Demand for luxury real estate is growing
in Nigeria, and so are prices.
Data from PrivateProperty.com.ng,
Nigeria’s largest property portal, was
used to identify 10 of the most-expensive
luxury real estate locations in Nigeria,
according to VenturesAfrica.
Buyers of these luxury residences are
mainly expatriates and non-residents
operating businesses in Nigeria, the report
said. Most residents cannot afford
properties in these areas.
Nigeria’s capital city, Lagos has four of
the 10 most-expensive locations. Abuja has
three. Ibadan, Abeokuta and Port Harcourt
also made the list with some of the most
expensive properties in the country. There
are other places in Nigeria with expensive
property that are not listed here, the
report said.
10. Ibara in Abeokuta (Ogun
State) – 80 million naira/$
500,000
High prices are forcing many out of the
Lagos real estate market,
VenturesAfrica reports. Abeokuta’s real
estate market is growing fast as people
look to outlying locations outside Lagos.
9.
Alalubosa GRA in Ibadan (Oyo
State) – 100 million naira/$
625,000
Ibadan has been regarded by some as the
most underdeveloped city in the world, but
is started living up to its potential in the
past few years.
8. Lekki Scheme I, Lekki (Lagos
State) – 140 million naira/$
875,000
The island of Lekki has been home to some
of the most expensive property in Lagos,
but demand for more luxury has pushed it
down to No. 8 on this list, the report
said. You can buy property for $875,000 in
Lekki.
7. GRA Phase 2 in Port Harcourt
(Rivers State) – 145 million
naira/$906,250
Port Harcourt is home to many expatriates,
many of whom work for oil companies in this
oil-rich city. Other buyers here include
wealthy individuals who want to keep their
money locally.
6. Ikeja GRA, in Ikeja (Lagos
State) – 250 million naira/$
1,562,500
Ikeja GRA is an integral part of the
suburb of Ikeja. The GRA, or government
reservation area, was created during the
colonial period as a high-end residential
area. Many wealthy Nigerians who want
the quiet life choose this area and don’t
mind paying $1.5 million or more to get it.
You’d find several expats here to,
VenturesAfrica reports.
5. Nicon Town in Lekki (Lagos
State) – 320 million naira/$
2,000,000
Nicon Town in Lekki is one of the emerging
real estate markets in Lagos, with
property costing more than $2 million.
4. Jabi in Abuja (Federal Capital)
– 400 million naira/$2,500,000
Nigeria’s capital city comes in at No. 4
with property at Jabi costing at least $2.5
million. Many Nigerian politicians have
homes in this area.
3. Asokoro in Abuja (Federal
Capital) – 418 million naira/$
2,612,500
One of the major districts in Abuja,
Asokoro is an upscale area. It is home to
the Nigerian Presidential Complex aka
State House; Aso Rock (a 400-meter rock
monolith and the city’s most noticeable
feature); the Economic Community of West
African States, (ECOWAS),
National Intelligence Agency and the World
Health Organization (WHO) office.
Residential property is expensive here.
2. Maitama in Abuja (Federal
Capital) – 430 million naira /$
2,687,500
An area occupied by embassies and high
commissions, Maitama ranks No. 2 on this
list. Property here can cost $2.7 million or
more.
1. Banana Island in Lagos (Lagos
State) – 450 million naira ($2.81
million)
A man-made island in the Lagos Lagoon,
Banana Island is slightly curved in shape –
like a banana. It has one of Nigeria’s
highest densities of millionaires within its
boundaries, VenturesAfrica reports.
A three-bedroom apartment typically sells
for $625,000 on Banana Island and a five-
bedroom house can cost $2.81 million. Due
to the cost of property, rentals are
popular here. Rent for a three-bedroom
apartment can go as high as $63,000 per
year.
Banana Island residents include billionaire
Mike Adenuga, chairman of Globacom; and
Iyabo Obasanjo, daughter of a former
Nigerian president.
Other notable island residents include
offspring of famous Nigerians including
Kola Abiola, son of the popular late
businessman Moshood Kashimawo
Olawale “MKO” Abiola; and Saayu
Dantata, son of the late Alhassan
Dantata, a Northern Nigerian kola nut
seller and considered the wealthiest man in
West Africa at the time of his death in
1955.

I nominate Itu Taba or Foko areas in Ibadan for the most expensive and choice real estate locations in the whole of Nigeria