Victoria Island to deliver 602 new homes in 2026 amid rising Lagos rents
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Victoria Island is expected to deliver more than 602 residential units in 2026 as developers expand housing supply across the Lagos district, a new Estate Intel report shows.
Victoria Island is expected to deliver more than 602 residential units in 2026 as developers continue to expand housing supply across the Lagos district, according to a report by real estate market intelligence platform Estate Intel.
The report, titled Residential Pipeline Activity in Victoria Island July 2026, identified more than 2,850 residential units in Victoria Island's development pipeline across five districts: North-West Victoria Island, North-East Victoria Island, Core Victoria Island, South-West Victoria Island and South-East Victoria Island.
Estate Intel's data shows that 47.1% of Victoria Island's residential 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 currently accounts for the highest concentration of pipeline developments, and the revised Victoria Island Model City master plan has broadened the development focus beyond Core Victoria Island.
The report puts the average land price in Victoria Island at N3.05 million per square metre, equivalent to about $2,238 per square metre. Notable projects under construction include The Alfred, The Gaia, Elysian Rise, Ozumba Mbadiwe Tower and Trimnell Towers in the North-West district, while Metropolitan Tower, Quantum Luxury Tower, Legacy Condos, Joaq Towers and Nouveau Towers are under construction in the South-West district.
The expected delivery of more than 602 units comes amid a significant housing supply gap and rising residential costs across Lagos. A separate housing and capital market report presented at a GTI Investment Group forum in August 2026 estimated that Lagos' housing deficit rose from 2.95 million units in 2016 to 3.4 million units in 2025, a 15% increase.