Infrastructure & Transit Boosts Property Demand
Major transit systems expanding: The Red Line rail began operations in October 2024, offering
a 37 km commuter link from Agbado to Oyingbo, with extensions towards Marina underway .
Additionally, the proposed Green Line a 68 km rapid transit corridor from Marina to the Lekki
Free Trade Zone is in the planning phase, with a completion target yet to be announced .
These developments are improving access to areas like Victoria Island, Lekki, and Ajah,
enhancing property appeal.
Coastal and bridge megaprojects:
Lagos is a key node in the 700 km Lagos–Calabar Coastal Highway, headed toward completion
by 2031; a recently inaugurated 30 km section from Ahmadu Bello Way to Eleko Junction was
commissioned in late May 2025 . Meanwhile, the 38 km Fourth Mainland Bridge is set to
connect Lagos Island to Ikorodu, expected to significantly boost connectivity .
Property Market Trends & Price Surges
Prices doubling in prime areas:
Since 2022, property values have surged. Two-bedroom terrace homes in Lekki, Ikoyi, and
Victoria Island have jumped from ₦45 M–₦50 M to around ₦94M, a 100% increase in three
years .
Land appreciation across LGAs:
Between 2018 and 2023, areas like Ogudu (+275%), Banana Island (+225%), Ikoyi (+203%),
and Victoria Island (+200%) recorded steep rises in land prices .
Luxury development boom:
Over 600 premium apartments valued at $1 M+ are currently being built in high-end locales
such as Ikoyi, Victoria Island, and Banana Island, with a 30% increase in high-end project
launches year-over-year
