Eko Atlantic City, the most modern and ultra-luxury city being developed on reclaimed land from the Atlantic Ocean, near Victoria Island in Lagos, remains the most expensive neighbourhood in Nigeria in terms of apartment sale and rental prices.

Land prices in the city are also on the very high side at N4.1 million per square metre as against Banana Island’s N3.0 million per square metre, Ikoyi’s N2.2 million per square metre, Victoria Island’s N1.5 million, and Lekki Phase 1’s N1.1 million per square metre.

Eko Atlantic has become Nigeria’s most sought-after city for its high-end infrastructure and well-planned city layout, as reflected in an eight-lane boulevard, about 13 internal bridges, underground cables, and green footprints defined by over 30,000 trees.

The City is modelled after the Skyscraper District of Manhattan Island in New York City. It has become the new destination for corporate firms and high-net-worth individuals who are building homes or relocating their headquarters to the 10-square-kilometre city.

This explains why renting an apartment there costs more than what it takes to buy a three-bedroom bungalow in some Lagos mainland neighbourhoods.

For instance, to rent and live in a studio apartment in this city costs N14.2 million per annum. A one-bedroom apartment in the city costs N20.9 million per annum. A renter who wants to live in a two-bedroom apartment in the city is expected to pay N26.6 million per annum, while a three-bedroom apartment goes for 35.3 million per annum.

A recent report on Lagos Residential Market by Edala Development shows that these rents are far ahead of what it costs to rent same size apartments in other island neighbourhoods, including Banana Island, Ikoyi, Victoria Island and Lekki Phase 1.

In Banana Island, for instance, where rent has seen a significant increase over the last five years, a studio apartment rents for N5.1 million. One-bedroom apartment rents for N10.0 million; two-bedroom goes for N15.5 million per annum, while three-bedroom goes for N27.5 million.

“The rental market in Banana Island has shown consistent growth, reflecting its status as Nigeria’s most prestigious address. Between 2020 and 2025, rental values for family-sized homes saw a significant climb,” Samuel Olatunde, Co-Founder and COO, Edala Development, explained.

He noted that from ₦11 million in 2020, the rent for a three-bedroom has jumped to ₦27.5 million, while a four-bedroom property has risen from ₦18 million to ₦30.5 million, adding that this upward trend highlights the strong, unwavering demand for luxury living and the area’s resilience as a prime residential location, attracting high net worth individuals seeking exclusivity and security.

“Luxury properties, especially those with direct water views, often command higher rents. Furthermore, final prices are heavily influenced by the quality of furnishing, modern finishes, and the inclusion of smart home technology, which is increasingly becoming a standard expectation for tenants in this exclusive community,” Olatunde surmised.

According to him, the rental market in Ikoyi reflects its high-end status, with some of the highest rates in Nigeria. The steady increase in rental prices from 2020 to 2025 shows continuous demand and the market’s strength.

“A look at the data shows that a 1-bedroom apartment, which rented for an average of ₦2 million in 2020, has seen its rent grow by 300 percent to an average of ₦8 million in just five years (by 2025). Similarly, a 2-bedroom apartment rent grew by 150 percent over five years.

The 3-bedroom unit, popular with families commands an average rent of ₦25.5 million in 2025, indicating a 200 percent increase from ₦8.5 million in 2020,” he noted.

The COO pointed out, however, that the actual rent for a property in Ikoyi can vary significantly based on several key factors. These include the year the building was built and the specific property type, whether it is a unit in a block of flats, a high-rise building, a semi-detached house, a terrace, or a penthouse. (BusinessDay)