Oniru, popularly known as Victoria Island extension, is a middle to upper-income neighbourhood in Lagos. Just like Victoria Island, Oniru borders the Atlantic Ocean to the south alongside other creeks and lagoons, providing a lagoon view for most of the high-rise projects within the area. It spans from the popular Sandfill bus stop, all the way to the beginning of the Ikate area on the right of the Lekki-Epe Expressway, providing direct access to Victoria Island, Lekki Phase 1 as well as Ikoyi. The area was home to Maroko, which was demolished and is being redeveloped by the Lagos State Government.
There are a handful of residential, commercial as well as hospitality developments both ongoing and completed in Oniru, and the neighbourhood due to its serenity and relatively cheaper prices (compared to the core Victoria Island) is becoming a choice location for the young demographic including mid-level executives. Haven Court by Gabadan Properties, and The Oceanna (Cerulean) by Grenadines Homes, are just one of the many completed residential projects in Oniru. The neighbourhood also hosts some hospitality and leisure projects including The Art Hotel Oniru which is developed by Dreamspaces Development where Dutum Construction is acting as Main Contractor, as well as Landmark Boulevard by Landmark Group.
There are also some interesting upcoming projects by some notable developers including Empire Royale and Pacific Heights both by Deluxe Residences, Paramount Twin Towers by Grenadines Homes, The View by Seagle Property Development Company, and a handful of other projects that are being developed by Private Individuals.
So far, Estate Intel has tracked a total of 1,285 residential units (467 completed projects and 818 pipeline projects) in Oniru. Based on the data that we have gathered, the average rent for a 3-bed apartment is N5,125,000 and the same currently sells for N97,800,000 representing a yield of 5.48% per annum. Rents and sale prices in the area have grown by 0.2% and 22.8% respectively over the past 5 years. Based on our data for Oniru, we believe the Market Direction over the next year is positive.
Click here to read the Oniru market analysis which gives a more in-depth analysis of other market data that we track including; sales and rental rates, yields, supply drivers, stock breakdown, occupancy rate, and information on key contractors who are active in the market.
What are your thoughts on the Oniru residential market, let us know in the comment section or by sending an email to research@esateintel.com.
