Lagos prime land costs $1 million for 507sqm, second most expensive in Africa
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Prime land in Lagos costs about $1 million for 507 square metres, making it the second-most expensive market among 11 major African cities surveyed in an Estate Intel report.
A report by Estate Intel has found that about US$1 million buys roughly 507 square metres of prime land in Lagos, making the city the second-most expensive market among 11 major African cities surveyed.
Only Cape Town was pricier, with US$1 million purchasing approximately 329 square metres, while Casablanca ranked third at about 633 square metres. At the other end, Johannesburg was the most affordable market at about 4,537 square metres, followed by Nairobi at 3,124 square metres and Kampala at 1,923 square metres. Abuja ranked fourth with 1,298 square metres, while Accra and Dar es Salaam recorded 1,183 and 1,019 square metres respectively, with Abidjan at 713 square metres and Cairo at 676 square metres.
Estate Intel linked the high cost of prime land in Lagos to sustained demand for premium locations, limited land supply and infrastructure gaps that concentrate demand in areas with better infrastructure. Its analysis covered Ikoyi, Victoria Island and Lekki Phase 1, where demand for luxury residential developments continues to support land values, and where developers building luxury apartments are competing for limited prime sites.
The report noted that the figures are based on prevailing prices in selected prime residential locations and do not represent typical plot sizes in the cities surveyed. It also highlighted a significant gap between prime land values and local purchasing power in Lagos.
The findings underline the premium attached to prime land in Lagos compared with several other major African property markets, with strong sales, occupancy and profit margins encouraging developers to keep acquiring land.