Average Annual Rent in Lekki Phase 1 Skyrockets to Record-Breaking N10 Million
Written on
Lagos’ Lekki Phase 1 has reached a new rental milestone. Average annual rents have climbed to ₦10 million, making it one of Nigeria’s fastest-growing luxury residential markets.
Average annual rent in Lekki Phase 1 has reached ₦10 million, marking the highest level in five years as demand continues to rise in one of Lagos’ most sought-after residential districts.
A Lagos Realty report found the neighbourhood recorded the strongest rental growth among major Lagos Island markets, with a five-year rent growth rate of 35.9%.
The surge is being driven by strong demand, limited premium housing supply and Lekki Phase 1’s appeal among professionals, businesses and affluent residents.
While Ikoyi remains Lagos Island’s most expensive rental market, Lekki Phase 1 has become the area with the strongest rental momentum, highlighting its growing importance for property investors.
Read the full story at Nairametrics(opens in new tab) →