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Insight & Analysis - February 4, 2022

5 Estates for the Ultra rich in Lagos

Some of the estates serve as home to four billionaires, 360 multi-millionaires, and 6,800 millionaires.

Nigeria’s former capital, no doubt has some of the most expensive estates that serve as home to only the ultra rich in Lagos. It is one of Africa’s forerunners in the development of residential estates. Only Cape Town and Johannesburg have more exclusive gated residential estates in Africa than Lagos.

As the continent’s fourth wealthiest city, it is home to four billionaires, 360 multi-millionaires, and 6,800 millionaires. Due to the number of high nets worth individuals living in the state, real estate and construction are one of the significant sectors. Here are 5 estates for the ultra rich in Lagos.

Banana Island Estate

It is currently the most expensive estate to live or own property in Lagos. Banana Island, a tiny man-made island in Lagos’s Ikoyi, is Nigeria’s equivalent to Paris’ 7th district, San Diego’s La Jolla, New York City’s Tribeca, and Tokyo’s Shibuya and Roppongi.

Banana Island is a 1,630,000-square-meter man-made island shaped like a banana, thus its name. The island is divided into 536 plots, each with 100 closes, to improve the banana form. The island main features are beautifully manicured lawns, great roads, tranquillity, a clean environment, and world-class utilities. You can only pay for properties on the Island in dollars. 

It is a billionaire’s paradise for some of the country’s wealthiest people who enjoy a serene, peaceful ambience away from the bustle and throng of Lagos. Notable people such as Mike Adenuga, Iyabo Obasanjo, Linda Ikeji, among others, live in the area. The three well-known condo buildings on the island are Ocean Parade Towers, Bella Vista Towers, and Lakepoint Apartments.

ParkView Estate, Ikoyi

ParkView is situated in Ikoyi, Lagos, and is flanked on the north by Banana Island and the south by Gerrard Road. It is a posh area that is mostly residential with a few guesthouses and offices. There are around 400 structures in the neighbourhood, with more under development. One of the area’s main draws is its top-notch security system, which has seen no cases of theft or other crimes in the last decade.

The neighbourhood is clean, tranquil, and well-designed to meet the needs of all residents and property owners. Depending on the sort of property you wish to rent or buy, Parkview properties can cost as much as N1 billion or as little as N50 million. A three-bedroom flat goes for almost N7 million.

Pinnock Beach Estate, Lekki

In terms of infrastructure and facilities, this private estate is unrivalled. It is a serviced residential area Lekki, along Femi Okunnu Road. The well-structured environment enabled a decent road network, well-carved drainage, and security monitoring. Each residence has its own green space as well as a leisure area. In the estate, a 4-bedroom semi-detached home costs about N4.5 million per year, while a 5-bedroom completely detached home would cost between N150,000,000 and N230,000,000 outright.

Chevy View Estate, Chevron Drive, Lekki

Chevy View Estate is opposite Chevron Nigeria Limited’s headquarters. The estate is not entirely residential as some companies are located in the estate. Most of the structures are semi- and completely detached duplexes, with prices starting at N80,000,000.

Many upper-class families, top executives, and directors reside in the estate. Due to its high property value, natural surroundings, and basic social facilities, buyers are attracted to the estates. A three-bedroom flat in the estate would cost between N1.7 million and N2.3 million to rent.

Orchid Estate, Ikeja GRA

The Orchid Estate has a European-styled architecture and provides seven different types of residential flats, each with its own layout. Buyers are attracted by the tight security, quiet spatial surroundings, and a highly secure title with an unexpired residual of 99 years. The prices of properties in this estate range from N75,000,000 to N150,000,000. A three-bedroom apartment would cost between N1.5 and N2.5 million.

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