Lagos, a rapidly expanding megacity on the African continent, is witnessing an escalating demand for real estate to accommodate its burgeoning population, projected to exceed 30 million by 2030. As the economic powerhouse of Nigeria, Lagos attracts a constant influx of residents seeking opportunities, resulting in an incessant need for both housing and commercial spaces. In response to this demand, and with a vision to establish a new economic hub, Eko Atlantic City has been conceived as a unique and ambitious “city within a city”. This planned city, currently under construction on land reclaimed from the Atlantic Ocean, anticipates housing at least 250,000 residents and accommodating a daily flow of 150,000 commuters upon its full development.
Strategically located adjacent to Victoria Island, Eko Atlantic City serves as a focal point for investors seeking to capitalize on the growing demand for real estate in Lagos and as a gateway to the emerging markets across Africa. With aspirations to become the new financial and economic center of West Africa, Eko Atlantic City represents a significant expansion of Lagos’s urban landscape and is poised to attract substantial investment. This report aims to provide a detailed analysis of the Eko Atlantic City real estate market, with a specific focus on the costs associated with property sales and rentals.
Eko Atlantic City Overview
The inception of Eko Atlantic City in 2003 was driven by the critical need to address the environmental challenges posed by the persistent coastal erosion affecting the Lagos Bar Beach shoreline. Over time, this ambitious project has evolved into a large-scale urban development, aiming to redefine Lagos’s landscape and economy. A collaborative effort between the Lagos State Government and South Energyx Nigeria Limited, Eko Atlantic City is a testament to a shared vision for a modern, sustainable metropolis. Its prime location, nestled next to the established commercial hub of Victoria Island and the rapidly developing Lekki area, underscores its strategic importance. This adjacency ensures connectivity to existing infrastructure and business networks, enhancing its appeal to both residents and investors.
Eko Atlantic City distinguishes itself through its commitment to providing world-class infrastructure and amenities. The development plan incorporates modern and environmentally conscious standards for water management, waste disposal, security, and transportation systems. Furthermore, the city boasts an independent source of energy, ensuring a reliable power supply, a critical advantage in the Lagos context. Residents and businesses also benefit from super-fast internet connectivity. A remarkable feat of engineering, the “Great Wall of Lagos,” an 8.5-kilometer-long coastal revetment, protects the city from the ocean’s surge.
The city’s master plan meticulously divides the reclaimed land into distinct zones, including areas dedicated to finance, commerce, residences, and tourism, fostering a well-integrated urban environment. Upon its projected completion, Eko Atlantic City is expected to house a substantial population and accommodate a significant daily commuter flow, indicative of its potential as a major economic center. Notably, the entire project is privately funded, reflecting strong investor confidence in its long-term viability and its potential to become the financial hub of West Africa and a key gateway to the continent’s burgeoning markets. Â
Residential Property Market in Eko Atlantic City – For Sale
The residential property market within Eko Atlantic City offers a diverse range of options, primarily concentrated in high-rise towers that define its modern skyline.
Types of Properties Available in for Sale Eko Atlantic City
Apartments are the dominant residential type, found in prominent towers such as Azuri Towers, Eko Pearl Towers, Phoenix Towers, The Hive, and A & A Towers. These developments offer a variety of layouts and amenities, catering to different preferences and needs. Penthouses, situated at the top of these towers, provide premium living experiences with expansive views and exclusive amenities.
