If you want the single most expensive address in Lagos, it’s still Banana Island: land there is listed at about ₦4.2M–₦6M per square metre (~$3,030–$4,330) in September 2026, so a standard 1,000 sqm plot asks ₦4.2B–₦6B (~$3M–$4.3M). Old Ikoyi and Eko Atlantic come next, then Osborne Foreshore and Parkview. (Listing asks, Lagos, September 2026; dollar figures at ₦1,385/$.)
We’ve rewritten this page. The old version, from 2021, mixed truly expensive estates with mid-range ones and quoted prices that are now years out of date. This version ranks Lagos’s luxury estates by one thing you can compare: what land actually asks per square metre today.
What are the most expensive estates in Lagos in 2026?
Ranked by the middle of each estate’s land asking range, per square metre, from live listings in September 2026:
| # | Estate / area | Land asking price per sqm (₦) | ~ USD per sqm |
|---|---|---|---|
| 1 | Banana Island, Ikoyi | ₦4.2M – ₦6M | ~$3,030 – $4,330 |
| 2 | Old Ikoyi (Queens Drive, Alexander Rd, Cooper Rd) | ₦3.5M – ₦5.5M | ~$2,530 – $3,970 |
| 3 | Eko Atlantic City | ~₦2.1M – ₦4.7M | ~$1,500 – $3,400 |
| 4 | Osborne Foreshore, Ikoyi | ₦2.7M – ₦3.5M | ~$1,950 – $2,530 |
| 5 | Parkview Estate, Ikoyi | ₦1.3M – ₦2.5M | ~$940 – $1,810 |
| 6 | Nicon Town, Lekki | ₦1.3M – ₦1.6M | ~$940 – $1,160 |
| 7 | Lekki Phase 1 | ₦0.6M – ₦2M | ~$430 – $1,440 |
| 8 | Victoria Garden City (VGC), Lekki | ~₦650,000 | ~$470 |
These are asking prices on listings, not completed sales. Deals often close below them, and waterfront or corner plots sit at the top of each range.
Looking for the biggest estates rather than the most expensive? Size and price are different lists. See our ranking of the biggest estates in Lagos by land size.
1. Banana Island, Ikoyi
Banana Island is a reclaimed, banana-shaped island off Ikoyi, reached by a single bridge near Parkview. It has only about 536 plots and almost none are empty, so most new homes are “knock down and rebuild” jobs. That scarcity is why it leads every list.
Land listings in September 2026 run from about ₦4.2M to ₦6M per sqm (~$3,030–$4,330), with waterfront plots off the 2nd and 3rd Avenues at the top. Finished homes are priced to match: three-bedroom flats commonly ask ₦600M–₦1.5B (~$433,000–$1.08M), and lagoon-front mansions run into the billions.
2. Old Ikoyi
Old Ikoyi isn’t one gated estate. It’s the leafy colonial-era grid around Queens Drive, Alexander Road, Cooper Road and Bourdillon. Big plots with old houses on them are being sold for redevelopment into apartment blocks, and that pushes prices up.
Current listings ask ₦3.5M–₦5.5M per sqm (~$2,530–$3,970). Waterfront land on Queens Drive sits at the top, and one 1,504 sqm redevelopment site on Alexander Road asks ₦4.5B (~$3.25M).
3. Eko Atlantic City
Eko Atlantic is a new city built on about 10 million square metres of land reclaimed from the Atlantic, beside Victoria Island. It’s priced differently: land is often quoted in dollars, and plots are large, often 2,000 sqm and up, sold mostly to developers building towers.
A 2026 consultant guide puts land at roughly $1,500–$3,400 per sqm (~₦2.1M–₦4.7M) depending on district, and the 2025 State of Lagos Housing Market report valued a plot there at more than ₦2 billion (~$1.44M). Treat both as market guides, not an official price list.
4. Osborne Foreshore, Ikoyi
Osborne Foreshore sits on the eastern edge of Ikoyi along the lagoon, with planned roads, high-rise apartment blocks and a quieter feel than central Ikoyi. It’s popular with corporate tenants and expatriates.
Recent listings work out at about ₦2.7M–₦3.5M per sqm (~$1,950–$2,530). For example, one 939 sqm plot in Osborne Phase 1 asks ₦2.5B (~$1.8M).
5. Parkview Estate, Ikoyi
Parkview is a gated estate in Ikoyi next to the Banana Island bridge. It’s full of detached houses, terraces and newer apartment blocks, with one guarded main entrance.
