A 2026 residential market report by Lagos Realty reveals a dramatic surge in land prices across Lagos Island, driven by high demand, limited availability, and robust developer activity. As of 2026, Ikoyi leads the market with an average land price of N2.5 million per square metre, followed by Victoria Island at N2.1 million. Lekki Phase 1 and Ikate follow, with averages of N1.5 million and N955,000 per square metre, respectively. These figures represent substantial multi-year growth, with Lekki Phase 1 alone recording a 256% appreciation since 2022.