Maisonettes, offering a multi-level living space, are also available, providing a blend of apartment living with the feel of a house. While dedicated villas or houses for sale are less commonly listed directly within Eko Atlantic City, the availability of land for purchase allows for the construction of bespoke residential properties. The focus on high-rise apartments aligns with the city’s urban development model, emphasizing density and modern architecture. Â
Price of Properties in Eko Atlantic City (with examples)
Apartment prices in Eko Atlantic City exhibit a wide range, influenced by factors such as size, specific tower location, and the array of amenities offered. For instance, 2-bedroom apartments can range from approximately $66,339 to $516,800 , with the latter being a listing in the A & A Tower. Three-bedroom apartments show an even broader spectrum, from around $410,700 in The Hives to as high as $1,800,000 for a brand new unit in Eko Pearl. The average sale price for a 3-bedroom apartment in Eko Pearl Towers is around $1 million USD. Four-bedroom apartments are typically priced from $1,200,000 for a luxury unit in Azuri Tower up to $2,500,000 for a spacious luxury option, also in Azuri Tower, spanning 501 square meters. Â
Penthouses, commanding the highest prices in the residential market, also vary based on size and features. Three-bedroom penthouses can be found from $1,300,000 up to $2,450,000 for a luxury unit in Eko Pearl Tower offering ocean and marina views with a large terrace. Four-bedroom penthouses are listed around $1,350,000 , while larger 5-bedroom penthouses can reach significantly higher values, with one listing at ₦ 5,000,000,000. Maisonettes offer a more diverse price range, starting from $150,000 for new 1-bedroom options with ocean views and exceeding $730,000 for 4-bedroom units in newly planned towers. Â
Factors Affecting Sale Prices:
Several key factors contribute to the pricing of residential properties in Eko Atlantic City. The location within the city plays a crucial role, with properties offering proximity to the ocean, the marina, the business district, or located in specific prestigious towers generally commanding higher values. The array of amenities available within the property and the development also significantly influences prices. Features such as swimming pools, gyms, concierge services, smart home technology, and desirable views all contribute to higher property values.
The size and layout of the property, including the number of bedrooms and bathrooms, the total square footage, and the presence of additional features like maid’s quarters or balconies, are also important determinants of price. The reputation of the developer and the overall quality of the building are further factors that can impact sale prices, with properties in developments by well-known and reputable builders often fetching higher values. Finally, the overall market demand and the “prestige” associated with owning property in Eko Atlantic City as a high-end, modern urban center contribute to the premium pricing observed in this market. Â
Residential Property Market in Eko Atlantic City – For Rent:
The rental market in Eko Atlantic City primarily features apartments, both furnished and unfurnished, catering to a range of tenants seeking upscale living within this modern development.
Types of Properties Available for Rent in Eko Atlantic City:
Apartments are the most common type of property available for rent, encompassing 1, 2, 3, and 4-bedroom units. Houses or villas for rent are less frequently listed within the city , suggesting a rental market predominantly focused on apartment living. Penthouses, representing the higher end of the rental market, are also available, offering luxurious living spaces. The availability of a variety of apartment sizes indicates that the rental market caters to a diverse range of tenants, from individuals to families.
Rental Price Ranges (with examples):
Rental prices for apartments in Eko Atlantic City vary considerably based on factors such as size, whether the property is furnished, and the amenities provided. One-bedroom apartments can range from $38,000 per year to ₦59,500,000 per year. Two-bedroom apartments are listed from ₦30,000,000 per year up to $55,555 per year. Three-bedroom apartments show a range from ₦30,000,000 per year to ₦70,000,000 per year , with short-let options also available starting from ₦250,000 per day. Four-bedroom apartments are typically priced around $40,000 to $45,000 per year , but exclusive options can reach as high as $138,000 per year. Houses for rent are less common, with 3-bedroom penthouses listed between ₦45,000,000 and ₦60,000,000 per annum. Â
Factors Affecting Rental Prices:
The rental prices in Eko Atlantic City are influenced by several key factors. Whether an apartment is furnished or unfurnished plays a significant role, with furnished apartments commanding higher rental rates due to the convenience they offer. The availability of amenities such as swimming pools, gyms, 24/7 power supply, and security also significantly impacts rental costs, as these features enhance the quality of life for tenants. Similar to the sales market, the specific location of a property within Eko Atlantic City influences rental values, with more desirable areas typically having higher rates. Finally, the lease terms, whether for short-let at daily rates or for annual leases, also affect the overall cost of renting a property.
