Lagos Real Estate History: From Fishing Village to ₦20 Trillion Market
Lagos is now Nigeria’s property capital, with an estimated market value exceeding ₦20 trillion in 2025. But this transformation took six decades of political, economic, and infrastructural change.
1. The Colonial Foundation (Pre-1960s)
Why it matters: Lagos’ deep-water port attracted British colonial interests, laying the foundation for commerce and settlement.
Key fact: By 1950, Lagos Island property was already selling at ₦500–₦1,000 per plot, a high figure for the era.
2. Post-Independence Boom (1960s–1970s)
Why it matters: Nigeria’s oil boom brought an influx of migrants and foreign investment.
Example: Victoria Island, once marshland, became prime residential land, with prices jumping from ₦5,000 in the 1960s to ₦50,000 by the late 1970s.
3. Economic Turbulence and Informal Growth (1980s–1990s)
Why it matters: Recession and military rule slowed formal development, but informal housing markets thrived.
Example: Surulere’s bungalow boom in the 80s turned it into Lagos’ middle-class hub.
4. The Modernization Era (2000s–2010s)
Why it matters: Private developers and public-private partnerships reshaped Lagos’ skyline.
Example: Lekki Phase 1 plots rose from ₦500,000 in 2000 to ₦25 million in 2010.
External link: See Lekki property market data
5. Today’s Lagos (2020s)
Why it matters: Lagos now drives over 30% of Nigeria’s real estate GDP.
Example: Eko Atlantic City is selling prime plots at $1,500/m², attracting global investors.
My Take
Lagos’ real estate dominance is a result of strategic location, economic opportunities, and relentless demand. While prices are high, emerging areas like Epe and Badagry still offer entry points for new investors.
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