Land prices on Banana Island have risen sharply, reinforcing its position as Lagos’ most expensive residential location. The average price of land on the luxury estate now stands at ₦3.05 million per square metre, representing a growth of over 540 per cent in five years.
Data from the Lagos Residential Market Report 2025 shows that land values increased from about ₦470,000 per sqm in 2020, driven by limited land availability, rising demand from high-net-worth individuals, and the estate’s premium infrastructure and security.
Property values on the island have also appreciated significantly. Annual rents for three-bedroom apartments climbed from around ₦11 million to ₦27.5 million, while sales prices for four-bedroom houses rose from roughly ₦350 million to nearly ₦800 million within the same period.
Real estate analysts say the strong performance highlights continued investor confidence in luxury properties, positioning Banana Island as a preferred destination for wealth preservation amid economic uncertainty. Visit www.jocomms.com for more news.