Lagos, popularly called Eko, was once the capital of Nigeria. It is a dream city for property owners. It is home to some of the most expensive places in Lagos. A good number of Nigerian socialites and business leaders live in these choice areas to enjoy the bustling and energetic cities of Nigeria’s Centre of Excellence, where anything is possible.
Real estate owners raise prices from time to time to keep up with the ever-increasing demand for the properties.
The costs of estate developers and managers are also factored in, making these properties more expensive to rent or buy.
The expansion of Lagos into a megacity has witnessed an upsurge in the cost of property. It’s no surprise that Lagos state has been labelled one of the most expensive places to live in Nigeria, with luxurious houses surfacing in all sections of the city.
Residents of Lagos can choose to live on the Island or on the Mainland. The majority of individuals want to live on Lagos Island because of its high social status, natural beauty, and economic opportunities. However, there are several great neighbourhoods on the Lagos Mainland that can compete with the Island’s expensive style of living.
Here are 7 most expensive places in Lagos.
It is one of Lagos’ most popular areas, and it is also one of the most expensive to live in or own a home in. Mike Adenuga, Iyabo Obasanjo, Linda Ikeji, and Kola Abiola, to name a few, live in the area, which has one of the greatest densities of millionaires. Banana Island is a 1,630,000-square-meter man-made island shaped like a banana, hence its name. The island is divided into 536 plots, each with 100 closes, to improve the banana shape. It is generally renowned for its riches, cosmopolitan ambience, and attractive layout and is located in Ikoyi, Lagos. Beautifully manicured lawns, great roads, tranquillity, a clean environment, and world-class utilities are among the island’s main features.
A piece of land in this area is sold for $1,101 per square meter, renting an apartment costs between $65,000 and $80,000, detached houses cost around $2.75 million, and one of the properties, a six-bedroom detached house on 2,600 square meters of land, cost around $13 million at some point in 2019.
On June 1, 2009, this most expensive location in Lagos opened as a housing complex for both business and residential buildings.
Eko Atlantic, is located on Victoria Island, which was supposed to house 300,000 people for less than $6 billion.
In truth, the Eko Atlantic was believed to be finishing phase 6 of the project as of October 2019, and people have been living in the area since 2014.
On 53 floors, the Eko Pearl skyscraper houses five separate residential apartments.
A square meter of land is supposed to sell for $1,720, while a reasonable plot of land to build on is said to cost around $575,400.
According to PMNews, the US government purchased 1,000 heaters of land in Eko Atlantic in May 2019 in order to relocate their Consulate.
Lekki is quickly transforming into the Beverly Hills of Lagos. Located on the Lagos Island, it epitomizes elegance and beauty. Lekki is one of the greatest areas to raise children in Lagos since it provides them with a better opportunity to form healthy relationships with the children of the wealthy. Aside from that, it is known for safety, tranquillity, serenity, and well-planned layout. In Lekki, there are many estates, and houses in this area including duplexes, bungalows, serviced apartments, and luxury apartments. A property in this area can cost up to N650,000,000.
Victoria Island, on Lagos Island, is both a residential and a business district. This is one of Lagos Island’s wealthiest neighbourhoods, with some of the most expensive real estate in the country. In this neighbourhood, a three-bedroom flat apartment might cost up to N800,000,000 per month to rent. Many of the city’s ex-pats, as well as rich Nigerian business executives and management professionals, live on Victoria Island. Many international embassies and consulates are located on Victoria Island, making it a diplomatic hub. On Victoria Island, there are also good and expensive hospitals, as well as the majority of Lagos’ foreign schools, which is another big draw.
Long before the development of many districts of Lagos, Ikeja GRA was considered to be home to some of the wealthiest people in the state. Despite the ever-bubbling Lagos climate, the seeming serenity and calmness in this neighbourhood make it one of the best places to raise children. With well-paved roads, traffic lights, and reliable power supply, It’s difficult to resist this location. The majority of the homes in this region are detached homes, bungalows, serviced apartments, and duplexes. Ikeja GRA is currently the most expensive neighbourhood in Lagos Mainland. In Ikeja GRA, a property can cost up to N600,000,000.
Shonibare Estate, Maryland
Maryland is recognised as Lagos’ centre, however, it is not like Oshodi and other central locations in the state, it shares a border with Ikeja, the state’s capital. Maryland is home to the Ikeja Cantonment, making it very safe. In Maryland, there are a few sub-estates, one of which is the well-known and pricey Shonibare Estate.
Ikoyi is one of Lagos Island’s wealthiest neighbourhoods. It is a posh residential island separated from Lagos Island to the west by a short waterway, populated by expatriates and the Nigerian society’s upper crust. It comprises the eastern part of Lagos Island and is located northeast of Obalende on the edge of the Lagos Lagoon.
Banana Island, Parkview Estate, Dolphin Estate, and other newer suburbs, such as Banana Island, Parkview Estate, and Dolphin Estate, are among the newer suburbs of Ikoyi.
It is one of the most expensive areas to reside, with well-paved roads and an excellent layout. Property for sale in this area might cost up to N9,000,000.