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These are the 3 most expensive places to live in Lagos

These places have the most luxurious apartments in the state.

  • These areas have some of the most expensive properties in the entire country.

Nigeria is home to two kinds of people, the general public and the top 1% who can afford to live in expensive homes. Today, we explore the properties of these rich, famous, and successful people. Here are three of the most expensive residential areas in Lagos :

1. Banana Island

Banana Island, located in Ikoyi, Lagos, is home to Nigerian millionaires likeMike Adenuga and Iyabo Obasanjo. Here, a plot of land can go for as high as N652 million ($1.8 million), according to Property Pro. It reportedly costs between N10 million to N15 million ( $27k to $41k) to rent a five-bedroom apartment and N700 million ($1.9million) to actually buy a three bedroom home. The denomination of payment for properties in this area is Dollars.

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Pay the required amount and you gain access to underground electrical systems,  water supply network, central sewage system,  treatment plant, overhead and storm water covered drainage, street lighting and satellite telecommunications networks.

2. Ikoyi

This is one of the highbrows areas on the Island probably because it is filled with expensive suburbs like the aforementioned Banana Island, Parkview Estate and Dolphin Estate.

Reportedly, a property goes for N9,000,000 ($24k) while the average cost of renting a two bedroom apartment is N10.8 million ($ 29k). BuzzNigeria reports that it costs N400million to N450 million to buy a plot of land.

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3. Victoria Island

This area is both residential and commercial. Located on Lagos Island, it consists of foreign embassies, top-notch hospitals,  international schools, and really expensive houses.

It costs as high as N800,000,000 ($2.2 million) to rent a 3 bedroom flat apartment here.

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