Lagos Areas
Agungi Lekki: Property Prices & Investor Guide
Laide Matthews · 27 October 2026 · 4 min read
Ikate Lekki Property Guide: Prices & Best Streets
Key takeaways
- Ikate is Lekki's premium middle belt between Phase 1 and Chevron, centred on Nike Art Gallery Road. As of Oct 2026, 2-bedroom flats are asking ₦100M–₦165M to buy, 3-bedroom maisonettes rent around ₦14M/yr in serviced estates, and 4-bedroom terraces sell ₦300M–₦450M in listings — Nicon Town at the top. Location within Ikate matters more than the label.
Last updated: 26 October 2026 · Reviewed by Laide Matthews
Last reviewed: 26 October 2026
TL;DR: Ikate is Lekki's premium middle belt between Phase 1 and Chevron, centred on Nike Art Gallery Road. As of Oct 2026, 2-bedroom flats are asking ₦100M–₦165M to buy, 3-bedroom maisonettes rent around ₦14M/yr in serviced estates, and 4-bedroom terraces sell ₦300M–₦450M in listings — Nicon Town at the top. Location within Ikate matters more than the label.
I recently walked a buyer through three houses all sold as "Ikate." One was two minutes from Nike Art Gallery with 24/7 power. One was down a sandy stretch past Elegushi. One was built for short-let investors, not families. Same label, three lives.
Where Ikate is
Ikate Elegushi sits east of Lekki Phase 1 off the Lekki-Epe Expressway. Its spine runs from the expressway toward Elegushi Beach, anchored by Nike Art Gallery Road.
Three bands: the expressway fringe (Salem, Ikate) with apartment blocks; the Nike Art Gallery Road corridor — Cyberville Estate, Victoria Bay estates, Richmond Gate, Iconia/Lekki Enclave; and the beach-side — Nicon Town Estate, Goshen Beach Estate, Mayegun Beach Estate, with the largest homes.
If an agent says "Ikate" without a street, ask which band. Commute, flood risk and service charge depend on it.
Prices as of Oct 2026
Asking prices from listings. Confirm before you budget.
Buy: 2-bed flats ₦100M–₦165M (Salem ₦100M, serviced 2-bed with elevator ₦135M, brand-new ₦165M, Governor's Consent). 3-bed maisonettes in Iconia Estate on Nike Art Gallery Road from ₦70M carcass in agent listings — carcass means you fund finishing. 4-bed terraces ₦300M–₦450M (furnished terrace ₦370M, furnished serviced ₦450M). Detached: 4-bed on 900sqm in Goshen Beach Estate ₦680M; 7-bed on 1,200sqm in Nicon Town ₦1.45B.
Rent: 3-bed maisonette, Cyberville Estate off Nike Art Gallery Road ₦14M/yr plus ₦750k service, 16 hours minimum power cited (Eko Electricity ₦230/kWh in that advert). Horizon Cyberville by Victoria Bay 3 ₦14M/yr plus ₦650k service. 6-bed detached ₦50M–₦60M/yr.
Short-lets show investor demand: 2-bed beach-view apartments off Nike Art Gallery Road listing ₦90k–₦170k/day in September 2026.
Best streets and estates
I judge by road, drainage, management and 8am expressway access.
Nike Art Gallery Road is the core. Estates off it — Cyberville, Victoria Bay 3, Richmond Gate — cite 24/7 security, pools, gyms and treated water. Check if power is 24/7 or "16 hours minimum" as some listings state.
Cyberville/Horizon Cyberville: maisonette-heavy, popular with professionals and investors. The ₦14M/yr rent for 3-beds is your yield benchmark. Ask about soundproofing.
Victoria Bay 3 Estate, off Nike Art Gallery Road: 4-bed semi-detached listed ₦350M with communal pool, gym and 24/7 power. A family house option without Nicon Town pricing.
Nicon Town Estate: Ikate's prestige address. Large plots, detached mansions, Estate C of O cited. Ikoyi-adjacent pricing.
Salem, Ikate: closer to the expressway, more flats. The ₦100M 2-bed was here. Good for tenants who want quick expressway access.
Drive any beach-side street in the rain before you buy. Sandy access roads photograph well in dry season.
Living here
You are 5–10 minutes to Lekki Phase 1 — Filmhouse IMAX, Admiralty Way, Lekki Conservation Centre — without Phase 1 land prices. Budget service charges of ₦650k–₦1.2M/yr in serviced estates plus power tariffs and 10% agency/legal/caution on rent.
The Ikate expressway junction is your bottleneck. Inside estates it is calm; VI at peak still means the Lekki-Epe Expressway. Ikate is low-lying: ask how the estate road performed in heavy rain and inspect drainage.
Title is commonly Governor's Consent or Deed of Assignment; Nicon Town cites Estate C of O. Beach-side titles deserve extra lawyer diligence. On carcass deals, get a builder's finishing quote before comparing a ₦70M carcass to a ₦140M finished maisonette.
Frequently asked questions
How much is a 2 bedroom flat in Ikate Lekki?
As of Oct 2026, 2-bed flats in Ikate ask ₦100M–₦165M to buy. Serviced blocks with elevator and pool are at the higher end. Three-bed maisonettes are the common rental benchmark at around ₦14M/yr.
What is the best street in Ikate Lekki?
Nike Art Gallery Road is the core corridor, with Cyberville Estate, Victoria Bay 3 and Richmond Gate off it. For prestige and space, Nicon Town Estate is the top address. Drive the specific street — quality varies.
How much is rent in Ikate Lekki?
Three-bed maisonettes in Cyberville off Nike Art Gallery Road ask ₦14M/yr plus ₦650k–₦750k service. Large 6-bed detached homes ₦50M–₦60M/yr. Add agency, legal and caution.
Is Ikate Lekki a good investment?
Ikate has Phase 1 proximity and strong short-let demand, with 2-beds at ₦90k–₦170k/day. Returns depend on estate short-let rules, service charges and carcass finishing costs — verify all three.
What is carcass in Ikate listings?
Carcass means the structure is built but interiors are unfinished. Iconia and Premier estates list units as carcass at lower prices. You fund flooring, kitchen and bathrooms to make it lettable.
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About the author
Laide MatthewsLagos Real Estate Consultant
Laide Matthews is a Lagos real estate consultant with a degree in Estate Management from Obafemi Awolowo University and experience across property sales, acquisition, leasing, management and advisory since 2019. Through BuyRentLagos, he writes about the questions that shape better property decisions in Lagos.
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