Lagos–Calabar Coastal Road Links Infrastructure Growth to Rising Coastal Property Values

Raheem Akingbolu

The Lagos–Calabar Coastal Road corridor, from Eko Atlantic City to the Bluewater Okunde zone, is drawing attention from investors tracking shifts in Nigeria’s property market. Market data and project activity indicate that the corridor is influencing land values, investment timing, and development patterns along the Lagos coastline.

The road, which links Eko Atlantic City with coastal districts to the east, is being viewed as “more than a transport artery” by market participants. Its role in improving access between Victoria Island, Eko Atlantic City and Bluewater Okunde has changed how developers and investors assess the coastline. Industry sources say the combination of public infrastructure delivery, zoning direction and private capital is shaping a defined investment belt.

Developments along the route include high-rise residential projects such as The Carnelian on Victoria Island, alongside planned schemes in Bluewater Okunde. These projects are being marketed to investors seeking entry before construction completion. Analysts note that infrastructure-led corridors often experience price shifts once access and planning certainty improve.

Land pricing along the Bluewater Okunde strip illustrates this trend. A parcel measuring about 2,400 square metres, which traded at around ₦800 million in earlier market cycles, is now valued above ₦5 billion, according to market estimates. Analysts link the change to road access, proximity to Eko Atlantic City, zoning clarity, ocean frontage and supporting services. The coastal road now provides direct movement between Victoria Island, Eko Atlantic City and Bluewater Okunde, altering development timelines and exit strategies.

Bluewater Okunde is increasingly described as an extension of Eko Atlantic City’s real estate market. The zone sits within a short drive of Eko Atlantic and within reach of Victoria Island’s business district. Market observers compare its current phase with early stages of waterfront districts in Dubai Marina, Miami Beach and Canary Wharf, citing infrastructure sequencing rather than price parity.

Pricing gaps are shaping investor interest. Market projections suggest that by 2029, a two-bedroom apartment in Eko Atlantic City could reach about $1.8 million, while similar units in Bluewater Okunde may trade around $1.2 million. Analysts say this difference underpins demand for early entry positions.

Investor behaviour reflects this outlook. Buyers are focusing on off-plan and early construction phases, which have historically delivered higher returns. Keji Giwa, Founder and CEO of Digital Landlords and Giwa Gardens, said Nigerian and diaspora investors should focus on projects at early stages to benefit from expected capital gains, noting that such phases have delivered stronger returns in past cycles.

The corridor is attracting High Net Worth Individuals, diaspora investors, expatriates, institutional funds and portfolio investors seeking asset diversification. With Eko Atlantic City, the coastal road and new coastal districts now linked, Lagos is being positioned for wider competition in global waterfront property markets. Analysts say early participation, before completion and market saturation, remains the key driver of returns.