The average rent for a two-bedroom apartment in the Ajah-Sangotedo axis of Lagos State hit N3.3 million in 2025.
This is according to the Lagos Residential Market Report 2025 by Edala Development, a real estate company.
This represents a remarkable 313% increase from 2020, when the average rent was N800,000, the report noted.
The report attributed the surge to strong demand from a growing population of professionals and families moving into the corridor.
The report shows that the Ajah-Sangotedo corridor has become one of Lagos’ fastest-growing residential hubs, driven by the Lekki Comprehensive Master Plan.
The landscape is dominated by residential blocks within gated communities, catering to middle-income earners who work on the Island but seek more affordable housing. Upscale estates such as Royal Garden Estate and Crown Estate, alongside institutions like Lagos Business School, anchor the corridor.
Two-bedroom apartments saw the steepest rent growth, averaging N3.3 million in 2025, a 313% increase from 2020, with rents ranging from N1.5 million to N5.5 million. Three-bedroom units followed, averaging N3.9 million, up 290%, with rents between N2 million and N7.5 million.
“The rental market in this area has expanded rapidly, offering affordable alternatives to the pricier Lekki Peninsula II,” the report read in part.
It added, “Two-bedroom units now average N3.3 million, a remarkable 313% jump in five years, while three-bedroom apartments have appreciated by 290% to reach N3.9 million.”
Across other apartment sizes, studio units average N1.5 million annually, up 200% since 2020, while one-bedroom apartments average N2 million, a 300% increase. Four-bedroom units now average N4.5 million, with rents ranging from N3 million to N10 million.
Rental prices vary depending on the estate, construction quality, and amenities, ensuring a competitive market that caters to both middle-income earners and higher-end tenants.
The sales market in Ajah-Sangotedo has mirrored the rapid growth seen in rents, with property values surging across all apartment types.
Two-bedroom apartments have risen from N46 million in 2020 to N95.2 million in 2025, while one-bedroom units now average N75.5 million, three-bedroom homes N125 million, and four-bedroom estates N145.5 million.
Studio units sell between N32.5 million and N55 million, one-bedrooms range from N45 million to N105 million, two-bedrooms N60 million to N175 million, three-bedrooms N85 million to N250 million, and four-bedrooms N90 million to N285 million.
Land along the Ajah-Sangotedo corridor has followed a similar upward trajectory, with average prices per square meter climbing from N43,000 in 2020 to N265,000 in 2025. The report highlights that upcoming infrastructure projects, including the proposed 4th Mainland Bridge connecting Ajah to Ikorodu, are expected to further improve accessibility and boost demand.
While Ajah-Sangotedo has emerged as a growing, more affordable corridor for middle-income earners, Lagos’ high-end residential areas have continued to see dramatic value growth.
While Ajah-Sangotedo has emerged as a growing, more affordable corridor for middle-income earners, Lagos’ high-end residential areas have continued to see dramatic value growth.
Land prices in Banana Island surged 540%, rising from N470,000 per square metre in 2020 to N3.05 million in 2025, while four-bedroom homes appreciated from N350 million to N800 million, three-bedroom properties to around N600 million, and two-bedroom apartments to N385 million.
Other prime locations also recorded strong gains. In Ikoyi, one-bedroom apartments rose from N80 million to N170 million, and two-bedroom units from N102 million to N350 million.
Victoria Island four-bedroom homes increased from N225 million to N750 million, and Lekki Phase 1 two-bedroom apartments surged from N70.5 million to N247.5 million.