LAGOS—Eko Atlantic City, the high-end, master-planned metropolis built on reclaimed land off Victoria Island, has emerged as the undisputed leader in the Lagos luxury residential market. According to a new report from property analytics firm Estate Intel, Eko Atlantic recorded a staggering 59.5% sales growth rate over the last five years, outpacing other prime districts.
This exceptional growth highlights the sustained demand from High-Net-Worth Individuals (HNWIs) and the diaspora for ultra-prime properties that offer superior infrastructure, security, and amenities.
The Ultra-Prime Race: Eko Atlantic vs. Ikoyi and Banana Island
The Estate Intel data shows a clear widening gap between the performance of master-planned developments and traditional elite neighborhoods, with Eko Atlantic setting the benchmark for appreciation in the naira value of residential assets.
While Ikoyi and Banana Island posted impressive gains, Eko Atlantic’s top position underscores the scarcity premiuminvestors are willing to pay for its unique urban offering.
The Foundation of Growth: Infrastructure and Free Zone Status
The success of Eko Atlantic is not accidental. According to industry experts, its strong performance is underpinned by the quality of its infrastructure and unique regulatory environment, which provide a solid, sustainable foundation for high-rise developments.
-
World-Class Infrastructure: The city boasts 24/7 uninterrupted power, reliable water supply, efficient drainage systems, and a high-speed fiber-optic network—amenities that are often inconsistent in other parts of the city.
-
Investment Security: Eko Atlantic’s status as a Free Zone offers significant investment protections, streamlined regulatory approvals, and crucial tax incentives. This framework provides local and international investors with the assurance and security often sought in large-scale capital deployments.
The ongoing construction activity, which sees the residential sector account for 61.8% of the city’s pipeline projects, indicates that developers are moving swiftly to meet the unrelenting demand. This activity is crucial, as approximately 91.5% of Eko Atlantic’s residential pipeline falls into the luxury segment.
The trend confirms that luxury real estate in Lagos continues to function less as a traditional housing solution and more as a high-yield vehicle for wealth accumulation and preservation, particularly for investors with patient capital and long-term horizons.
