Victoria Island to Add 602 Homes by 2026 Amid Rent Hikes

Victoria Island is projected to deliver more than 602 residential units by 2026, according to a report by Estate Intel titled "Residential Pipeline Activity in Victoria Island July 2026." The report identifies over 2,850 residential units in the development pipeline across five districts: North-West, North-East, Core, South-West, and South-East Victoria Island. Currently, 47.1% of the pipeline is at the conceptual or early site work stage, while 43.5% is under construction, and 9.4% is at the implementation stage.

North-West Victoria Island has the highest concentration of developments. The average land price in Victoria Island is N3.05 million per square metre (approximately $2,238).

The report also highlights ongoing projects such as Metropolitan Tower and Quantum Luxury Tower in South-West Victoria Island. The expected delivery of these units addresses a significant housing supply gap, with Lagos' housing deficit increasing from 2.95 million units in 2016 to 3.4 million units in 2025.

Lagos needs about 227,576 new homes annually to meet population growth and replace dilapidated housing.