The most expensive place to buy land in Nigeria is Banana Island, Ikoyi, where listings average around ₦4.7 million per square metre (~$3,030) and waterfront plots ask considerably more. Eko Atlantic follows at ₦4M–₦8M/sqm (~$2,580–$5,160), then Old Ikoyi at up to ₦2.5M/sqm (~$1,610) and Victoria Island at about ₦2.1M/sqm (~$1,355). Here’s the thing most people get wrong: five of the six priciest locations in Nigeria are in Lagos, not Abuja. (Figures at ₦1,550/$, September 2026.)
This is the mirror of our cheapest places to buy land in Nigeria guide. Same measure, opposite end of the market — and the gap between the two ends is wider than almost anyone assumes.
The most expensive land in Nigeria, ranked
Ranked by asking price per square metre. Read the note under the table before you use these numbers for anything.
| # | Location | City | Price per sqm (₦) | ~ USD |
|---|---|---|---|---|
| 1 | Banana Island, Ikoyi | Lagos | ₦4.7M–₦9M | ~$3,030–$5,810 |
| 2 | Eko Atlantic City | Lagos | ₦4M–₦8M | ~$2,580–$5,160 |
| 3 | Old Ikoyi | Lagos | ₦2.2M–₦2.5M | ~$1,420–$1,610 |
| 4 | Victoria Island | Lagos | ~₦2.1M | ~$1,355 |
| 5 | Lekki Phase 1 | Lagos | ~₦1.5M | ~$970 |
| 6 | Maitama (Ministers Hill) | Abuja | ₦400,000–₦800,000 | ~$258–$516 |
Watch out: These are asking prices from listings, not recorded sale prices. Nigeria has no public land-price register, so every figure you’ll see anywhere — including here — is built from what sellers advertise. Actual sale prices in this bracket are commonly negotiated well below asking, and the spread on Banana Island between a listing average (~₦4.7M/sqm) and a prime waterfront ask (₦9M/sqm) is nearly double.
Also premium, figures to confirm
These belong in the conversation but we couldn’t source a defensible per-sqm figure for 2026, so we’re not going to invent one. Confirm directly with a local agent before budgeting.
- Asokoro, Abuja — the diplomatic and political quarter, broadly peer to Maitama.
- Wuse 2, Abuja — commercial and high-end residential.
- Oniru, Lagos — VI extension, priced just below VI proper.
- Ikeja GRA, Lagos — the mainland’s premium address.
- Old GRA, Port Harcourt — the South-South’s most expensive residential land.
How fast these prices moved
The four-year numbers are the part worth sitting with. Lagos Island land hasn’t drifted upward — it has repriced.
| Location | 2022 (₦/sqm) | 2026 (₦/sqm) | Change |
|---|---|---|---|
| Victoria Island | ₦705,000 (~$455) | ₦2.1M (~$1,355) | ~+198% |
| Lekki Phase 1 | ₦421,000 (~$272) | ₦1.5M (~$970) | +256.5% |
Some of that is genuine demand. A lot of it is naira depreciation showing up in naira-denominated asset prices — which is exactly why the dollar column matters. A plot that tripled in naira over four years has done something much more modest in dollars, and if you’re earning abroad, the dollar column is the one that describes your actual return.
Why Lagos dominates and Abuja doesn’t
Abuja has genuine wealth and world-class addresses. But Lagos Island has something Abuja structurally cannot get: it has run out of land, and it sits on water. Banana Island and Eko Atlantic are both reclaimed — land that had to be manufactured before it could be sold. Scarcity plus reclamation cost plus a commercial capital’s demand is what produces ₦4M+ per square metre.
Abuja’s premium districts are large, planned and comparatively land-rich. Maitama at ₦400,000–₦800,000/sqm is expensive by any national standard. It’s still a fraction of Banana Island.
What most “most expensive areas” lists leave out
- Title type changes the real price. A plot with a registered Certificate of Occupancy and one on a governor’s-consent-pending assignment are not the same asset, even on the same street. Perfection costs can add materially to your number.
- Service charges in prime estates are substantial and recurring. Banana Island and Eko Atlantic both carry estate charges that don’t appear in any per-sqm figure.
- Reclaimed land carries specific engineering questions. Ask about fill depth, settlement history and drainage before you value a reclaimed plot the same as natural ground.
- The plot size you’re quoted may not be the plot size you get. “A plot” means different things in different parts of Nigeria — see our land measurement guide.
Buying at this level? The paperwork matters more than the price. Our free Land & Property Verification Checklist covers the 14 checks to run before money moves — title, survey, consent status and the fees nobody quotes.
Frequently asked questions
Where is the most expensive land in Nigeria?
Banana Island in Ikoyi, Lagos, where land listings average around ₦4.7 million per square metre (~$3,030) in 2026 and prime waterfront plots ask up to ₦9 million per square metre. It’s a reclaimed, gated island off Ikoyi.
How much is land per square metre in Victoria Island?
About ₦2.1 million per square metre (~$1,355) in 2026, up from roughly ₦705,000 in 2022 — an increase of close to 200% in four years, much of it driven by naira depreciation.
Is land in Abuja more expensive than Lagos?
No. Abuja’s priciest district, Maitama, runs roughly ₦400,000–₦800,000 per square metre, while Lagos Island’s prime areas run ₦1.5 million to ₦9 million. Five of Nigeria’s six most expensive locations are in Lagos.
Why is Banana Island so expensive?
It’s reclaimed land — manufactured at cost before it could be sold — on a fixed, gated footprint in Nigeria’s commercial capital. Absolute scarcity, high reclamation and infrastructure costs, and concentrated demand from the wealthiest buyers in the country.
Are these actual sale prices?
No. Nigeria has no public land-price register, so these are asking prices drawn from listings. Real transactions in this bracket are often negotiated below asking, and you should treat every figure here as a planning baseline rather than a quotation.
Running numbers on a prime-market purchase? Feasibility Studio — our ROI and cashflow tool for developers and investors — launches soon.
Related reading: Cheapest places to buy land in Nigeria · Most expensive places to live in Lagos · Where to buy land in Lagos by budget · The true total cost of buying land in Nigeria
Sources & method: Per-square-metre figures are asking prices compiled from Nigerian property listing platforms and market reporting, September 2026, including Nigeria Property Centre listing averages for Banana Island. Historical 2022 comparatives and Lagos Island growth percentages are from Nigerian market reporting. Nigeria maintains no public land-price register, so no figure here is a verified transaction price. Dollar conversions at ₦1,550/$. The five locations listed under “Also premium” are ones we could not source a defensible 2026 per-square-metre figure for, and we have deliberately not estimated them. Last updated: 14 September 2026. Next review: March 2027. Journalists and researchers may cite this with attribution to LandsofNigeria.com.
