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Home Sectors Real Estate and Construction

How the land market is faring in Ikoyi

Estate Intel by Estate Intel
September 14, 2022
in Real Estate and Construction, Research Analysis
Mutual fund investments

Falomo Bridge, Ikoyi

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Ikoyi is notably one of the most luxurious areas in Lagos State, Nigeria. As the home to some of the luxurious apartments and estates such as Banana Island Estate, as well as prime offices in Lagos, this area emerges as one of the prime places to live in Lagos and even Nigeria. 

The area is in close proximity to other prime areas such as Victoria Island, Lekki Phase 1 and Oniru. Generally, Land in this area is also very expensive. According to our analysis, the average price/sqm of land has grown at an average rate of 4.25% within 5 years. Interestingly, this growth has remained relatively low compared to other areas such as Epe due to its high entry cost making it accessible only to select high-net-worth individuals and property development companies.

Still, as one of the most sought-after areas, we expect sustained demand in the region will continue. As a result, we estimate that the general market direction for land prices in Ikoyi over the next year will be positive.

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For further details on this area, subscribe to Estate Intel’s platform to access 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 Ikoyi land price market, let us know by sending an email to insight@estateintel.com.


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Tags: Estate IntelIkoyi
Estate Intel

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