Eko Atlantic Lagos: luxury development worth investing?

Authored by the expert who managed and guided the team behind the Nigeria Property Pack

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THE AFRICANVESTOR

A team specialized in real estate investing in African countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Lagos. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At The AfricanVestor, we explore the Nigerian real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Lagos, Abuja, and Port Harcourt. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What are the current purchase prices per square meter for residential and commercial units in Eko Atlantic compared to other Lagos luxury areas?

Eko Atlantic residential properties command premium pricing between $1,050 and $2,300 per square meter as of September 2025.

Prime residential towers like Azuri, Eko Pearl, and La Rêve typically sell one to three-bedroom units for $400,000 to $1,000,000, with the highest-end penthouses reaching the upper price range. Commercial spaces including offices and retail units trade at $1,500 to $5,000 per square meter, with new office towers targeting blue-chip corporate tenants at the premium end.

Compared to traditional Lagos luxury neighborhoods, Eko Atlantic sits at the top of the market. Ikoyi, Banana Island, and Victoria Island average between ₦800,000 to ₦1,500,000 per square meter (approximately $950 to $1,770), making Eko Atlantic roughly 15-30% more expensive than these established areas. The price premium reflects the development's modern infrastructure, flood protection systems, and status as Nigeria's first planned city.

This pricing positions Eko Atlantic as the most expensive residential and commercial real estate market in Nigeria.

What rental yields can investors expect from apartments, offices, and retail spaces in Eko Atlantic over the next 5-10 years?

Eko Atlantic offers projected rental yields ranging from 6% to 15% annually depending on property type and location within the development.

Residential apartments in premium towers like Azuri generate rental yields of 6-12% annually, with the highest-end properties anchored at the lower end due to their premium purchase prices. Short-term and serviced apartments targeting expatriates and diplomatic staff command higher rents and maintain relatively low vacancy rates.

Commercial properties including retail spaces and office units target gross yields of 12-15%, though net returns depend significantly on service charges and occupancy rates. The ongoing influx of multinational corporations and the planned U.S. Consulate opening in 2027 should support consistent demand for commercial space.

The 5-10 year outlook remains bullish for double-digit returns given the ongoing infrastructure development, landmark corporate moves, and growing expatriate population. Major projects scheduled for completion by 2028 including luxury hotels, marinas, and transport links should further boost rental demand across all property categories.

How much has property value appreciated annually in Eko Atlantic since initial sales, and what are future expectations?

Eko Atlantic property values have appreciated at an average rate of 12% annually over the past five years, with some plots showing spectacular long-term gains.

Since the development's launch, land values have increased more than 10-fold, from approximately ₦180 million per plot in the early 2000s to over ₦2 billion per plot as of 2025. This represents one of the strongest property appreciation rates in the Lagos market, driven by infrastructure completion, corporate relocations, and growing international recognition.

Future appreciation expectations remain optimistic through 2030, supported by several key factors: the U.S. Consulate opening in 2027, completion of First Bank's 40-story headquarters (Nigeria's tallest building), and ongoing infrastructure development including marinas and luxury retail centers. Market analysts project continued annual appreciation of 8-15% based on these planned developments and Nigeria's economic growth.

The development's unique positioning as a planned city with flood protection gives it advantages over traditional Lagos areas that may face climate-related challenges, potentially supporting premium valuations long-term.

What are the average service charges, property taxes, and ongoing ownership costs for Eko Atlantic real estate?

Cost Category	Amount	Details
Service Charges	$4-$10 per sqm/month	Security, cleaning, lighting, landscaping
Property Tax	0% (Free Zone status)	No Land Use Charge, no VAT
Ground Rent	Varies by plot	Annual payment to Lagos State
Insurance	0.5-1% of property value	Property and contents coverage
Legal/Registration	10-20% of purchase price	One-time costs for documentation
Administrative Fees	$500-2,000 annually	Management and documentation

What infrastructure is completed versus still under development in Eko Atlantic?

Eko Atlantic's core infrastructure is substantially completed across major districts, with expansion phases continuing through 2027.

Completed infrastructure includes modern paved roads with optimized roundabouts, 24/7 independent power supply from natural gas plants with underground cables and backup systems, European-standard underground drainage designed for flood prevention, and city-wide fiber-optic internet networks providing high-speed access. Water treatment plants with 60,000-100,000 cubic meters daily capacity operate to European standards.

