According to data aggregated by Business Insider Africa, Nigeria’s real estate sector is on track to reach $2.61 trillion by December 31, 2025, with the residential segment alone contributing US $2.25 trillion. From 2025 through 2029, the market is expected to expand at a 6.91 percent annual rate, culminating in US $3.41 trillion by the end of 2029.

Yet, even as national valuations soar, pockets of pronounced undervaluation endure, nowhere more so than in Victoria Island’s nascent Bluewater–Okunde zone, where one-bedroom apartments at The Carnelian overlook the unfolding panorama of Eko Atlantic City at an entry price of roughly ₦560 million ( $365 000).

This pricing anomaly stems from the area’s early‐stage development dynamics. Although masterplans for promenades, mixed-use facilities and public utilities have been approved, many elements remain under construction, leaving buyers in a cautious “wait-and-see” stance. Indeed, Digital Landlords’ proprietary analysis reveals that a plot acquired for ₦800 million in 2022 now carries an internal valuation of ₦4.5 billion in mid-2025, an indicator of latent upside that has yet to be reflected in headline listings.

Convergence with transformational infrastructure further underscores the zone’s potential. Immediately to the east, Eko Atlantic City, a US $6 billion land-reclamation megaproject—will ultimately accommodate at least 250 000 residents and a daily flow of 150 000 commuters, creating a free-trade peninsula with world-class utilities and amenities. Complementing this, the Lagos–Calabar Coastal Highway, a 700 km artery whose first 47.47 km phase commenced in March 2024, will link Victoria Island through seven coastal states—dramatically reducing travel times and broadening the zone’s catchment once fully operational

On the back of these catalysts, coastal real estate markets have already demonstrated remarkable growth. In 2024, Lagos and Ogun states topped national property-price increases—39.46 percent and 30.48 percent, respectively—according to the Property Price Index Report by BuyLetLive. Globally, Knight Frank’s Prime Global Cities Index recorded a 2.8 percent average rise in prime residential prices across 45 leading cities to March 2025, underscoring sustained international appetite for prestige-positioned assets

Taken together, independent market models now suggest that values in the Bluewater–Okunde zone could triple over the next three to five years, potentially reaching US $1.2 million per unit by 2028. In a recent roundtable, Keji Giwa, CEO of Digital Landlords & Giwa Gardens Water Park, stated

“In five years, the Bluewater–Okunde axis will be Lagos’s most sought-after residential enclave—home to upper-middle-class professionals, diplomats, expatriates, and high-net-worth Nigerians—because it sits just three minutes from Eko Atlantic City, offering world-class infrastructure at a fraction of the cost.”

Beyond capital appreciation, the area promises robust rental demand as professional expatriates and corporate executives seek flexible accommodations. Long-term leases could command around US $50 000 per annum, while premium short-lets to international visitors may exceed US $100 000 annually, delivering compelling yields.

The Carnelian in the Bluewater–Okunde zone stands at the rare intersection of undervalued pricing, transformational infrastructure and robust global market momentum. Backed by its strategic three-minute proximity to Eko Atlantic City’s free-trade peninsula, this development offers entry-level luxury at a fraction of replacement cost—yet it carries the same world-class amenities and prestige that command premium valuations elsewhere.

For discerning investors seeking a true legacy asset, The Carnelian delivers a compelling blend of million-dollar capital appreciation and high-yield rental returns. With conservative projections indicating a potential 3× uplift in value within three to five years, coupled with rental incomes in excess of US $50,000 per annum for long-term leases and US $100,000 for premium short-lets, it represents an unparalleled gateway into Lagos’s next elite enclave.The Carnelian remains one of the best—chances to secure a foothold in what will, in just a few short years, be one of Lagos’s most sought-after residential address.

— Keji Giwa

Keji Giwa is a real estate innovator, founder and CEO of Digital Landlords Nigeria Limited and its short-let platform Shortlet Homes , and the visionary behind Giwa Gardens Waterpark (West Africa’s largest water park) , Lekki Party Villas luxury vacation villas and The Carnelian high-end residential development overlooking Eko Atlantic
. A Computer Science graduate of Kingston University, UK, he began his career founding Digital Bananas Technology in 2012 and launching the Career Insights platform in 2014 and today champions data-driven, tech-enabled property solutions that drive local development and position Nigeria on the global tourism and real estate map.