Top 7 Most Expensive Places to Live in Lagos

The dream of owning one's own home is the dream of every Nigerian citizen. It doesn't matter if you area landlord or currently living in a rented apartment, check out this list of the seven most expensive places to live in Lagos. 

Banana Island, Ikoyi (450 Million Naira):

Banana Island is a no go area for the poor man in Lagos. Banana Island is a man-made island in the Lagos Lagoon and is curved in the shape of a banana hence the name.  It is the most expensive place to live in Lagos as a three bedroom apartment for instance sells for as high as $625,000 while a five bedroom house can cost $2.81 million. Naira is not the denomination of payment so get your dollars at the ready. The likes of Mike Adenuga (Chairman of Globacom), Iyabo Obasanjo (daughter of former Nigerian president), Saayu Dantata (son of the late Alhassan Dantata who was the wealthiest man in Africa as at the time of his death in 1995) are inhabitants there.

Ikoyi (400 Million Naira):

Life used to be a whole lot cheaper in Ikoyi but the same cannot be said again as house pricing has skyrocketed over the past few years. To rent a luxury three-bedroom flat in Ikoyi used to be between N1.16 million and N3.5 million about three years ago but the same now goes for around N5.2 million to N9.3 million per annum. An acre of land in places like Parkview and Osborne Road sells for between N400 million and N450 million.

Nicon Town, Lekki (320 million naira):

Nicon Town is located outside of the Lekki Peninsula towards the campus of Chevron Nigeria Limited. It is one of the emerging real estate markets in Lagos and properties there cost more than $2 million.

Ikeja GRA, in Ikeja (250 million naira/$1,562,500):

Ikeja GRA was created during the colonial period as a high-end residential area. It is an integral part of the suburb of Ikeja and with about N1.5 million if not more you can get a house there that affords you some peace and quiet. As of 2002, the figure used to be about N800,000  to N1 million per annum. If you are looking to buy an acre there, it costs between N250 million and N300 million naira.

Victoia Island (100 Million): If you are thinking of buying an acre of land in Victoria Island, then you should be holding a minimum of N100 million. Not to worry if you aren’t thinking of buying but just renting, then you can get yourself a wing of duplex in Victoria Island for between N5 million and N15 million per annum. Do note that this depends on the facilities of the house as well as its location. 

Lekki-Ajah Area (40 million naira):

For the Lekki-Ajah area, the average rent for a wing of duplex is between N2.5 million and N3 million. Lekki used to be the home of some of the most expensive property in Lagos but value has somehow depreciated with the demand for more luxury. Drop or no drop, a standard plot of land in the neighbourhood still goes between N35 million and N40 million.

Magodo (15 Million naira):

Magodo is located close to the Lagos-Ibadan expressway and easily accessible to Lagos Island and Ikeja Central Business Districts making it a real-estate. Fifteen million naira may not seem like much to a billionaire but it is a whole lot of money to the average Nigerian citizen. With between twelve million to fifteen million naira you can get a standard plot of land in the Magodo area. Renting a wing of duplex per annum goes for around N1.2 million and N1.5 million.

Originally written for KOKOFEED 

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