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5 Most Expensive Areas To Live In Lagos - Properties - Nairaland

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5 Most Expensive Areas To Live In Lagos by mykwaba: 9:21am On Jun 17, 2022
In tune with being the most famous city in Nigeria, houses in Lagos add quite an expensive tone to its reputation. Residents of Lagos choose between living on the mainland or island, with many people choosing the serenity and high life status of the island. Regardless, there are also top notch areas on the mainland that can easily match the properties and environment of the Island. Here is 5 of the most expensive places to live in Lagos.

1. Banana Island

This artificial island created to look just like the shape of a banana is one of the two, if not the most expensive place to live in Lagos. Rent in this location is very high to the extent that about 60% of property in Banana island is not occupied. It has one of the highest densities of millionaires, it is home to notable people like Mike Adenuga, Iyabo Obasanjo, Linda Ikeji, Saayu Dantata. Kola Abiola, to mention a few. It is located in Ikoyi, Lagos, and popularly known for its wealth, multicultural ambiance, and beautiful layout. Residents are provided world class utilities including underground electrical systems, underground water supply network, a central sewage system and treatment plant, street lighting and satellite telecommunications networks, as well as overhead and storm water covered drainage. All these utilities add to make the cost of getting an apartment in Banana very expensive.

2. Eko Atlantic City

Eko Atlantic is located in Victoria Island which was planned to be housing 300,000 residences with at least $6 billion to complete the project. It is the rising smart city being developed from reclaimed land on the shores of Victoria Island, Lagos. Overlooking the former beach front of the Bar Beach. The city, which is divided into 8 districts, is planned for mixed-use with commercial, residential, entertainment and leisure activities to make the city a 24/7 lively environment. City amenities and services will include an international school, hospital, and a high-quality shopping mall, the largest in sub-Saharan Africa. To rent a fully furnished two-bedroom at the Eko Pearl tower (containing five different residential apartments on 33 different floors), you need to pay between N20 million to N23 million Naira ($55,000 to $65,000).

3. Ikoyi

Popular with the upper-class residents of the Nigerian high society, Ikoyi is one of the wealthiest communities in Lagos. Ikoyi includes the newer suburbs of Banana Island, Parkview Estate, Dolphin Estate and other luxurious blocks of flats that are springing up. It lies to the northeast of Obalende at the edge of the Lagos Lagoon and encompasses the eastern half of Lagos Island. A property for rent here can go as high as 10 million naira.

4. Lekki

Lekki has emerged to be the abode of the nouveau riche. Apart from being expensive, Lekki is fast developing into the Beverly Hills of Lagos. It is home to Lagos corporate moguls, celebrities, and captain of industries. Rent in this area costs as much as N5 million per annum.

5. Ikeja GRA

Welcome to the mainland. Ikeja GRA was created during the colonial peroid as a high-end abode in Lagos. It is occupied by the creme de la creme of Lagos Mainland. It is occupied by the creme de la creme of Lagos Mainland. Ikeja GRA is perhaps the most expensive place in Lagos Mainland today. A property in Ikeja GRA can for as high as N6 million naira. With well-paved roads, traffic lights and regular power supply, it is hard to resist this area.

There you have it. If you have the money to afford an apartment in these locations, then you are good to go.

To read more blogs on rent and finance, go to blog.kwaba.ng

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