The average annual rent for a two-bedroom apartment in some of Lagos Island’s major residential areas has risen to as high as N17.25 million in 2026, according to a new residential market report.
The Lagos Island Residential Market Report 2026 by real estate company Lagos Realty , seen by Nairametrics on Sunday, tracks rental prices, property sales values and land costs across four major submarkets between 2022 and 2026.
The report covers Ikoyi, Victoria Island, Lekki Phase 1 and Ikate, with rental prices recording significant increases across all four locations.
According to the report, “Ikoyi has an average annual rent of N17.25 million for a two-bedroom apartment in 2026, making it the highest among the four Lagos Island submarkets covered in the report.”
Ikate recorded the lowest average rent among the four areas at N8.5 million annually, followed by Lekki Phase 1 at N10 million, Victoria Island at N15 million
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