Lagos has once again reaffirmed its dominance in Nigeria’s high-end real estate market, with Eko Atlantic, Ikoyi, Banana Island, and Victoria Island topping the list of the nation’s most expensive residential areas.
This was contained in the Nigerian Residential Market Review 2025 released by property consultancy firm Diya Fatimilehin & Co. The report highlighted Lagos as the hub of premium housing, while pointing to Ogun and Oyo States as fast-rising alternatives due to better infrastructure and lower housing entry costs.
According to the findings, a four-bedroom apartment in Old Ikoyi now attracts a sale price of about ₦1.5 billion, while prime estates in Ibadan and Abeokuta are also drawing interest, with yearly rents for homes reaching ₦3 million.
Key infrastructure projects such as the Lagos Blue and Red Line Metro rails, the Lagos-Ibadan Expressway upgrade, and the planned Fourth Mainland Bridge are among the drivers sustaining Lagos’s lead. Other upcoming developments, including the Lekki International Airport and the Green Line Metro, are expected to further boost housing demand.
The report also drew attention to emerging trends across Nigeria’s regions. It noted that urbanisation, migration, and reforms such as fuel subsidy removal and exchange rate unification are steadily opening new investment frontiers beyond Lagos and Abuja.
In the North-West, cities like Kano, Kaduna, Zaria, and Sokoto are witnessing a quiet residential shift, spurred by agricultural mechanisation and industrial growth. Kaduna, for instance, is pushing forward with projects like the Kaduna Millennium City and several major roadworks, while demand remains strong in Barnawa, Ungwan Rimi, and Race Course Road despite security challenges.
In the South-South, large-scale urban renewal schemes and transport infrastructure are reshaping cities such as Port Harcourt, Uyo, Asaba, and Benin City. Landmark projects include the East-West Road in Rivers State, the Ikot Ekaide–Ikot Okoro–Ikot Ibritam Road in Akwa Ibom, and a new Radisson Hotel nearing completion in Benin.
Diya Fatimilehin & Co noted that every region tells a unique housing story shaped by culture, economic drivers, and government investment. From Lagos’s luxury skyline to emerging residential estates in Oyo, Ogun, and the North-West, Nigeria’s property market is expanding into new territories while retaining its traditional strongholds.