Land listings range from about ₦1.3M to ₦2.5M per sqm (~$940–$1,810). Waterfront plots and those on streets like Soule sit at the top.
6. Nicon Town, Lekki
Nicon Town, off the Lekki–Epe Expressway at Ikate, is a zoned, gated estate. It’s known for its layout, underground cabling and very little street parking.
Recent plot listings of about 1,000 sqm ask ₦1.4B–₦1.6B (~$1M–$1.16M), which works out at roughly ₦1.3M–₦1.6M per sqm (~$940–$1,160).
7. Lekki Phase 1
Lekki Phase 1 is a large planned scheme rather than a single tight estate, and prices vary street by street. Quiet interior streets and plots near Admiralty Way ask far more than land on busier edges.
Listings range from about ₦600,000 to ₦2M per sqm (~$430–$1,440). The 2025 State of Lagos Housing Market report put land that sold for ₦10M–₦15M in 2005 at over ₦400M–₦500M by 2025.
8. Victoria Garden City (VGC), Lekki
VGC, run by HFP, is one of the older fully gated family estates on the Lekki axis, with its own water treatment, parks, schools and shops. It’s the “entry ticket” to Lagos’s luxury estates.
Plots of 600 sqm are listed at about ₦650,000 per sqm, or ₦390M a plot (~$282,000), with waterfront plots higher.
Watch out: a famous estate name is not a title. The Lagos government has flagged 176 estates it said were operating illegally, and fake agents target exactly these high-value addresses. Verify the plot’s title and the seller’s right to sell before any money moves.
Buying in a luxury estate, even from abroad? Our free Land Verification Checklist covers the 14 checks to make before you pay anyone a kobo.
What makes an estate expensive in Lagos?
Three things, mostly. Scarcity: Banana Island and Old Ikoyi can’t grow, so buyers compete for a fixed number of plots. What you can build: land that allows apartment towers is worth more per square metre than land limited to one house. Services: steady power, water, drainage and security. Those services also mean high running costs, so check the service charge before you buy. Our guide to what it costs to live in a Lagos estate breaks it down.
What these rankings leave out
- Asking isn’t selling. Listing prices are what sellers hope for. Ask for recent completed sales on the same street before you negotiate.
- Title quality varies inside the same estate. One plot may have a Federal C of O, the next only a Governor’s Consent in progress. That changes the price.
- Flooding. Several lagoon-front areas flood in heavy rain. Visit in the rainy season, not just in December.
- Estates we left out. Pinnock Beach is well known but has too few recent land listings to price fairly. Read our Pinnock Beach Estate review instead.
Frequently asked questions
What is the most expensive estate in Lagos?
Banana Island, Ikoyi. Land there asks about ₦4.2M–₦6M per sqm (~$3,030–$4,330) in September 2026, so a 1,000 sqm plot is listed at ₦4.2B–₦6B (~$3M–$4.3M).
How much is a plot of land in Banana Island?
A standard 1,000 sqm plot asks roughly ₦4.2B–₦6B (~$3M–$4.3M) in 2026 listings, with waterfront plots at the top of the range.
Is Eko Atlantic more expensive than Banana Island?
Per square metre, usually not: Eko Atlantic is guided at about $1,500–$3,400 per sqm (~₦2.1M–₦4.7M) against Banana Island’s ~₦4.2M–₦6M. But Eko Atlantic plots are much bigger, so a whole plot can cost more.
What is the cheapest luxury estate in Lagos?
Of the estates on this list, VGC in Lekki has the lowest entry price, at about ₦650,000 per sqm, or ₦390M (~$282,000) for a 600 sqm plot.
What are the best estates in Lagos to live in?
“Most expensive” and “best to live in” aren’t the same list. See our guide to the best residential estates in Lagos, which weighs security, services and value, not just price.
Methodology & sources. Land prices are asking prices from current listings, not completed sales, collected on 29 September 2026 from Nigeria Property Centre (Ikoyi, Banana Island, Osborne), Parkview, Lekki Phase 1, Nicon Town and VGC. Banana Island flat prices and plot count from Nigeria Housing Market. Eko Atlantic ranges from Makaya Consult’s 2026 guide and the 2025 State of Lagos Housing Market report as covered by WithinNigeria. Ranked by the midpoint of each range. Dollar figures at ₦1,385/$ (parallel market, 25 September 2026). Last updated: 29 September 2026. Next review: March 2027. Journalists and researchers may cite this with attribution to LandsofNigeria.com.
Related: the most expensive places to buy land in Nigeria and the biggest estates in Lagos by size.
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