Lekki Phase 1, one of the highbrow island locations in Lagos, Nigeria, now leads other locations within the region in residential rental market growth, recording an average rent of N10 million per annum for a two-bedroom apartment, which is the highest in five years.
The area, which has recorded approximately 36 percent compound annual growth rate over the last five years, also leads the region’s market demand for apartments, even though it is a destination with a mix of commercial and residential properties.
Analysts posit that this area presents a good case for investment in apartment buildings, explaining that investors will gain from its strategic location, strong rental demand, and modern developments.
“The area is well-equipped with top-tier amenities, including reputable international schools, advanced healthcare facilities, and diverse shopping and dining options. It is a growing hub for businesses, startups, and professionals and is supported by ongoing infrastructure development.
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