Land prices in the Bluewater-Okunde Zone of Lagos have risen by between 660 and 751 per cent in less than five years, driven by major infrastructure projects and growing investor interest along the state’s Atlantic coastline.
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‎According to market figures released by stakeholders in the area, land values increased from about ₦329,000 per square metre in 2021 to between ₦2.5 million and ₦2.8 million per square metre in 2026, placing the emerging district among Lagos’ premium real estate locations.
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‎The Bluewater-Okunde Zone is located on an approximately 85,000-square-metre stretch of Atlantic coastline along the Lagos-Calabar Coastal Road, opposite the Eko Atlantic Beach Resort and adjacent to Eko Atlantic City. The area is also protected by the Great Wall of Lagos sea defence system.
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‎Industry observers attributed the sharp increase in land values to the convergence of major public and private infrastructure projects, including the expansion of Eko Atlantic City, construction of the Lagos-Calabar Coastal Road and the new United States Consulate complex being built within Eko Atlantic.
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‎A Lagos-based real estate analyst said the combination of improved accessibility and large-scale infrastructure investments had strengthened demand for property in the corridor.
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‎Developer of The Carnelian project, Keji Giwa, described the district as an emerging premium waterfront location, arguing that investors were increasingly focusing on its long-term growth potential rather than current land prices.
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‎”The question sophisticated investors ask is not whether ₦2.5 million per square metre is expensive today. The question is: what is the probability that this location becomes one of Nigeria’s permanent trophy addresses?” he said.
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‎The Carnelian, one of the developments planned for the area, is a 21-storey residential tower comprising 86 apartments overlooking the Atlantic Ocean.
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‎According to him, broader economic factors support demand for high-end residential developments in Lagos, including rapid population growth and continued expansion of the state’s economy. They noted that the district’s limited oceanfront land could further support property values as development progresses.
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‎Other projects planned or under construction within the corridor include Paramount Twin Towers, One Ocean and the proposed 12,000-seat Lagos Arena, which could further increase demand for residential, hospitality and commercial developments in the area.