Land in North-West Victoria Island now N1.96m per sqm – Report

The average price for land in North-West Victoria Island now stands at N1.96 million per square metre, reflecting strong interest from developers.

This information comes from a recent report by Estate Intel, which mapped North-West Victoria Island as bounded by Ozumba Mbadiwe Avenue to the north, Akin Adesola Street to the east, Adeola-Odeku Street to the south, and Ahmadu Bello Way to the west.

The increase in land value coincides with a surge in residential developments, particularly luxury and deluxe apartment projects.

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**What the data is saying **

North-West Victoria Island’s average land price of N1.96 million per square metre positions it as more affordable than Core VI (N2.36 million) and South-West VI (N2.32 million), but slightly higher than South-East VI (N1.71 million). North-East VI averages N2.34 million per square metre.

• “The average land price of the North West region sits around N2,000,000 per sqm. The graph below distinguishes it as a more affordable alternative to the Core VI and South West area, while remaining strategically closer to these commercial hubs than the cheaper South East region, with an average land price of N1,700,000 per sqm,” the report stated.

North-West VI has more land available for sale, unlike Core VI and South-West VI, allowing developers to acquire property at lower costs without sacrificing proximity to commercial infrastructure.

These factors make North-West VI a viable choice for developers seeking a balance between cost and location.

More insights

Residential projects dominate the development pipeline in North-West VI, accounting for 75% of ongoing projects, while office and healthcare projects represent 18.8% and 6.3%, respectively.

• Key residential developments include Elysian Rise, Reportage Tower, Trimnell Tower, The Alfred, Kadars Gate, The Gaia, Ozumba Mbadiwe Tower, Xamira Heights, Amoretto Luxury Apartments, 11 Goriola, and Hebron Tower.
• Recent completions include La Paz Apartments, The Oak Residence, and Bluerock Residences.

North-West VI’s proximity to major commercial corridors such as Adeola-Odeku Street, Ozumba Mbadiwe Road, and Kofo Abayomi Street attracts professionals and affluent families, while inner streets like Sapara Williams Close and Goriola Street offer quiet environments suitable for luxury and low-to-medium-density residential projects.

The combination of strategic location and diverse residential offerings makes North-West VI increasingly attractive to both investors and homeowners.

**What you should know   **

Luxury apartment rents in Lagos have shown moderate recovery in 2025 following a sharp decline in 2024, according to an Estate Intel report released in December 2025.

• A 3-bedroom luxury unit now rents an average of $24,208, while 2-bedroom units go for $22,633, and 4-bedroom apartments average $38,522.
• Estate Intel data highlights the volatility of Lagos’ luxury market over the past five years. Between 2020 and 2025, 2-bedroom rents peaked at $33,014 in 2021 before falling to $12,188 in 2024, while 4-bedroom units ranged from $27,581 in 2024 to $53,596 in 2022. Three-bedroom apartments, although more stable, also declined notably in 2024 before rebounding in 2025.

These trends illustrate the dynamic nature of Lagos’ luxury residential market, offering context for investors and tenants evaluating opportunities in North-West Victoria Island.

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