With property and living costs on the rise, expensive estates springing up in all parts of the city, the development of Lagos into a mega city has seen an upswing in the cost of property, it is no wonder Lagos state has been dubbed one of the most expensive cities to live in Nigeria.
Residents in Lagos have a choice of either staying in the Lagos Island or the mainland. While most people have a preference for living in the Lagos island due to its high-life status, beauty, and economic opportunities. There are still very good areas located on the Lagos mainland which can as well compare to the cost and standard of living on the island.
Here are the top 7 most expensive places to live in Lagos;
1. Eko Atlantic
The Eko Atlantic 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. It is adjacent to Victoria Island, When completed, Eko Atlantic will rise as the next generation of property in Africa.
The city will satisfy needs for financial, commercial, residential and tourist accommodations with a state-of-the-art high-tech infrastructure in line with modern and environmental standards.The city will naturally feature a range of high-end luxury apartments
With a per square meter of land costing as high as $4, 000, it is one of the most expensive housing projects in Africa
Essentially built to solve the chronic shortage of real estate in the world’s fastest-growing megacity, it is a focal point for investors capitalising on rich development growth based on massive demand – and a gateway to emerging markets of the continent
The project is expected to be one of the leading sources of foreign direct investments into the country. The city will become West Africa’s new financial hub, accommodating the headquarters of the subregion’s leading banks, financial institutions, and international corporate companies.
The Eko Atlantic City Business District is a strategic and prestigious location with a state-of-the-art 24/7 infrastructure network, including 21st-century communications, smooth transport system, and uninterrupted electricity, making it a compelling place to work.” Upon completion of the city, Eko Atlantic will be home to 500,000 residents with an expected commuter volume to exceed 300,000 people.
The city not only boasts of independent power and water supply, seamless communications network but also an extensive city-wide road network. This will be the first of its kind in Lagos and Nigeria.
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.
2. Banana Island
Banana Island is the premier neighbourhood in Lagos next in prestige and cost to Eko Atlantic in cost.
Banana Island, is an area of Ikoyi, Lagos known for its wealthy, multi-cultural aura. This area has some of the most expensive real estate in Nigeria as it houses some of the most expensive houses in Nigeria. It has one of the highest density of millionaires within its boundaries. It is home to the likes of Mike Adenuga, Iyabo Obasanjo, Saayu Dantala and a host of other elites
This island is beautifully designed with well-laid lawns, beautiful flowers, and well-paved roads. The quietude and the untainted environment is a major attraction as well. A piece of land for sale in Banana Island can go for as high as $1.8 million
Banana Island is a man-made island and is curved in the shape of a banana hence the name. The banana-shaped island is approximately 1,630,000 square meters in size and it has been zoned into 536 plots consisting of 100 closes, which serve to enhance the banana shape of the island. Residents are provided world class utilities including underground electrical systems, an underground water supply network, central sewage system and treatment plant, street lighting and satellite telecommunications networks, as well as overhead and storm water covered drainage. All of these add up to make the cost of buying a plot of land in Banana Island, all the more expensive. One of the most outstanding features of the island is the Ocean Parade Towers rising into the sky at eight floors with a penthouse. The denomination of payment for properties in this area is Dollars
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.
Located in Lagos Island, Lekki depicts class and beauty at it’s finest. It is one of the best places to raise children in Lagos because it gives them a higher chance create a healthy relationship with the children of affluent persons in the society. Asides this, Lekki is known for its security, peacefulness, calmness, serenity and orderly structure. There are a lot of estates in Lekki and houses found in this environment include; duplexes, bungalows, serviced apartments, luxury apartments. A property here can go for as high as N650,000,000
4. Victoria Island
Victoria Island which is located on Lagos Island is a residential as well as a commercial area. This is one of the most affluent areas of Lagos Island and it has some of the most expensive real estate properties in Nigeria. Renting a 3 bedroom flat apartment in this area can go for as high as N800,000,000. Residents of Victoria Island include wealthy Nigerian business people and management professionals, and many of the city’s expatriates. Victoria Island is also a diplomatic centre with numerous foreign embassies and consulates located in the area. There are also good and expensive hospitals on Victoria Island and most of the international schools in Lagos are also located here which is another major attraction for expats in the country.
5. Ikeja GRA
Located in Lagos Mainland, Ikeja GRA is known to be home to some of the richest people in the society, long before the development in many parts of Lagos. It is occupied by the creme de la creme of Lagos Mainland.The evident serenity and calmness in this area make it one of the best places to raise kids in, despite the ever bubbling Lagos atmosphere. The saying that ‘you get what you pay for’ really holds true for Ikeja GRA. With well-paved roads, traffic lights and regular power supply, it is hard to resist this area. Most houses in this area are in form of detached houses, bungalows, serviced apartment and duplexes. Ikeja GRA is perhaps the most expensive place in Lagos Mainland today. A property in Ikeja GRA can for as high as N600,000,000
Although the whole of Ikeja GRA was planned to be a residential estate, commercial activities have since taken over this area, especially along Joel Ogunnaike and Isaac John which has led to traffic congestion in these areas. There are however still some areas that have maintained their residential characteristics like Oduduwa Crescent, Herbert Macaulay Crescent, Rev. Ogunbiyi and Fani-Kayode streets.
6. Shonibare Estate, Maryland
Maryland is regarded as the central in Lagos, although it is not like Oshodi or other central places in Lagos, it shares a boundary with the state’s capital. Maryland is the home of the Ikeja cantonment which makes it highly secured. There are also a few sub-estates in Maryland, one of which is the popular and expensive Shonibare Estate.
Shonibare Estate one of the best residential estates in Lagos Mainland. It is along Mobolaji-Bank Anthony Way, Maryland. The estate commands so much premium rents. Maybe because it seems to put buyers’ mind at rest. The gated estate enjoys the security advantage of its proximity to the Ikeja army cantonment. It’s calming ambience with tree-lined streets and restrained architecture should also be a big plus. A bungalow for sale in this area can go as high as N300,000,000
Ikoyi is one of the most affluent neighbourhoods in Lagos Island. It is an up-market residential island separated by a narrow waterway from Lagos Island to the west inhabited by expatriates and the upper-class residents of the Nigerian society. It lies to the northeast of Obalende at the edge of the Lagos Lagoon and encompasses the eastern half of Lagos Island.
Ikoyi includes the newer suburbs of Banana Island, Parkview Estate, Dolphin Estate and other luxurious blocks of flats that are springing up.
With well-paved roads as well as a good layout, it is one of the most expensive areas to live in. A property for sale here can go for as high as N9,000,000