LAGOS ISLAND RENTS SOAR AS TWO-BEDROOM APARTMENTS HIT ₦17.25M

Rental prices in some of Lagos Island’s most sought-after residential areas have continued to rise, with the average annual rent for a two-bedroom apartment reaching ₦17.25 million in Ikoyi, according to the 2026 Lagos Island Residential Market Report.

The report, compiled by Lagos Realty, examined rental prices, property values, and land costs across Ikoyi, Victoria Island, Lekki Phase 1, and Ikate.

Ikoyi recorded the highest average rent at ₦17.25 million per year, representing a 115.63 per cent increase from the ₦8 million recorded in 2022. Victoria Island followed at ₦15 million, up from ₦6.57 million during the same period.

A two-bedroom apartment in Lekki Phase 1 now averages ₦10 million annually, compared with ₦4 million in 2022, while Ikate recorded the lowest figure among the four areas at ₦8.5 million, rising from ₦3 million.

The report attributed the increases to growing demand, limited land availability, residential development, and demand from corporate tenants, professionals, expatriates and high-income households.

The figures highlight the growing pressure on housing affordability in Lagos, particularly in areas where demand continues to outpace available residential supply.

Real estate stakeholders say the trend underscores the need for increased housing supply and policies that can improve affordability for residents.