Lagos Island two-bedroom apartment rents reach N17.25 million in 2026

This information comes from the Lagos Island Residential Market Report 2026 by Lagos Realty, which tracks rental prices, property sales values, and land costs across Ikoyi, Victoria Island, Lekki Phase 1, and Ikate between 2022 and 2026. Ikoyi recorded the highest average annual rent at N17.25 million, representing a 115.63 percent increase from N8 million in 2022. Victoria Island saw an average rent of N15 million, up 128.31 percent from N6.57 million in 2022.

Lekki Phase 1's average rent is N10 million, a 150 percent increase from N4 million in 2022. Ikate had the lowest average rent at N8.5 million, but experienced the largest percentage increase of 183.33 percent from N3 million in 2022. The report attributes these increases to factors such as significant residential development, infrastructure improvements, demand from corporate tenants and expatriates, and limited land availability.

The data indicates that rental costs have more than doubled across all four submarkets compared to 2022, highlighting a continued rise in housing costs amid growing demand and limited new housing supply.