BY OLUWABUKOLA RACHAEL
Despite inflation, currency swings, and rising costs, Lagos’ high-end property market in Ikoyi, Victoria Island, and Banana Island continues to attract billionaires, expatriates, and investors, with demand showing no signs of slowing.
Nigeria’s economy may be navigating one of its toughest periods in decades, yet luxury real estate in Lagos has proven remarkably resilient. From sprawling mansions to waterfront villas, prime properties in the city continue to sell for eye-watering sums often starting at ₦800 million and climbing into the billions.
What Fuels the Market?
Scarcity of Land Lagos is surrounded by water, limiting land availability in prime areas. This scarcity consistently drives property prices upward.
Prestige Factor For Nigeria’s elite, owning a home in Ikoyi or Banana Island is not just about comfort; it is a status symbol comparable to Beverly Hills or Mayfair.
Foreign Demand Expatriates, diplomats, and multinational executives continue to lease and buy properties in these areas, sustaining a vibrant market.
Wealth Preservation In uncertain times, the wealthy prefer real estate as a safe haven. Unlike volatile currencies or stocks, luxury homes offer security and appreciation.
The Investor’s Angle
A property purchased for ₦1 billion in Ikoyi five years ago can today command ₦1.7 billion or more. Rentals are equally profitable, with some luxury homes fetching over $100,000 annually, especially from embassies and corporate tenants seeking secure residences.
The Risks
Experts warn that even in high-end markets, risks exist. Disputed titles, fraudulent sales, and incomplete documentation are common pitfalls. Investors are urged to verify Certificates of Occupancy, Governor’s Consent, and developer credibility before making purchases.
Even in tough economic times, Lagos’ luxury property market continues to prove that the pursuit of status, comfort, and long-term investment never fades. For those who can afford it, the city remains a playground of opportunities.
