2025 Market Update: The Rise of High-Rise Luxury Living in Ikoyi Phase 2
3-bedroom flat, Ikoyi
Why Ikoyi Phase 2 Is the New Frontier for Luxury High-Rises
The New Ikoyi
In recent years, New Ikoyi—also referred to as Ikoyi Phase 2—has rapidly emerged as one of the most sought-after destinations for luxury real estate development in Lagos. Traditionally, Ikoyi has been synonymous with exclusivity, prestige, and affluence, home to Nigeria’s elite and international expatriates. However, Phase 2, which extends beyond the iconic Gerrard Road and Bourdillon Avenue into the more tranquil neighborhoods near Osborne Foreshore, is now experiencing a remarkable transformation. This enclave is becoming a focal point for ultra-modern high-rise apartments, smart residences, and fully serviced luxury homes designed to meet the evolving needs of discerning homeowners and investors. Developers are capitalizing on the area’s serene environment, improved infrastructure, and proximity to key business hubs to deliver world-class residential offerings with top-tier amenities such as rooftop pools, wellness centers, private cinemas, and 24/7 security. The demand for contemporary living in secure, well-planned communities is driving a surge in value, making Ikoyi Phase 2 not only a haven for luxury living but also a strategic investment location. As Lagos continues to evolve as a global city, New Ikoyi stands at the forefront of this urban renaissance, blending opulence, comfort, and convenience in a refined, upscale setting.
Several factors are driving this shift:
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1. Limited Land, Vertical Expansion
As land in core Ikoyi becomes increasingly scarce, developers are building upwards. High-rise developments maximize available plots, offering more units with stunning views of the Lagos Lagoon, modern layouts, and smart home features. For investors, these vertical estates offer high ROI potential and long-term value appreciation.
2. Demand from Executive Buyers: 3-bedroom Apartments in Ikoyi
The new Ikoyi appeals to a new class of buyers — CEOs, diplomats, and expats — who are seeking privacy, security, and proximity to business districts like Victoria Island and Lekki Phase 1. These buyers often prefer newly built 3 bedroom Apartments with in-house concierge services, 24-hour power, gym, pool, and underground parking.
3. Government Infrastructure Projects
Upgrades to road networks, drainage systems, and security infrastructure in the new Ikoyi have significantly boosted its appeal. These developments are not just making access easier but also enhancing property values, attracting both local and diaspora investors.
4. Rise of Boutique Developers and Gated Communities
Unlike the sprawling mansions of old Ikoyi, Phase 2 is now home to boutique high-rise estates offering a blend of style and practicality. These developments are often gated, serviced, and exclusive, catering to upwardly mobile Nigerians and international property buyers.
2025 Price Guide: What 3 3-bedroom apartments in Ikoyi Are Selling For
If you’re looking to buy a 3 bedroom flat in Ikoyi, especially within the growing high-rise market in Phase 2, it’s crucial to understand current market pricing — and what drives those numbers.
Here’s what you should know in 2025:
Average Price Range (2025): 3 bedroom Apartment Ikoyi
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Newly built 3 bedroom Apartment in Ikoyi Phase 2 range from ₦750M to ₦1.4B, depending on the finishing, location, and amenities offered.
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Serviced high-rise apartments &Penthouses with luxury features — such as elevators, pools, gyms, and concierge services — often start at ₦1.6B and can go above ₦3.7B, especially in newer, more iconic buildings.
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📍 Location Still Matters
While Phase 2 is booming, certain areas command premium value. Developments near Osborne Foreshore, Glover Extension, and close to Bourdillon or Queen’s Drive are especially sought after for their exclusivity and views of the Lagos Lagoon.
🏢 High-Rise vs Mid-Rise Living
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High-rise towers (8–22 floors) offer greater status, better views, and often more high-end amenities, justifying their elevated price points.
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Mid-rise buildings (4–7 floors) provide solid value for those seeking luxury in a more intimate estate setting.
Off-Plan vs Fully Built Units
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Off-plan 3-bedroom apartments in top estates typically start from ₦650M to ₦1.1B, offering room for price appreciation before delivery.
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Fully finished homes in gated, serviced estates range from ₦2.5B upward, especially when furnished or customized.
Featured Estate: Oak Place, Ikoyi
Newly finished 3 bedroom apartment Ikoyi with energy efficiency.
