Core and South-West zones of the island.
While its average land value of ₦1.96 million per square metre remains below Core Victoria Island (about ₦2.36 million) and South-West Victoria Island (about ₦2.32 million), it exceeds South-East Victoria Island’s average of about ₦1.71 million, positioning North-West as an attractive cost-performance location for high-end development.
One factor supporting land price resilience is the greater availability of parcels in North-West Victoria Island compared with more built-out precincts, allowing developers to secure plots with comparatively lower upfront acquisition costs while remaining proximate to commercial and infrastructure hubs.
Development Pipeline Skews Residential
Residential projects dominate the development landscape in North-West Victoria Island, accounting for roughly 75 % of ongoing construction activity. Office and healthcare developments comprise approximately 18.8 % and 6.3 % of the pipeline, respectively.
Key luxury residential names contributing to this trend include Elysian Rise, Reportage Tower, Trimnell Tower, The Gaia, and Xamira Heights, among others. Recently completed projects such as La Paz Apartments, The Oak Residence and Bluerock Residences add to the inventory of high-end housing options.
Market Context and Comparative Pricing
The broader Lagos real estate market remains robust, with prime Victoria Island land and property often trading at premium levels relative to other Lagos districts. Listings in the wider Victoria Island area show a wide range of price points, with some parcels fetching several million naira per square metre depending on location, size and title status.
For context, premium plots in adjacent high-end Lagos areas such as Ikoyi can command significantly higher prices, with some waterfront land listings exceeding ₦3 million per square metre or more.
Drivers of Land Price Appreciation
Several factors underpin the rising land values in North-West Victoria Island:
Proximity to commercial corridors: Close access to major roads and economic nodes enhances desirability.
Luxury residential demand: Affluent buyers and investors are fuelling development of upscale units.
Relative supply dynamics: Available land stock provides room for projects that might not be feasible in more constrained zones.
Developers seeking a balance between price and central Lagos location now view North-West Victoria Island as a compelling option, particularly where access to transport, business districts and lifestyle amenities is crucial.
Implications for Investors and Urban Planning
For property investors and developers, the current pricing levels could signal sustained opportunity in Victoria Island’s residential segment, even as luxury inventory expands. The nuanced price differentials between sub-zones may also influence decisions about asset class focus for example, mixed-use versus purely residential development.
Urban stakeholders are likely to watch how infrastructure improvements and zoning changes affect long-term land values, as well as how rising costs influence the mix of rental and owner-occupier demand in the luxury segment.
The surge in land values to an average of ₦1.96 million per square metre in North-West Victoria Island reflects a confluence of heightened development activity, availability of land supply and sustained investor interest in one of Lagos’s most dynamic real estate corridors. As the pipeline of luxury residential projects grows, this sub-market is poised to maintain its relevance in Nigeria’s broader urban property landscape.
