Lagos Island two-bedroom rents hit N17.25 million as costs surge up to 183%

Renting a two-bedroom apartment on Lagos Island has never cost more. According to the Lagos Island Residential Market Report 2026 by real estate firm Lagos Realty, as reported by Nairametrics, annual rents across the corridor’s four submarkets have surged dramatically since 2022.

Ikoyi leads at N17.25 million — up 115.63% from N8 million four years ago — followed by Victoria Island at N15 million, Lekki Phase 1 at N10 million, and Ikate at N8.5 million. Ikate recorded the steepest climb, rising 183.33% from N3 million in 2022. Limited new housing supply, infrastructure growth, and sustained corporate and expatriate demand are driving the increases across all four markets.

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