Lekki Phase 1

Lekki Phase 1 is the original Lekki development, the prototype that defined the corridor's identity. Bordered by the lagoon to the north and the Lekki–Epe Expressway to the south, Phase 1 holds roughly 2,000 residential units across detached homes, terraces, and low-rise apartment buildings. The community has matured: tree-lined streets, established schools, walking-distance retail, and reliable estate-managed infrastructure.

The market commands a meaningful premium over neighboring Ikate and Chevron Drive. A standard 3-bedroom apartment in Phase 1 trades at roughly 15-20% above the broader Lekki average. Demand is driven by tenants who specifically want the Phase 1 environment: established residents, walkability, and the social legitimacy of a Lekki Phase 1 address.

Supply is structurally constrained — Phase 1 was master-planned with limited density and the buildable land is essentially saturated. New supply now comes only from infill redevelopment of older single-family lots, typically into 4-8 unit apartment buildings. Capital appreciation has tracked the broader Lekki market at 8% YoY, but yields run lower (4.5-6%) reflecting the premium nature of the area.