Background: The Lekki Corridor of Lagos State has emerged as one of Nigeria’s fastest-growing real estate markets, but land value appreciation patterns vary significantly across its sub-markets. This study investigates the determinants driving these dynamics. Methods: A survey research design was adopted, targeting 276 estate surveying and valuation firms in the corridor. Using the Kothari formula, a sample of 161 firms was selected, with 143 valid responses retrieved, representing 88.82%. Data were analyzed using both descriptive and inferential statistics. Factor analysis (KMO = 0.841; Bartlett’s χ2 = 1607.622, p < 0.001) was employed to identify underlying determinants of land value appreciation. Results: Findings reveal substantial land value growth between 2010 and 2024. Established areas such as Lekki Phase 1 (650%) and Chevron Drive (567%) recorded steady appreciation, while emerging hubs including Ibeju-Lekki (2,900%), Sangotedo (1,525%), Jakande (1,014%), and Ikate Elegushi (1,014%) experienced explosive increases driven by mega-projects and infrastructure. Factor analysis identified four principal components explaining 69.97% of total variance: socioeconomic growth drivers, macroeconomic and spatial-structural dynamics, financial structuring and market mechanisms, and institutional governance capacity. Among determinants, developer financing and installment schemes (mean = 4.18), land fragmentation (mean = 4.17), and flood risk (mean = 3.93) ranked highest, while weak judicial effectiveness (mean = 3.06) and corruption in land allocation (mean = 3.20) were notable constraints. Conclusion: The Lekki Corridor demonstrates both stable and speculative land appreciation patterns. Sustainable real estate growth requires strengthened governance, resilient urban planning, flexible financing mechanisms, and effective land administration reforms.
Bamigbola et al. (Sat,) studied this question.
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