Lekki Phase 1 has emerged as the fastest-growing residential rental market in Lagos, according to the Lagos Island Residential Market Report 2026. The area recorded a compound annual growth rate of approximately 36 percent over the last five years, with two-bedroom apartment rents now averaging N10 million per year.

While Ikoyi remains the most expensive neighborhood in Lagos, Lekki Phase 1 is currently the most liquid market, driven by high demand and modern infrastructure. Market experts attribute the broader surge in Lagos residential rents—which have climbed by 50 to 200 percent over the past two years—to persistent inflation and the rising cost of construction materials like cement, which have spiked due to local supply factors and global logistics challenges.