Ongoing development includes new residential and commercial districts, marina facilities with luxury berths, waterway transit systems for ferry connections to mainland Lagos, and expanded road networks connecting to additional phases. The infrastructure development follows a phased approach with new districts opening continuously through 2027.

All completed areas maintain infrastructure standards superior to most Lagos neighborhoods, with independent utilities reducing dependence on Nigeria's sometimes unreliable national grid. The elevated street levels and advanced drainage systems provide flood protection exceeding Victoria Island or Lekki standards.

It's something we develop in our Nigeria property pack.

Which major corporations, banks, and embassies have moved to Eko Atlantic, and what does this indicate about market demand?

Eko Atlantic has attracted some of Nigeria's most prestigious financial institutions and multinational corporations, signaling strong institutional confidence in the development.

Major corporate tenants include First Bank of Nigeria constructing their new 40-story headquarters (set to be Nigeria's tallest building), Access Bank with significant office space, Shell Nigeria establishing their new Lagos headquarters, MTN Nigeria building their corporate headquarters, and various international telecommunications companies. Hotel chains and international schools have also established operations.

The U.S. Consulate represents the most significant diplomatic move, with their new facility scheduled to open by 2027. This diplomatic presence typically attracts additional foreign government offices and international organizations, creating sustained demand for both residential and commercial properties.

These anchor tenants drive several positive market effects: occupancy rates increase by 20-30% in areas with major corporate presence, rental rates command premium pricing due to prestige association, and property values benefit from long-term institutional stability. The presence of global brands and diplomatic facilities also attracts expatriate professionals who typically rent higher-end residential units.

This corporate clustering creates a self-reinforcing cycle where additional businesses are attracted by the existing prestigious tenant base.

How secure is Eko Atlantic investment considering its sea defense system compared to Victoria Island or Lekki?

Eko Atlantic offers superior flood protection and climate security compared to Victoria Island and Lekki through its advanced sea defense engineering.

The development features the "Great Wall of Lagos," an 8+ kilometer sea defense system designed to protect against ocean surge, coastal erosion, and flooding using cutting-edge engineering principles. This system exceeds the flood protection available in Victoria Island or Lekki, which rely primarily on natural barriers and basic drainage systems.

Additional flood resilience measures include elevated street levels built above expected flood plains and European-standard underground drainage systems capable of handling extreme weather events. These engineering solutions make Eko Atlantic significantly more secure than traditional Lagos coastal areas that face increasing flood risks from climate change.

Investment security benefits include: protection against the annual flooding that affects much of Lagos during rainy season, reduced insurance costs due to lower flood risk, and maintained property values during extreme weather events that can damage properties in other coastal areas. The sea defense system provides long-term investment protection as climate change increases coastal flooding risks across West Africa.

What are the current occupancy rates for residential and commercial properties in Eko Atlantic?

Eko Atlantic residential occupancy rates range from 35% to 55% in completed towers, with higher occupancy in buildings favored by expatriate professionals.

Residential occupancy varies significantly by building quality and target market, with luxury towers like Azuri and Eko Pearl achieving higher occupancy rates due to their premium amenities and expatriate appeal. Towers with international school proximity and diplomatic housing arrangements maintain the strongest occupancy levels.

Commercial office spaces report robust occupancy driven by multinational corporations and Nigerian banks, with new office towers often pre-leased to global firms before completion. The presence of anchor tenants like Shell, First Bank, and MTN creates stable long-term occupancy foundations.

Retail occupancy remains the weakest segment, still developing as foot traffic and residential population mature. However, planned luxury hotels, marina facilities, and the U.S. Consulate opening should significantly boost retail demand by 2027-2028.

The relatively lower residential occupancy reflects the premium pricing and the time needed for the expatriate and high-net-worth Nigerian market to fully embrace the development, but trends show steady improvement as infrastructure and amenities mature.

What government regulations, ownership rights, and land titles apply specifically to Eko Atlantic properties?

Eko Atlantic operates under special Free Zone regulations that provide significant tax advantages while maintaining standard Lagos property ownership rights.

All properties receive Lagos State Certificate of Occupancy (C of O), the highest form of land title in Nigeria, providing full ownership rights equivalent to freehold title. Property owners can buy, sell, lease, and transfer properties without additional government approvals beyond standard documentation requirements.

Free Zone benefits include: no Land Use Charge (property tax), no Value Added Tax (VAT) on transactions, reduced corporate and personal income tax rates for residents and businesses, and exemption from most federal and state property regulations that apply elsewhere in Lagos. However, standard Lagos property law applies for title transfers, permitting, and legal disputes.

