Investors Target The Carnelian as Eko Atlantic Expansion Lifts Demand

Raheem Akingbolu

The Carnelian in Victoria Island is drawing growing interest from investors and Nigerians in diaspora who see it as a strategic move in the path of Nigeria’s most ambitious urban development.

Developed by Digital Landlords with contractor ECM and inspired by Keji Giwa, Founder of Giwa Gardens Water Park, the project is now linked to the rising economic activity around Eko Atlantic City. Its position offers access at an entry point that remains within reach while aligning with long-term shifts in Lagos’ real estate market.

The location of The Carnelian places it in the Okunde zone near Bluewater, overlooking the Eko Atlantic Resort Beach and the Coastal Road. This gives the development direct access to spaces that draw steady movement from residents, workers, and short-term visitors. The site is also four minutes from Eko Atlantic City.

This keeps it outside the new district yet close enough to serve people whose work or travel connects to it. The link to Victoria Island and Ikoyi widens its reach across business and diplomatic circles. Many of the early enquiries have come from people who want to stay near Eko Atlantic without taking on the cost of living inside it. This is why the project is often described as a suburb of the new city.

The economic pull of Eko Atlantic City is shaping the valuation outlook. The district is expected to serve as a financial and diplomatic hub, with land scarcity and its modern infrastructure pushing projected prices upward. The expectation that apartments in Eko Atlantic will sell for $1.8m by 2029 has become a reference point for investors.

The Carnelian, with a projected value of $1.2m, stands at a 33 percent discount to that benchmark. This creates room for buyers who want access to the district’s lifestyle and convenience but prefer a lower entry point. The $450,000 starting price for early buyers opens a valuation gap that forms the core of the investment story. The projected rise from $450,000 to $1.2m reflects a 167 percent increase by completion in 2029, which is one of the strongest arguments for long-term investors.

The rental market adds another layer to the opportunity. The location supports nightly rates of $350 to $450. At a 50 percent occupancy rate and an average of $400 per night, monthly gross revenue sits around $6,000. The demand comes from expatriates, diplomats, diaspora Nigerians, HNI guests, and corporate teams who want access to serviced accommodation near the beach, business districts, and the airport. The ease of movement from these locations to The Carnelian reduces friction and supports consistent rental interest.

Investors also point to ongoing work in Eko Atlantic City as a signal that the surrounding market is moving. Visible development reduces uncertainty and shows that the main driver of future value is real. With units priced in USD, foreign investors also see a currency hedge. Land in this corridor remains finite, and this continues to tighten supply.

The Carnelian brings together capital growth potential, rental income, and positioning next to a rising district. Buyers who enter at $450,000 gain access to a future $1.8m market while operating a rental model that can support holding costs. It offers a path into an emerging zone at a lower cost while generating income as the wider market evolves.