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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