Lagos is one of the most expensive cities in the world due to the high cost of real estate on Banana Island. Banana Island Has More Expensive Houses, a tranquil setting. Streets that are well-planned. The sea wind is unadulterated. Good lighting and other amenities that make living easier… All of this has conspired to make Banana Island, Ikoyi, Lagos one of the most expensive places in the country, if not the globe, to buy a landed property.
The ‘island,’ which gets its name from its banana-shaped terrain, is around 1,630,000 square meters — less than a square mile – in size. There are 536 plots in all.
Cost of Landed Property in Banana Island
Landed property is significantly more costly in Lagos than in some other wealthy countries, such as the United Kingdom and South Africa, bolstering reports that Lagos is one of the world’s most expensive cities.
According to our study, Banana Island is certainly for the big guys who have more than enough money to enjoy the luxurious lifestyle it provides.
Developers are offering both luxury flats and even land for sale at exorbitant prices. A three-bedroom flat may cost as much as N248 million, while a four-bedroom unit might cost as much as N3.5 billion, depending on the amenities included.
Ironically, a four-bedroom flat in some sections of London, despite its international renown, costs between N86.1 million (£350,000) and N3.46 billion (£10 million). Such may be had for N20.2 million (R1,190,000) to N40.8 million in Johannesburg and Cape Town, South Africa (R2,400,000).
To calculate the Naira equivalent, we utilized the current exchange rates of N246 to a Pound Sterling and N17 to a South African Rand.
Part of the irony is that in London and other developed cities, buyers have access to a tried and true mortgage facility, but in Nigeria, due to the cash-and-carry system, such a facility is practically non-existent.
However, in certain affluent districts of London, like Notting Hill and Chelsea, four and seven-bedroom flats sell for N3.45 billion (£14 million) and N4.5 billion (£22 million).
On Banana Island, however, four-bedroom beachfront penthouses sell for N3.5 billion apiece. A three-bedroom apartment with three bathrooms will set you back N900m.
It isn’t just completely constructed residences that attract such a large number of bidders. Even virgin lands on the market are too costly.
For example, a property area of 19,000 square meters is advertised for sale for N5 billion, while the smallest accessible land lot is 1,100 square meters and costs N250 million. Others include N370m for a land parcel of 1,800 square meters, N280m for a piece of 1,527 square meters, and N900m for a total land size of 6,000 square meters.
Residents of Banana Island, on the other hand, have access to world-class amenities such as underground electrical systems (as opposed to the overhead cabling found throughout Lagos), an underground water supply network, a central sewage system, and treatment plant, as well as street lighting and satellite telecommunications networks.
It is no longer news that many powerful Nigerians and businesses have made their homes on this affluent island. The headquarters of one of the telecommunications firms, Etisalat, is located on this island, among other offices of other businesses.
Banana Island’s renown has expanded to social media in this digital era. About Monday, for example, our correspondent saw a video on the company’s fortunes on YouTube. While this allows fans to appreciate its beauty, even more, other individuals have taken advantage of the media to criticize the pricey paradise it appears to symbolize.
Omarie Combs characterizes the astonishing amount being spent to purchase property in the area as “insane” on his Youtube channel.
“My uncle recently relocated from Toronto, Canada to Banana Island. I think he paid N600 million for the property and home.
“The greatest houses in the world are in Nigeria.” Believe me, I’ve gone to most of these places. He writes, “It’s insane, and it’s worth millions of dollars.”
Martins Major writes in his account that it is incredible that such an exclusive sanctuary can be located in a ‘declining one.’ He goes on to say that the beauty of some Banana Island homes “cannot be compared to some homes in the United Kingdom.”
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