Lagos has kept its crown as Nigeria’s luxury property hub. A new report by Diya Fatimilehin & Co. shows that Eko Atlantic, Old Ikoyi, Banana Island, and Victoria Island remain the country’s most expensive residential areas.
In Ikoyi, a four-bedroom apartment now sells for about ₦1.5 billion, highlighting strong demand in the city’s upscale enclaves.
The report also points to Ogun and Oyo as emerging alternatives. With lower entry costs and better infrastructure, areas such as Alalubosa and Iyaganku GRAs in Ibadan, and Laderin Estate in Abeokuta, are gaining traction. Annual rents in these estates reach up to ₦3 million.
Infrastructure projects are driving this shift. The Lagos Blue and Red Line metro rails, the expanded Lagos–Ibadan Expressway, and the planned Fourth Mainland Bridge and Lekki International Airport are opening new growth corridors.
Beyond Lagos, housing demand is rising in regions like the North-West and South-South. Cities such as Kano, Kaduna, and Sokoto are seeing opportunities from industrial growth and agriculture. Despite security challenges, established districts like Barnawa in Kaduna and Nasarawa GRA in Kano remain resilient.
In the South-South, urban renewal and major road projects are reshaping Uyo, Asaba, Port Harcourt, and Benin City. A 169-room Radisson Hotel nearing completion in Benin highlights renewed investor confidence.
The report concludes that Nigeria’s housing market is evolving. From Lagos’ dominance to new frontiers in emerging cities, urbanisation, reforms, and infrastructure continue to shape where Nigerians live and invest.
Source: Punch
