Oniru has become one of Lagos’ most expensive residential markets – not because it has the city’s biggest houses, but because it combines scarce land with an unusually strong location.
It is situated between Victoria Island and Lekki Phase 1, close to Lagos’s corporate district, beaches, restaurants, international schools and major roads. That geography is conducive to demand from senior executives, expatriates, investors and operators of short-lets. It also restricts supply: much of the land is already developed and new developments have to compete for plots which are becoming increasingly costly.
Looking at recent asking prices posted on the Nigeria Property Center and PropertyPro, you will find that a two-bedroom flat in a modern Oniru development will often be priced between ₦100 million and ₦250 million. The three-bedroom units usually go for between ₦180 million-₦450 million. Bigger apartments, duplexes and penthouses can cost over ₦500 million and in premium developments, above the ₦1 billion mark.
Rentals come with their own premium. Annual asking rents for two bedroom apartments are typically between ₦8 million and ₦15 million. Units with three bedrooms range from ₦12 million to ₦25 million. Larger or fully serviced accommodations can go for ₦30 million and above. These figures typically exclude service charges, power, diesel, estate dues, legal fees and agency commissions costs which can materially change the tenant’s total annual bill.
Land is even harder to put a price on. Public listings for sizeable plots in and around Oniru often run into hundreds of millions of naira and can easily exceed ₦1 billion depending on frontage, title, access and development potential. What a buyer is buying is not just square meters of space but planning rights in one of Lagos’s most commercially valuable coastal corridors.
The investment case is therefore straightforward but not risk-free. Rental demand is deep, and well-managed developments can benefit from corporate leases and furnished-apartment income. Yet headline yields can be misleading. Service charges, vacancy periods, maintenance, generator fuel and fit-out costs reduce net returns. Short-let income also depends on building rules, estate policies and consistent professional management.
Due diligence is essential. Prospective buyers should verify the property’s root of title with the Lagos State Lands Bureau, confirm planning approvals, inspect drainage and flood resilience, and establish whether the developer has properly documented the building and its common areas. In a market where several new towers may rise on the same street, construction quality and facility management can matter as much as the house.