Bluewater-Okunde land prices jump 751% in under five years

Land values in Lagos’ Bluewater-Okunde Zone have surged by as much as 751 per cent in less than five years, driven by major infrastructure projects along the Atlantic coastline and growing investor interest in the emerging luxury real estate corridor.

According to data released by developers of The Carnelian, a luxury residential project in the district, land prices have risen from about N329,000 per square metre in 2021 to between N2.5 million and N2.8 million per square metre in 2026.

The Bluewater-Okunde Zone occupies an approximately 85,000-square-metre stretch of Atlantic oceanfront along the Lagos-Calabar Coastal Road, opposite the Eko Atlantic Beach Resort and adjacent to Eko Atlantic City.

The area is protected by the Great Wall of Lagos sea defence system and has increasingly attracted investors seeking premium waterfront developments.

Market observers attribute the sharp rise in land values to the convergence of several large-scale infrastructure projects, including the continued development of Eko Atlantic City, construction of the Lagos-Calabar Coastal Road and the new United States Consulate complex within Eko Atlantic.

Developer of The Carnelian, Keji Giwa, described the district as “Eko Miami,” comparing its growth prospects with the transformation of Miami’s Brickell waterfront into a globally recognised financial and luxury residential hub.

“The question sophisticated investors ask is not whether ₦2.5 million per square metre is expensive today,” Giwa said, adding, “The question is: what is the probability that this location becomes one of Nigeria’s permanent trophy addresses?”

The Carnelian, one of the flagship projects in the district, is planned as a 21-storey residential tower comprising 86 luxury apartments overlooking the Atlantic Ocean. The development will feature an infinity pool, concierge services and other lifestyle amenities.

The developers also noted that Eko Atlantic City has completed more than 80 per cent of its land reclamation programme and continues to attract multinational companies and institutional investors, while the Lagos-Calabar Coastal Road is expected to further improve connectivity to the district.

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