Victoria Island is expected to deliver more than 602 residential units in 2026 as developers continue to expand housing supply across the district. This is according to a report by real estate market intelligence platform, Estate Intel, titled Residential Pipeline Activity in Victoria Island July 2026. The report identified more than 2,850 residential units in Victoria Island’s development pipeline across five districts: North-West Victoria Island, North-East Victoria Island, Core Victoria Island, South-West Victoria Island and South-East Victoria Island. What the report is saying
Estate Intel’s data shows that 47.1% of Victoria Island’s residential pipeline is at the conceptual or early site work stage, while 43.5% is under construction and 9.4% is at the implementation stage. The figures show that while almost half of the planned residential supply is yet to progress beyond the early stages of development, a similarly large share is already under construction and could add significantly to the district’s housing stock over the coming years. North-West Victoria Island currently accounts for the highest concentration of pipeline developments.
The district is bounded by Ozumba Mbadiwe Avenue to the north, Akin Adesola Street to the east, Adeola-Odeku Street to the south and Ahmadu Bello Way to the west. Estate Intel noted that the revised Victoria Island Model City master plan has provided a broader development focus beyond Core Victoria Island, covering the North-West, North-East, South-West and South-East districts. The report also puts the average land price in Victoria Island at N3.05 million per square metre, equivalent to about $2,238 per square metre. Residential projects across Victoria Island
Estate Intel identified a range of multi-storey residential developments across the five districts, with projects at various stages from conceptual planning and early site work to active construction. North-West Victoria Island has the highest concentration of identified projects.
Hebron Tower, Ivie Tower and Reportage Tower are at the conceptual or early site work stage, while The Alfred, The Gaia, Elysian Rise, Ozumba Mbadiwe Tower and Trimnell Towers are under construction. In North-East Victoria Island, the identified projects are Miami Apartments, The Lavender, Franklin Residence, Mizark Apartments, Wuta Residence, The Square and Delta Tower. Miami Apartments, The Lavender, Franklin Residence, The Square and Delta Tower are under construction, while Mizark Apartments and Wuta Residence are at the conceptual or early site work stage. Core Victoria Island has Ibeto Heights, which is under construction, and Grandis Apartment, which is at the conceptual or early site work stage. In South-West Victoria Island, Metropolitan Tower, Quantum Luxury Tower, Legacy Condos, Joaq Towers and Nouveau Towers are under construction. 24 Babatunde Jose, Atlantis City Towers and The Twist remain at the conceptual or early site work stage. The South-East district comprises Gloch Tower, Crown Tower, Tulip Residences and Garnet Residence, all of which are under construction.
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The expected delivery of more than 602 units comes amid a significant housing supply gap and rising residential costs across Lagos. A separate housing and capital market report presented at a GTI Investment Group forum in August 2026 estimated that Lagos’ housing deficit rose from 2.95 million units in 2016 to 3.4 million units in 2025, representing a 15% increase over the period. The report also estimated that Lagos requires about N6 trillion annually to bridge its housing capital gap, highlighting the scale of financing needed to expand housing supply across the state.
Victoria Island remains one of Lagos’ most expensive rental markets. Findings presented at the forum put the average annual rent for a two-bedroom apartment in the district at N18 million, although reported rents ranged from N3 million to more than N50 million. The combination of new residential supply, high land values and elevated rents points to a market where developers are continuing to invest in high-value housing while affordability remains a major challenge for residents.
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What you should know
Lagos requires about 227,576 new homes annually to keep pace with population growth and replace dilapidated housing stock, according to findings previously reported by Nairametrics. The state’s housing deficit of about 3.4 million units highlights the need for increased private-sector participation and long-term financing to expand supply. Experts at the GTI Investment Group housing forum called for greater institutional financing through pension funds, Real Estate Investment Trusts, bonds, asset-backed securities and mortgage-backed instruments to channel more long-term capital into housing development. The widening gap between rents and household incomes also remains a major affordability challenge. Research presented at the forum found that some Lagos residents spend between 60% and 70% of their income on rent, while a two-bedroom apartment could consume as much as 97% of the monthly income of a worker earning N300,000.
