Nigerian-Lebanese billionaire Gilbert Chagoury’s Eko Atlantic fuels surge in Lagos luxury property sales

Eko Atlantic, the privately developed city rising from reclaimed land along the Atlantic coastline in Lagos, is tightening its grip on Nigeria’s luxury real estate market. The district, developed by the Chagoury Group founded by Nigerian-Lebanese billionaire Gilbert Chagoury and his brother Ronald, recorded a 59.5 percent increase in property sales over the past five years, according to data compiled by property intelligence firm Estate Intel.

The rise places Eko Atlantic at the top of Lagos’ high-end residential market, outpacing established luxury neighborhoods that have long attracted the city’s wealthiest buyers. Over the same five-year period, prime residential areas across Lagos delivered annual price growth in naira ranging from 38 percent to 60 percent, thus reflecting the resilience of demand despite currency pressure and broader economic uncertainty.

Buyers favor planned, secure districts

Ikoyi followed closely behind Eko Atlantic, posting a 58.14 percent increase in luxury property values, thus reflecting its long-standing appeal among corporate executives, diplomats and high-net-worth individuals. Banana Island recorded 55.30 percent growth supported by limited supply and sustained demand for waterfront homes.

Victoria Island, a commercial and residential hub saw prices rise 45.04 percent, while Oniru gained 38.32 percent, showing steadier appreciation in a district with a wider mix of housing options. The figures point to a clear preference among buyers for tightly planned districts that offer security, infrastructure reliability and controlled development. Property investors and buyers are now paying a premium for all these as Lagos expands and congestion intensifies.

That demand has increasingly drawn multinational companies and ultra-high-net-worth individuals to Eko Atlantic, which sits adjacent to Victoria Island and Lekki. Built on land reclaimed from the Atlantic Ocean, the city has moved beyond concept, with residential towers, office buildings and infrastructure already in place. Its appeal lies not only in location, but in consistent power supply, drainage systems and road networks designed to global standards.

Eko Atlantic challenges Ikoyi, Victoria Island

The shift gained visibility earlier this year when billionaire Femi Otedola broke ground on FirstBank’s eco-friendly headquarters in Eko Atlantic. The planned 44-story building is set to become Nigeria’s tallest office tower and will house FirstBank’s operations when completed. The bank says the green-certified building will lower operating costs and support its environmental targets.

At the same event, Africa’s richest man, Aliko Dangote, said he plans to relocate the headquarters of his industrial group to Eko Atlantic. Speaking during the ceremony, Dangote congratulated Otedola on the project and told attendees he would soon be joining the district, signaling growing confidence among Nigeria’s business leaders.

Designed to accommodate about 250,000 residents and up to 150,000 daily commuters, Eko Atlantic is positioning itself as a new center for commerce and finance as Lagos’ population climbs toward 25 million. For decades, Ikoyi and Victoria Island anchored corporate Nigeria. As Nigeria’s largest city continues to expand, Eko Atlantic’s rise reflects a broader recalibration of where capital, offices and high-end housing are choosing to settle. (Billionaires Africa)