Overview

Our previous article noted over 700 upcoming ultra-luxury units in the Lagos market, with Ikoyi as a key investment destination. The stock of residential units in Ikoyi has grown by approximately 13.2% on average over the past five years, higher than sample prime neighbourhoods such as Victoria Island at 3.4% and Banana Island at 3.7%. With a pipeline of 1,436 units, we sought to take a closer look at key features in upcoming projects, with a focus on sizing, a key factor when buyers are considering a luxury or ultra-luxury apartment purchase.

35% of residential developments in Ikoyi are luxury and ultra-luxury properties
To provide context, we typically classify all residential buildings into five categories: ultra-luxury, luxury, deluxe, middle-income, and affordable housing. In Ikoyi, most stock falls under ultra-luxury (prime housing developments that aligns with global best practices and quality standards), luxury (prime housing developments that deliver a high-quality finished product at a standard above the market average, and deluxe (housing developments for the middle – upper class population that offers a luxury feel) categories. 

According to our Lagos Residential Luxury report, one of the features of a prime unit is ample sizing, with an ultra-luxury 3&4-bedroom apartment measuring 501 sqm and 590 sqm on average, respectively. Ikoyi 4-bedroom sizes for ultra-luxury is 607 sqm on average but range between 515 sqm and 710 sqm, while on average that for luxury is 318 sqm. 

As the graph above illustrates, deluxe buildings dominate the Ikoyi residential market, and luxury and ultra-luxury as one would assume. For this note, we focused our analysis on smaller luxury developments, in lieu of the 20+ floor ongoing megaprojects within Lagos. The projects were selected based on apartments with up to four-bedroom typologies and arranged in descending order, from the one with the largest 4-bedroom unit size. Here are the case studies:

• Cooper Towers

Cooper Towers is an ongoing luxury residential project in Ikoyi, Lagos. It features two housing towers with 20 units, all 4-bedroom apartments (one per floor). Each of the four-bedroom units spans over 478 sqm of interior space, much larger than the average outlined above. G&R Estate Development Company Ltd is constructing the project, with Berkly Facilities Services Limited as the agent.

Key amenities include a rooftop lounge, gym, family area, spa and sauna, elevators, parking, swimming pool, and many more.

• D’Glover Pearl

D’Glover Pearl is a twin-tower residential project on Glover Road in Ikoyi, Lagos. This luxury development nearing completion is being developed by Prestigious Homes Limited and features 28 4-bedroom apartments, each measuring 352 sqm. 

Key amenities include an infinity swimming pool, concierge, bar, children’s playground, restaurant, and many more.

• Skyvilla

Skyvilla apartments is located at Probyn Close, off Onisiwo (formerly Probyn Road) Ikoyi, Lagos State. This luxury project under construction by Grenadines Homes, features 24-4 bedroom units with sizes ranging from 343 sqm to 425 sqm. 

Key amenities include a swimming pool, gymnasium, access control room, elevator, and many more.

• The Lighthouse Apartments

The Light House Apartments are located on Probyn Road, Ikoyi. This luxurious project features 18 units, with 4-bedroom apartments measuring 320 sqm. It is being developed by JO Dabar Investment, with the anticipated completion date set for 2025.

Key amenities include a fire alarm/smoke detectors, concierge, swimming pool, fully fitted gym, garbage chutes, elevators, and many more.

• No 18 Osborne

No. 18 Osborne comprises 22 luxury apartments under construction by Rodger Young, in Ikoyi. The 4-bedroom unit sizes under this project range from 210 – 227 sqm. 

Key amenities include audio lighting, automated blind controls, CCTV, and many more.

Overall, as a business hub in Lagos, we expect the Ikoyi market to continue evolving supported by the growing interest, further spurring its growth. 

We love your feedback! Let us know what you think about Ikoyi’s prime residential market size and performance by emailing [email protected].

If you have research requirements or are considering investing in Nigeria’s residential property market, contact our Capital Advisors team at [email protected].