Land Market in Eko Atlantic City:
Eko Atlantic City offers various types of land for sale, catering to a wide range of development interests.
Availability and Types of Land for Sale:
Residential land is available for the construction of villas or low-rise residential buildings, offering options for individual homeowners and smaller-scale developers. Commercial land is also available, suitable for the development of office buildings, retail spaces, and other commercial ventures, primarily located within the city’s designated business district and commercial zones. Additionally, mixed-use land plots are offered, providing the flexibility to develop properties that combine both residential and commercial elements, supporting the creation of integrated communities. Land within Eko Atlantic City is available in different phases of development, namely Phase 1, 2, and 3, each with its own zoning regulations and development potential.
Price Ranges and Factors Influencing Land Costs:
The cost of land in Eko Atlantic City per square meter varies depending on several factors, including the specific location within the city, the size of the plot, and the intended use (residential, commercial, or mixed-use). Starting prices for land in Phase 3, which is designated for smaller plots (around 1,200 sqm) suitable for low-rise residential developments, begin at approximately $1,050 per square meter.
In contrast, land in the earlier phases, Phase 1 and 2, which are intended for mid to high-rise buildings and typically involve larger plot sizes (around 2,200 sqm), starts from around $1,150 per square meter. However, prime locations within Eko Atlantic City can command significantly higher prices, with some listings reaching as high as $3,200 per square meter. The total price for a land plot can range from ₦450,000,000 to ₦5,000,000,000, depending on the size and the specific location.
Key factors influencing land costs include the location within Eko Atlantic City (such as the Marina District or Downtown), the designated zoning (residential, commercial, or mixed-use), the size of the plot, the proximity to essential amenities, and the specific phase of development. Waterfront plots, given their premium location and views, are likely to command the highest prices. Â
Market Trends and Analysis:
Eko Atlantic City has established itself as a prime and increasingly valuable real estate destination within Lagos. Since the project’s inception, land values have demonstrated significant appreciation , with reports from 2014 indicating a substantial 22% capital appreciation, and by 2016, an overall increase of 85%. The demand for high-quality residential properties remains robust, attracting both local and international high-net-worth individuals seeking exclusive homes and investment opportunities. The city’s growing prestige is further enhanced by the relocation of major corporate headquarters, such as FirstBank and MTN, to Eko Atlantic, signaling its increasing importance as a business hub.
Reports also suggest that rental yields within Eko Atlantic City are attractive, with Azuri Towers reportedly offering around 6% per annum. Off-plan sales and investments are common in this market, offering the potential for significant returns, with early investors in some developments experiencing nearly 100% returns on their initial investments. Â
Broader trends in the Lagos real estate market indicate a general upward trajectory in property prices due to high demand and limited supply. While the luxury property market in Lagos, including areas like Ikoyi, Victoria Island, and Lekki, is becoming increasingly competitive with a growing supply of high-end units , Eko Atlantic City maintains its position as a prime investment hub with substantial potential for high returns. Investors should note that some reports suggest a possible oversupply of luxury apartments in Lagos in the coming years, which could lead to price adjustments.
However, Eko Atlantic City’s unique attributes and infrastructure might help it sustain strong demand. The ability to conduct transactions in USD offers a significant advantage for international investors, providing a hedge against Naira devaluation. The long-term outlook for Eko Atlantic City remains positive, with expectations that it will evolve into a leading financial and commercial center in Africa, suggesting continued growth and appreciation in property values. Â
Comparative Analysis: Eko Atlantic City vs. Other High-End Areas in Lagos:
To provide context, it is valuable to compare the property costs in Eko Atlantic City with other prominent high-end residential areas in Lagos, namely Ikoyi and Lekki Phase 1.
