North-West Victoria Island is emerging as Lagos’ next residential hotspot, and developers are rushing to invest.
Currently, land sells at an average of ₦1.96 million per square metre, Estate Intel reports.
North-West Victoria Island Land Prices
The district lies between Ozumba Mbadiwe Avenue, Akin Adesola Street, Adeola-Odeku, and Ahmadu Bello Way.
Meanwhile, luxury and deluxe apartment projects are driving a rapid surge in residential construction.
In comparison, North-West VI costs less than Core VI (₦2.36 million) and South-West VI (₦2.32 million).
However, it remains slightly higher than South-East VI (₦1.71 million) while staying close to key commercial hubs.
Developers value the area because it offers available land at lower costs without sacrificing access to business districts.
Development Boom
Additionally, residential projects account for 75% of ongoing developments, whereas office and healthcare projects represent 18.8% and 6.3%.
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Notable projects include Elysian Rise, Reportage Tower, Trimnell Tower, The Gaia, and Ozumba Mbadiwe Tower.
Furthermore, recent completions such as La Paz Apartments, The Oak Residence, and Bluerock Residences showcase rapid growth.
Quiet inner streets like Sapara Williams Close and Goriola Street attract low-density residential developments and luxury homes.
Simultaneously, nearby commercial corridors draw professionals and affluent families seeking convenience and vibrant city life.
Luxury Rentals
Luxury apartment rents are recovering in Lagos, following sharp declines during 2024, according to Estate Intel.
Currently, three-bedroom units rent for $24,208, two-bedrooms $22,633, and four-bedrooms $38,522 on average.
These figures demonstrate the market’s volatility, which offers both opportunities and risks for investors and tenants.
Overall, North-West Victoria Island combines strategic location, affordable land, and lifestyle appeal, enticing developers and homeowners alike.
