Banana Island Ikoyi Lagos Nigeria is home to some of the finest Nigeria real estate. But Banana Island also has the most expensive properties in Nigeria. Yes, beauty and finesse comes at a price. And that price can be jaw-dropping.
Let me share with you some of the rental prices for luxury apartment in this luxury area of Ikoyi to give you an idea of how expensive this area is.
One of the unmistakable sights you will find in this area of Ikoyi is the Ocean Parade Towers rising into the sky at eight floors with a penthouse. The facilities include central air conditioning, central gas system, laundry machine, refrigerator, gas cooker, CCTV, swimming pool, 24/7 electricity made possible with standby generators, a squash court, and 24hrs security.
The price of this Banana Island luxury flat?
$130,000 USD per annum plus $15,000 USD service charge per annum (as at the time of this writing). And the potential tenant will be required to pay two years rent in advance. That is $260,000 USD rent upfront! Talk about being expensive!
The high price of rental luxury apartment in Banana Island Ikoyi should also give you an idea of the cost of land there. If rental price is dead
expensive, there's no disputing the fact that land prices will be just as expensive. If you think that is the case, you're dead right.
Land prices are in the 150 - 300 million Naira ($1-2 million USD) range depending on the size of the land. Obviously, there's no spot for the poor around this island for the rich.
Well, not exactly.
Most of the luxury flats in this section of Ikoyi and, indeed, in the rest of Ikoyi, Victoria Island, and Lekki come with in-built or detached boys
quarters for drivers and cooks of the rich residents. Some large estates even have quarters for security changing room and some management staff.
Hey, the rich cannot do all their stuff alone. They need the unskilled, low paid, poorly rewarded services of the lower class of society. So wherever you go, no matter how expensive the neighbourhood, the poor will be there side by side with the stinking rich. How ironic!
But this must be said.
You actually get value for your money when you rent these expensive luxury apartments in Lagos Nigeria. Nigeria may be a developing economy. But we know what's top quality. And we know how to enjoy life.
Back To Home Page From Banana Island Ikoyi Lagos Nigeria Subscribe To The Real Estate Guide newsletter for Investment Tips