Lagos Island Two-Bedroom Rent Hits N17.25 Million in 2026

The Lagos Island Residential Market Report 2026, published by Lagos Realty, reveals that the average annual rent for a two-bedroom apartment in Ikoyi has surged to N17.25 million, making it the highest among the four major submarkets analyzed, which include Victoria Island, Lekki Phase 1, and Ikate. Ikate recorded the lowest average rent at N8.5 million, reflecting a 183.33% increase from N3 million in 2022.

Lekki Phase 1's average rent is now N10 million, up 150% from N4 million in 2022, while Victoria Island's rent has risen to N15 million from N6.57 million, a 128.31% increase. The report attributes these increases to significant residential development, infrastructure improvements, and the influx of first-time renters and tenants relocating from Lekki in search of lower costs.

Ikoyi's status as the most expensive submarket is underscored by its demand from corporate tenants and expatriates, driven by its proximity to major commercial districts.