Looking for an updated list of the top 10 most expensive and luxury real estate locations in Nigeria in 2022? This piece has got you covered.
What are Real Estates?
Real estate is defined as the transactional sale or acquisition of real property, which includes not just the land but also everything permanently related to it. This includes natural resources as well as land modifications such as buildings. Furthermore, as long as the property is founded on a piece of land, modifications to the property can include new or existing structures.
Real estate can be utilized for a variety of purposes, including providing housing for people, farming raw land, and renting commercial property for a business. Professionals in the real estate sector, such as real estate agents, brokers, and developers, make money by constructing or facilitating the exchange of property.
Why’s this Piece Important?
Are you planning to relocate to one of Nigeria’s most costly and luxurious real estate areas in 2022? Are you a real estate agent looking to do business in Nigeria’s most expensive real estate markets so that your company can thrive? This piece is dedicated to you.
This piece is directed to persons who can afford luxury real estate and persons looking to do business in such areas.
Let’s get straight into it.
Top 10 Most Expensive and Luxury Real Estate Locations in Nigeria 2022
Nigeria is without a doubt one of the most expensive housing markets in Africa. Despite the fact that Nigeria is known as Africa’s behemoth, it is nevertheless claimed to have the continent’s largest and most prosperous economy due to the presence of successful musicians, businessmen, actors and actresses, and a plethora of other professions.
It has been established that wealthy Nigerians enjoy luxury and will go to great lengths to ensure that their possessions stand out among the best. Without further ado, in this post, we’ll look at the top ten most expensive and luxury real estate locations in Nigeria.
Top 10 Most Expensive and Luxury Real Estate Locations in Nigeria
Banana Island, Lagos State
Banana Island is a neighborhood in Ikoyi, Lagos, known for its affluent, multi-cultural atmosphere. This neighborhood features some of Nigeria’s most costly real estate, as well as some of the country’s most expensive homes. Banana Island is a man-made island in Lagos State, Nigeria, with a slightly curved shape resembling a banana. It is located in the Lagos Lagoon.
With billionaire Mike Adenuga and Iyabo Obasanjo proud owners of property on the island, it has one of the greatest densities of millionaires within its borders. This island is wonderfully landscaped, with well-kept lawns, lovely flowers, and well-kept roadways.
The peace and quiet, as well as the natural surroundings, are important draws. A property on Banana Island might cost up to N700 million or more. In this neighborhood, a three-bedroom apartment might cost up to N15 million per year to rent.
Electrical systems, street lighting, a water supply network, a central sewage system and treatment plant, satellite, telecommunications networks, and overhead and stormwater-covered drainage are all given to residents. All of this adds up to a higher cost of living on Banana Island. The Ocean Parade Towers, which rise to eight floors including a penthouse, is one of the island’s most notable attractions.
Maitama is one of Abuja’s major districts. Maitama is one of Abuja’s most prestigious neighborhoods. The majority of embassies and high commissions are located in this neighborhood. It is a posh and wealthy neighborhood where Nigeria’s power brokers live. Maitama, which is home to embassies and high commissions, as well as the upper crust of society, is deserving of a spot on our list.
Ministers, government functionaries, previous or serving governors, and their families, senators, or big-time contractors make up the majority of Maitama residents. The Dome, INEC, NCC, the British Council, the Transcorp Hilton, and the Minister’s Hill are just a few of Maitama’s notable landmarks.
A house in Maitama might cost up to N600 million or more.
Asokoro, one of Abuja’s major districts, is a posh, secure, and affluent neighborhood. Abuja’s most exclusive district is known as a refuge for serving ministers and high-ranking government employees. Asokoro is a high-class neighborhood in Abuja, home to the state palace, Aso Rock, ECOWAS secretariat, the NIA, and the WHO office, among other things. In this neighborhood, real estate is ‘understandably’ expensive.
Jabi, which is located in Abuja, attracts the attention and interest of many Nigerian politicians and the upper class, thus it’s no surprise that a house in this region can cost up to N400 million. This area also houses a very popular tourist attraction, the Jabi Lake, which also has a mall, The Jabi lake mall.
Nicon Town, Lagos
Nicon Town in Lekki is one of Lagos’s burgeoning real estate sectors, with properties starting at $2 million. Nicon Town is a wholly residential complex off the Lekki-Epe road at Ikate, Salem bus stop.
Nicon Town is noted for its wealth and class, with residents who earn a lot of money. It has great infrastructure that is well-organized and finished to a high standard.
Nicon Town is split into zones, each with its own security guards and gated entry. The estate is quite tranquil and serene, with high-tech security; all roads within the estate are tarred and in excellent shape, as is the estate’s entry route, Prince Olanrewaju Elegushi Rd. The estate is immaculately maintained, with a well-functioning waste management system and drainage systems. It also has a nice layout and setting.
Ikeja GRA, Lagos
A number of high-ranking government employees and their families live in Ikeja’s Government Reserved Area. Ikeja GRA is a posh residential neighborhood that is clean and environmentally friendly, as well as being generally safe and one of the greatest places in Lagos to raise children.
Living in Ikeja GRA provides quick access to essential utilities, banks, government parastatals (such as the Police headquarters, land registration, and so on), and places to relax after a long day or on the weekend. Also, certain items are available in Ikeja, so one does not have to travel far to the Island to obtain them.
Many rich Nigerians who enjoy the peaceful life offered by the GRA want property in this area and are willing to pay upwards of $1.5 million for the luxury they desire.
GRA Phase 2, Port-Harcourt
Many ex-pats live in Port Harcourt, many of whom work for oil businesses in the city that is rich in oil. People who can afford property for more than a million dollars can certainly do so.
Many billionaires from the South-South do not want their money to leave the region to invest heavily in real estate in the city. Property in this neighborhood is highly costly, with prices as high as 120 million naira on the market.
Lekki Phase I, Lagos
Lekki phase 1 is now regarded as one of Nigeria’s most costly residential areas. It is now known as a location with some of Lagos State’s most costly real estate properties. Due to high demand (for both commercial and residential uses) and closeness to the Victoria Island / Ikoyi business zones, properties in Lekki phase 1 are pricey.
Lekki Phase 1 is a rapidly developing neighborhood recognized for its abundance of recreational and leisure opportunities. The region is also quite commercial, featuring restaurants, retail malls/plazas, boutiques, hotels, and other businesses. With close to 140 million naira, one can get a property in Lekki phase 1.
Alalubosa GRA, Ibadan, Oyo state
Despite the fact that Ibadan is one of Nigeria’s least developed cities, Alalubosa GRA, one of its estates, stands out as one of the nicest.
Golf Estate, Port-Harcourt, Rivers State
Golf Estate completes our list of the top 10 most expensive luxury real estate locations in Nigeria. With as low as one-hundred thousand naira, one can get a property in Golf Estate.
This piece has covered everything you need to know about the top 10 most expensive and luxury real estate locations in Nigeria. If you still have questions, please use the comment section below. Thank you!
See Also: Top 10 Real Estate Companies in Lagos