Lekki Phase 1 has grown to be one of the most expensive places to live in Lagos State. The estate currently features as one of the most sought-after locations in Lagos and a major attraction for leisure and recreation. In addition, the area features as a working-class area with large residential projects, coupled with commercial and retail developments.
Its location is also advantageous by being in close proximity to other prime areas such as Ikoyi, Victoria Island, Oniru, and Banana Island.
Based on the data Estate Intel is tracking, land prices in Lekki Phase 1 are currently selling at an average of NGN 301,405/sqm. This pricing largely depends on the size and location of the land. For example, waterfront plots, plots by the main roads, and corner piece plots often have higher prices than others.
The area has an average 5-year growth of 14.10%, with prices being around 190,470/sqm in 2017. The growth can be attributed to the high demand in the area as a result of its strategic location among other prime areas.
As a result, we estimate that the general market direction for land prices in Lekki Phase 1 over the next year will be positive.
For further details, click here to view the Lekki Phase 1 Land Market Analysis which gives a more in-depth analysis of additional market data such as; sales rates, yields, supply drivers, and information on key real estate market participants who are active in the market.
What are your thoughts on the Lekki Phase 1 Land market, let us know by sending an email to insight@estateintel.com.