Foreign ownership is permitted with the same rights as Nigerian citizens, making Eko Atlantic attractive to international investors and diaspora Nigerians. The Free Zone status provides regulatory predictability and tax efficiency not available in other Lagos luxury areas.

Property registration follows standard Nigerian processes but benefits from streamlined procedures within the development's administrative structure.

How liquid is the resale market in Eko Atlantic compared to Ikoyi or Lekki Phase 1?

Eko Atlantic's resale market currently shows lower liquidity than established areas like Ikoyi or Lekki Phase 1, but improving market conditions are increasing transaction activity.

The secondary market faces several constraints: the luxury price point limits the buyer pool to high-net-worth individuals, the development's relatively recent completion means fewer properties have reached natural resale timing, and buyers often prefer new units directly from developers rather than resales. Quick exits may require 10-15% discounts compared to similar properties in older luxury areas.

However, market liquidity is improving due to rising prestige from anchor corporate tenants, increased international recognition attracting diaspora buyers, and growing expatriate population creating steady demand for furnished and unfurnished units. The upcoming U.S. Consulate opening should further boost resale activity by attracting diplomatic and international business communities.

Properties in completed phases with established infrastructure typically sell faster than those in newer sections. Premium towers with strong occupancy rates and corporate proximity command better resale pricing and shorter sale periods.

Investors should plan for longer hold periods compared to traditional Lagos areas, but expect improving liquidity as the development matures and gains market recognition.

What financing options exist for Eko Atlantic property purchases, including local mortgages and developer payment plans?

1. **Local Bank Mortgages**: Leading Nigerian banks including Access Bank, First Bank, and GTBank offer mortgages with 30-50% down payments and 5-15 year terms, though approval requirements are stricter due to luxury property valuations. 2. **Developer Payment Plans**: Most developers provide staged payment options ranging from 30-60-90 day plans to 12-24 month schedules, sometimes extending to property handover dates. 3. **International Schemes**: Diaspora Nigerians and foreign buyers can access specialized financing through partnership programs with anchor banks, though foreign currency mortgages typically require Nigerian residency status. 4. **Corporate Financing**: Companies relocating to Eko Atlantic may access business loans or corporate real estate financing for employee housing or office space purchases. 5. **Investment Group Financing**: Some developers partner with investment groups to offer shared ownership or rent-to-own programs for high-value properties.

Financing costs are generally higher than standard Nigerian mortgages due to luxury property premiums, with interest rates typically 15-25% annually. Foreign buyers should budget for additional documentation and verification costs when accessing Nigerian banking services.

It's something we develop in our Nigeria property pack.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Nigeria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What major infrastructure and landmark projects are scheduled for completion in the next 3-5 years that could boost property values?

Several transformative projects scheduled for completion between 2025-2028 are expected to significantly boost Eko Atlantic property values.

The U.S. Consulate facility opening in 2027 represents the most impactful development, bringing diplomatic staff, security personnel, and American business community members who typically require high-end housing and drive rental demand. First Bank's 40-story headquarters will become Nigeria's tallest building upon completion, establishing Eko Atlantic as the country's premier financial district.

MTN Nigeria's new corporate headquarters signals long-term telecommunications sector confidence, while planned luxury hotels from international chains will create tourism and business traveler demand. Marina developments with luxury berths and waterway transit systems will provide direct ferry connections to mainland Lagos, reducing commute times and enhancing the development's appeal.

Infrastructure expansion includes new residential districts, retail and entertainment complexes, and improved transport links connecting additional development phases. These projects collectively create a critical mass effect where each completion enhances the value and appeal of surrounding properties.

Market analysts expect these developments to drive property appreciation of 15-20% annually during the completion period, with sustained long-term benefits as the development reaches full maturity as Nigeria's premier planned city.

It's something we develop in our Nigeria property pack.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Nigeria Property Centre - Eko Atlantic
2. Nigeria Property Centre - Commercial Properties
3. Wikipedia - Eko Atlantic
4. Be Your Landlord - Eko Atlantic Homes
5. The Economist - Luxury Property Frontier
6. Louisville Investment Analysis
7. BizWatch Nigeria - Land Value Growth
8. BusinessDay - Plot Pricing Report
9. NWN - U.S. Consulate Lagos
10. Eko Atlantic Infrastructure