A new report reveals Eko Atlantic, Ikoyi, Banana Island, and Victoria Island as Nigeria’s most expensive residential locations.
The report by Diya Fatimilehin & Co, tagged ‘Nigerian Residential Market Review 2025’, found that Lagos retained its luxury dominance, while Ogun and Oyo emerged as viable real estate alternatives, boosted by infrastructure projects and lower entry costs.
It stated, “Lagos remains the epicentre of Nigeria’s real estate market, with Eko Atlantic, Old Ikoyi, Banana Island and Victoria Island sustaining their status as the country’s most expensive places to live. In Ikoyi, for example, a four-bedroom flat now commands a sale price of around N1.5bn. Beyond Lagos, Ogun and Oyo states are emerging as attractive alternatives, leveraging proximity to Lagos, lower entry costs, and available land for development. Areas such as Alalubosa and Iyaganku GRAs in Ibadan, and Laderin Estate and Olusegun Osoba Hilltop in Abeokuta, demonstrate this trend, with annual rentals for a house reaching N3m.
“To further stimulate regional growth, major completed and ongoing projects include the Lagos Blue and Red Line Metro Rails; the Lagos-Ibadan Expressway; a 10-span flyover in Oke-Fia, Osun; the 110 km Rashidi Ladoja Circular Road in Oyo; and the 71 km Ondo section of the Lagos-Calabar Coastal Highway. Projects in the offing include the Fourth Mainland Bridge, the Green Line Metro Rail in Lagos, and the Lekki International Airport.”
The report noted that every geopolitical region in Nigeria tells its own story, adding that from the bustling streets of Lagos to the rolling highlands of Plateau, Nigeria’s urban landscape was shaped by a rich interplay of culture, economic forces, and infrastructure investment.
It added, “For decades, rapid urbanisation has transformed Nigeria’s residential market, as millions migrate from rural hinterlands to thriving urban centres. Following independence in 1960, Lagos grappled with the massive influx of migrants, Port Harcourt swelled under the weight of the oil boom, and Abuja heralded a new wave of construction activities upon its designation as the Federal Capital Territory. However, beneath the surface of these teeming Tier-1 markets, a quiet transformation is underway. Structural shifts, including subsidy removal, exchange rate unification, tax reforms, improved regional road networks, and large-scale agricultural mechanisation, are gradually opening up new investment frontiers and extending housing demand into emerging cities.
“Home to Nigeria’s second most populous city, Kano, the North-West lies at the confluence of industrial and agricultural activities. As mechanisation gains momentum, cities such as Kano, Kaduna, Zaria, Sokoto, Katsina, and Birnin Kebbi are poised to drive local production and exports, stimulating additional residential demand from a growing young workforce.
“Transformative infrastructure projects include the N6.4bn Gwaram Basirka Bridge and 21 mini-grid projects in Jigawa; the 5.5 km Airport Road and Rafin Guza-Hayin Naiya-Kukumake Road linking Kaduna State University; and the 25 km Kauru-Pambegua Road, Tundun Biri Road and a new 300-bed specialist hospital in Kaduna. In partnership with Qatar Construction Company, the Kaduna State Government is also developing the Kaduna Millennium City.”
According to the report, although security concerns from insurgency and religious tensions have constrained real estate activity in parts of the region, leading to high vacancy rates, particularly in prime residential segments in northern Kaduna, demand remains strong in established residential areas in the region, such as Barnawa and Ungwan Rimi in Kaduna; Nasarawa GRA and Race Course Road in Kano; and Adau Aliero Housing Estate and Geese 1 & 2 in Birnin Kebbi.
It noted, “Emerging residential hotspots include Kamazao and Karji in Kaduna; Gwarzo and Tudun Yola in Kano; and Geese 3 and Sani-Abacha Bypass in Birnin Kebbi.
“The oil-rich South-South region remains the largest contributor to Nigeria’s revenues. Though its dependence on crude makes it prone to volatility characterised by cycles of boom and bust, renewed investor confidence is transforming cities like Uyo, Asaba, and Port Harcourt, as evidenced by infrastructure and large-scale urban renewal projects.
“Notable projects in the region include the 23.2 km Ikot Ekaide-Ikot Okoro-Ikot Ibritam Road and the 12.28 km Ikot Ubo-Odot Road in Akwa Ibom; Section 3A of the Lagos-Calabar Coastal Highway in Akamkpa; and the 67 km Alesi Ugep Road in Cross River State. A recent launch is the 94 km dualised East-West Road in Eleme, Rivers. Nearing completion in Benin City is a 169-key Radisson Hotel.”
