Abstract: Change in any form and in any society is inevitable; it has become part of an urban growth. For economic reasons, land and buildings will continue to change in use from a lower order to a higher order status in order to attain optimal use. Such changes usually result into land being allocated to its highest and best use culminating in higher economic returns. This study takes a close look at the impact of land use changes on property values in metropolitan Lagos with a particular reference to Victoria Island. One hundred questionnaires were administered to randomly selected estate surveyors, estate agents and managing agents practising on the island. The data obtained are analysed with the use of simple descriptive statistics, particularly frequencies, percentages and ratios. Findings show that there have been remarkable changes in land use pattern from residential to commercial and this had led to corresponding changes in property values in the area. Moreover, the changes in use have also created problems such as traffic congestion, over stretching of infrastructural facilities and noise pollution. There is therefore, the need for adequate land use planning to take care of the changes brought about by increased commercial activities. In addition, there is a need for town planning authorities to monitor the process of changes to prevent negative effect on the environment.