One of the standout developments in Ikoyi Phase 2 is Oak Place. A boutique luxury high-rise offering a limited number of architecturally stunning 3-bedroom flats, complete with premium interiors, underground parking, cutting-edge full smart home technology, rooftop Loung and Jacuzzi, 3 elevators, and full energy-efficient system. Located strategically within a secure enclave, Oak Place is designed for elite buyers who value privacy, design, and high investment potential.
Top 5 Luxury Estates in Ikoyi With New High-Rise Apartments
As demand rises for serviced apartments and high-rise living in Ikoyi, a new generation of luxury estates is redefining the skyline — offering not just space, but status, security, and smart investment value. Here are five of the most sought-after developments in 2025:
1. The Oak Place, Ikoyi Phase 2
The Oak Place is a signature blend of elegance and engineering developed by Oak Homes Limited. It features a limited collection of 3-bedroom smart apartments and 2 units of 4-bedroom maisonette penthouses at the Oak Apartments. Also features 4 exclusive units of 5-bedroom Triplex on 650SQM at the oak Villa. With an emphasis on architectural design, top-tier finishing, and privacy, it caters to elite homeowners looking for a balance of comfort and class. Residents enjoy underground parking, gym, concierge, and full smart-home automation. This is the kind of address people do not forget you own.
📍 Location: Glover Road, Ikoyi
Ideal For: CEOs, diaspora buyers, and high-level professionals
2. Bluewater Tower, Bourdillon Axis
A high-rise masterpiece with stunning lagoon views, Bluewater Tower is known for its expansive glass façades, world-class lobby, and rooftop lounge. It’s a favorite among foreign investors and diplomatic residents.
📍 Location: Bourdillon Road
Ideal For: Diplomats, UN staff, and luxury expats
3. Osborne Heights Estate
Located within the highly secure Osborne Foreshore Phase 2, this estate features 3–4 bedroom serviced apartments with elevator access, water view balconies, and a central generator plant. It’s a solid investment for rental returns.
📍 Location: Osborne Phase 2
Ideal For: Rental investors and long-term residents
4. The Belmonte Residences
Known for its refined Italian finishes and private lifestyle perks, Belmonte offers just a few exclusive units per floor. Features include a clubhouse, spa, and underground parking.
📍 Location: Gerrard Extension
Ideal For: HNWIs looking for ultra-low-density living
5. Admiralty Luxury Towers
Modern, functional, and very investor-friendly. With spacious 3-bedroom layouts and modern interiors, this estate is often fully occupied, making it a favorite for buy-to-let owners.
📍 Location: Near Banana Island Gate
Ideal For: Corporate buyers and investment portfolios
What You Must Know Legally Before Buying Property in Ikoyi
3 bedroom apartment owners in Ikoyi
Purchasing a 3 bedroom flat in Ikoyi, especially in serviced high-rise estates, is a significant investment — and the legal side must be handled with the utmost care. Ikoyi’s status as a prime real estate zone means that buyers need to be vigilant, particularly when dealing with off-plan purchases, estate agreements, or resale titles.
Here’s what every informed buyer should know:
1. Title Verification Is Essential
Never assume a property is legitimate just because it looks luxurious. Always work with a trusted real estate lawyer to verify:
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Governor’s Consent
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Certificate of Occupancy (C of O)
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Deed of Assignment
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Any pending litigation or land disputes
In Ikoyi Phase 2, many older properties are undergoing redevelopment, and ensuring that the property has clear legal titles is crucial.
2. Check the Developer’s Credentials
If you’re buying an apartment off-plan, it’s essential to verify the developer’s legitimacy:
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CAC registration & Previous projects
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Development/Building approvals from Lagos State Physical Planning Authority
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Survey plan & the deed of assignment history
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Proof of compliance with Environmental Impact Assessment (EIA) for high-rise projects
Reputable developers follow the legal process to ensure timely and transparent delivery.
3. Understand the Estate’s Legal Framework
Many new estates in Ikoyi are serviced communities with shared facilities and maintenance. As a buyer, it’s important to:
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Review the Deed of Sublease
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Understand your rights and obligations as an owner
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Check the estate’s by-laws and service fee structure
Having a solid understanding of the community’s governance and maintenance fees will save you from future disputes.
4. Get a Proper Contract of Sale
Whether you’re paying outright or through installments, ensure the agreement includes:
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Timeline for delivery (if off-plan)
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A clear description of finishes and fixtures
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Refund terms (in case of breach)
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Penalties for delays
Always get everything in writing, and ensure a lawyer reviews the contract to protect your interests.
By understanding these critical legal steps, you’re not just purchasing a flat — you’re ensuring peace of mind, legal protection, and long-term value.
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