Rental prices in Lagos’ luxury property market have hit record levels, with prime two-bedroom apartments now going for as much as N38 million annually, according to Northcourt’s H1 2025 Nigeria Real Estate Market Review.
The report highlights a sustained surge in high-end property values over the past 18 months.
A one-bedroom luxury flat in Lagos now costs around N180 million, while three-bedroom units in Old Ikoyi are priced between N700 million and N1.2 billion.
At the top of the market, penthouses attract asking prices of up to N8 billion, particularly those offering smart-home features and exclusive gated-community living.
Northcourt noted that demand is being fuelled largely by diaspora investors from the US and UK, high-net-worth people, and expatriates seeking premium residences that combine comfort with advanced security and sustainability systems.
“Average rental and sale prices of apartments have increased in the past 18 months. Two-bedroom rentals in Lagos have climbed as high as N36 million per year, while luxury penthouses with two-room servants’ quarters are commanding record asking prices,” the report stated.
Beyond foreign inflows, the study revealed that South African property developers are increasingly eyeing Nigeria’s luxury market, though diaspora buyers remain the strongest force. Northcourt projects that the global luxury real estate market could reach $4.34 trillion by 2029, with Nigeria expected to retain a significant share of that growth.
The growing appetite for high-end residences is also reshaping supply. Developers are prioritising gated estates with advanced perimeter detection, smart lighting, eco-friendly waste management, and spacious layouts to appeal to families and professionals seeking both comfort and security.
In Victoria Island, Quantum Properties is simultaneously developing Quantum Luxury Towers and Metropolitan Towers on Ozumba Mbadiwe Street.
The 28-storey Metropolitan Towers, designed by XBD Collective with El-Alan Construction as the main contractor, spans 34,500 sqm and includes 27 residential floors, two rooftop levels, and a basement. Meanwhile, Quantum Luxury Towers, designed by SVA Architects and CKR Consulting Engineers, with Cappa & D’Alberto as contractors, is scheduled for completion in December 2027.
However, despite the boom in the upscale segment, the report warned that Nigeria’s broader housing sector continues to struggle.
Issues such as homelessness, weak property rights, and limited access to finance remain major barriers to closing the housing deficit and expanding affordable housing development.