Ikoyi:
Ikoyi is renowned for its exclusivity and consistently high property values. The average sale price for a house in Ikoyi is around ₦500,000,000 , with some listings reaching into the billions of Naira. Apartment sale prices in Ikoyi range from ₦350,000,000 to over ₦2,000,000,000. Land in prime areas like Banana Island can command prices as high as ₦3,600,000 per square meter. The rental market in Ikoyi also reflects its premium status, with apartment rental prices varying from ₦6,000,000 to ₦85,000,000 per annum.
Lekki Phase 1:
Lekki Phase 1 is a rapidly developing area known for its blend of residential and commercial properties. The average sale price for a house in Lekki Phase 1 ranges from ₦332,092,857 to ₦398,355,769 , with some properties reaching ₦1,000,000,000. Apartment sale prices start from around ₦170,000,000. House rental prices in Lekki Phase 1 range from ₦4,120,000 to ₦22,000,000 per year , while apartment rental prices vary from ₦650,000 to ₦50,000,000 per year.
Victoria Island:
Victoria Island is a major business hub offering a mix of commercial, residential, and leisure spaces. Average house sale prices range from ₦363,222,222 to ₦450,000,000 , with some properties priced at ₦1,000,000,000. Apartment sale prices show a wide range depending on the specific property. House rental prices average around ₦20,000,000 per year , while apartment rental prices have a broad range, from ₦140,000 to ₦50,000,000 per year.
Highlighting the Unique Value Proposition of Eko Atlantic City:
Eko Atlantic City distinguishes itself from other high-end areas in Lagos through its modern, meticulously planned infrastructure. Its self-sufficiency, with independent power and water supply, addresses critical infrastructural challenges often faced in Lagos. The city also offers a secure environment, a significant consideration for residents and investors in Lagos. Furthermore, Eko Atlantic City presents a strong potential for high returns on investment, particularly for early investors who have already witnessed significant capital appreciation. The Free Zone benefits and the ability to transact in USD are particularly attractive to international buyers seeking a stable and potentially high-growth investment.
| Property Type | Eko Atlantic City (USD) | Ikoyi (NGN) | Lekki Phase 1 (NGN) | Victoria Island (NGN) |
|---|---|---|---|---|
| Apartments (Average) | $66,339 – $2,500,000 | ₦350,000,000+ | ₦170,000,000+ | Significant Range |
| Houses/Villas | Limited Data | ₦500,000,000+ | ₦332,092,857+ | ₦363,222,222+ |
| Land (Per Sqm) | $1,050 – $3,200 | Up to ₦3,600,000 | Not Explicitly Stated | Not Explicitly Stated |
Export to Sheets
| Property Type | Eko Atlantic City (NGN/USD Per Annum) | Ikoyi (NGN Per Annum) | Lekki Phase 1 (NGN Per Annum) | Victoria Island (NGN Per Annum) |
|---|---|---|---|---|
| Apartments (Average) | ₦30,000,000 – ₦70,000,000 / $38,000 – $138,000 | ₦6,000,000 – ₦85,000,000 | ₦650,000 – ₦50,000,000 | Significant Range |
| Houses/Villas | ₦45,000,000 – ₦60,000,000 | ₦36,730,000+ | ₦4,120,000 – ₦22,000,000 | ₦20,000,000+ |
Export to Sheets
Conclusion:
The real estate market in Eko Atlantic City presents a compelling landscape for investors and individuals seeking premium properties in Lagos, Nigeria. Property costs for sale, particularly for apartments, range significantly based on size, location within the city, and the quality of amenities offered, with penthouses commanding the highest values. The rental market primarily features apartments with prices influenced by furnishing, amenities, and location. Land for sale caters to various development interests, with prices per square meter dependent on zoning and phase of development.
Market trends indicate a strong appreciation in property values and sustained demand, driven by Eko Atlantic City’s unique infrastructure, secure environment, and growing prestige as a business and residential hub. While property prices in Eko Atlantic City are generally competitive with or higher than other high-end areas like Ikoyi and Lekki Phase 1, its distinctive value proposition, including self-sufficiency in utilities and the option for USD-denominated transactions, positions it as an attractive investment destination with significant long-term growth potential.
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