The North-West Victoria Island land price has climbed to N1.96 million per square metre, reflecting sustained investor appetite and heightened development activity within one of Lagos’ most strategic real estate corridors.
According to a recent report by Estate Intel, North-West Victoria Island is bounded by Ozumba Mbadiwe Avenue to the north, Akin Adesola Street to the east, Adeola-Odeku Street to the south, and Ahmadu Bello Way to the west. The report positions the district as an increasingly competitive alternative to other high-value zones within Victoria Island.
Competitive Pricing Within Prime Victoria Island
At an average of N1.96 million per sqm, North-West Victoria Island remains more affordable than Core Victoria Island, where land averages N2.36 million per sqm, and South-West Victoria Island at N2.32 million per sqm. However, it is priced slightly higher than South-East Victoria Island, which averages N1.71 million per sqm. North-East Victoria Island stands at N2.34 million per sqm.
The report notes that North-West Victoria Island offers a strategic balance between affordability and proximity to key commercial infrastructure. Unlike Core and South-West Victoria Island, where available land parcels are limited, North-West Victoria Island still presents acquisition opportunities for developers seeking cost efficiency without compromising on location.
This relative availability of land has contributed to heightened construction activity, particularly in the residential segment.
Residential Projects Dominate Development Pipeline
Data from Estate Intel reveals that residential developments account for 75% of ongoing projects in North-West Victoria Island. Office developments represent 18.8%, while healthcare projects make up 6.3%.
Several luxury and deluxe apartment developments are currently shaping the district’s skyline. Prominent projects include Elysian Rise, Reportage Tower, Trimnell Tower, The Alfred, Kadars Gate, The Gaia, Ozumba Mbadiwe Tower, Xamira Heights, Amoretto Luxury Apartments, 11 Goriola, and Hebron Tower.
Recently completed developments such as La Paz Apartments, The Oak Residence, and Bluerock Residences further reinforce the district’s transformation into a premium residential enclave.
The concentration of high-end residential projects signals strong confidence among developers targeting affluent professionals, expatriates, and upper-income families seeking proximity to Lagos’ commercial nerve centres.
Strategic Location Driving Demand
North-West Victoria Island’s appeal is closely tied to its geographic advantage. The district lies near major commercial corridors, including Adeola-Odeku Street, Ozumba Mbadiwe Road, and Kofo Abayomi Street. These roads host corporate headquarters, financial institutions, hospitality establishments, and retail centres, making the area attractive for professionals who prefer reduced commute times.
At the same time, quieter inner streets such as Sapara Williams Close and Goriola Street provide relatively serene environments suitable for luxury and low-to-medium-density residential projects. This blend of accessibility and exclusivity enhances the district’s investment profile.
Developers appear to be leveraging this dual advantage — positioning projects that combine premium finishes with centrality to business hubs.
Luxury Rental Market Shows Recovery
The upward trajectory in land pricing aligns with renewed momentum in Lagos’ luxury rental market. Estate Intel’s December 2025 report indicates that luxury apartment rents in Lagos experienced moderate recovery in 2025 after a significant downturn in 2024.
A three-bedroom luxury apartment now commands an average annual rent of $24,208. Two-bedroom units average $22,633, while four-bedroom apartments rent for approximately $38,522.
Over the past five years, the market has exhibited notable volatility. Two-bedroom rents peaked at $33,014 in 2021 before declining sharply to $12,188 in 2024. Four-bedroom units fluctuated between $53,596 in 2022 and $27,581 in 2024. Although three-bedroom units demonstrated relatively greater stability, they also experienced declines in 2024 before rebounding in 2025.
This cyclical movement underscores the dynamic nature of Lagos’ luxury residential market and highlights the importance of data-driven investment decisions.
Investment Implications
The rise in North-West Victoria Island land price reflects both scarcity dynamics within Victoria Island and renewed investor confidence in Lagos’ high-end residential segment. For developers, the district offers a rare combination of comparative affordability, strategic access, and strong rental fundamentals.
For investors and prospective homeowners, the area presents opportunities tied to capital appreciation and rental yield recovery, particularly as Lagos consolidates its position as a leading commercial and technology hub in Africa.
As civil infrastructure continues to evolve and demand for premium residential units remains steady, North-West Victoria Island appears poised to maintain its upward trajectory within the broader Lagos property market.
