Residential properties nestled in prestigious locales of Nigerian cities, especially Lagos, experienced remarkable price surges throughout the first half of 2025, with the selling price for a three-bedroom apartment oscillating between N700 million and N1.2 billion.
These remarkable increases were predominantly propelled by vigorous demand from international investors, affluent high-net-worth individuals (HNIs), and expatriates in pursuit of comfort, exclusivity, and modern living amenities.
In Lagos, prominent elite neighborhoods include Old Ikoyi, Banana Island, Victoria Island, and Lekki Phase 1, among others. According to a ‘H1 2025 Nigeria Real Estate Market Review’ compiled by Northcourt, property prices in these esteemed areas have consistently escalated over the past 18 months.
“A one-bedroom flat is currently valued at N180 million in Old Ikoyi, while three-bedroom apartments typically range from N700 million to N1.2 billion,” the report states, further noting, “luxurious penthouses command prices soaring to N8 billion, a trend largely fueled by diaspora investors, high-net-worth individuals, and expatriates seeking unparalleled comfort, exclusivity, and innovative living features.”
Caroline Akinlotan, the managing director of RSG Property Services, validated this trend in her article titled ‘The Boldness of the Lagos Property Market,’ where she indicated that the last decade has been quite eventful for the Lagos property sphere.
“We observed the naira depreciate beyond our wildest predictions—from N195.00 to an astonishing N1,500.00 against the US Dollar today. Consequently, the sale and rental prices of properties have soared dramatically, akin to a hot air balloon ascending.”
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A three-bedroom flat in Lekki Phase 1 was listed at N30-40 million in 2015, and even as recently as four or five years ago, it was valued at N60 to N70 million. Now, the same property fetches N250 million and rents for N30 million,” she revealed.
Continuing her assessment, she remarked, “In Northern Foreshore estate in Chevron, land that was available for N70/80 million is now priced at an astonishing N430 million. A three-bedroom flat in Crown Estate, Ajah, which once commanded a rent of N1.5 million, today goes for N6 million.”
Akinlotan, who also practices psychology, expressed concern that, in tangible terms, earnings have not even doubled or tripled in the last ten years, resulting in accommodation, which was already scarce, becoming even more limited and unaffordable for the average individual.
Ayo Ibaru, CEO of Northcourt, articulated to BusinessDay that the high-end real estate sector in Nigeria continues to captivate diaspora investors, while also noting that South African promoters are gradually making inroads into Nigeria’s investment marketplace.
“High Net-worth Individuals (HNIs) and expatriates are a significant part of this growing demand. The luxury real estate market is anticipated to escalate to $4.34 trillion by 2029,” he stated.
The thirst for properties in upscale locations is ascending, with a keen emphasis on gated communities offering advanced perimeter security, sustainable lighting and waste management systems, smart home technologies, and expansive living environments.
