[?] Subscribe To This Site

XML RSS
Add to Google
Add to My Yahoo!
Add to My MSN
Subscribe with Bloglines


Home
Updates See What's New!
Contact Us
FREE Newsletter
Book Store
Investing Real Estate Investing
Home Equity
Commercial Property
Real Estate Forum
Buying & Selling Property For Sale
Featured Property
Land For Sale
Home Buying
Search Site
Register Property
Property Management
Rentals Apartments For Rent
Rental Property
Vacation Rentals
Home Building Build Home
Building Construction
New Home Builder
Bathroom Designs
Kitchen Design
Lagos Nigeria Lagos Guide
Pictures of Lagos
Nigeria Forum
Nigeria News
Shopping Shopping Mall
Nigeria Market
Abuja Properties
Business Get A Web Site
Online Business
Business Forum
Business Directory
MLM Business MLM Business
MLM Forum
Training Online Training
R.E. School
Make Money Free Web Site
Earn Dollars
Make Money
Become A Partner
Money Forum
Jobs Distributors Wanted
Post Or Find Jobs
Employers Corner
Self Employment
Advertising R.E. Classified Ads
Biz Classified Ads
Advertise HERE
Health & Diseases Diseases
Malaria Forum
The Company About Author
Services
ZY Products
Sponsorship
Share This Site
Disclosure
Common Questions
TOS
Disclaimer
Privacy Policy
Resources Resources
Real Estate Jobs
 

Victoria Island Lagos Nigeria - Free Tips To Enjoy VI

victoria island lagos nigeria africa

Victoria Island Lagos Nigeria is a city within a city. Affectionately called VI, this part of Lagos Nigeria is about the most expensive section of Lagos state . . . second only to ikoyi, another very expensive neighbourhood reserved for the stinking rich.

Victoria Island, VI, started out like every other residential neighbourhood in Lagos Nigeria. Slowly commercial activity started to pick up, increasing in intensity as banks arrived in droves and expatriate staff began to have special interest in the island because of its beach view.

As expatriates started to rank the neighbourhood higher, the prices of Nigeria real estate in this area began to appreciate significantly.

Expatriates brought with them big money . . . dollars, pound sterling, Yen . . . name it.

Like a rude joke, real estate prices took a hike thereby naturally evicting many low income earners who could not afford the new prices. As you know, where money is . . . business follows.

So, expectedly, big named organizations followed the trend and started shifting their headquarters to Victoria Island, VI.

Today, virtually all the commercial banks have their head office in VI. The oil companies are not left out. Mobil producing head office in Nigeria is in VI. Chevron has its office at Chevron drive on Lekki Epe expressway - an extension of VI.

Bottom line.

Victoria Island has become an Island of the rich. As I write this, the rental price for a detached duplex in VI goes for about 6 million Naira (about $40,000 USD) per annum. The potential tenant is required to pay two years rent upfront. And the real estate commission for the transaction is between 5-10% of the value of the transaction. That is, 5-10% of 80,000 USD.

With respect to sale, if you decide to buy the detached duplex mentioned above, it will cost you about 250-300 million Naira (about $2 million USD).

That is money!

Luckily, many houses in Victoria Island have boys quarters where some middle class workers can squeeze in at near reasonable rental prices. Those boys quarters also serve as residences for cooks and drivers of our rich expatriate staff and the creme de la creme of the Nigeria society. As is the case everywhere in the world, the poor hang around the rich because the menial jobs of the rich has to be done by the poor of society.

If you work in VI, you have one of two options:

  • live in one of the boys quarters of the rich or
  • live on the mainland area of Lagos Nigeria with cheaper rent and commute expensively to work and brave the hectic traffic on your way back from work

    Some have actually found that it pays to live close to VI even though you pay through your nose if you belong to the low to income category.

    Whatever the case, do what is best in your circumstances. As they say in Lagos Nigeria . . . life goes on.

    Build Your Own Home

    Nigeria Forum

    Nigeria Market

    Nigeria Singles

    Nigeria News

    Free Advertising

    Back To Home Page From Victoria Island Lagos Nigeria - VI

    Subscribe To The Real Estate Guide newsletter for Investment Tips



  •  

    Earn $10,000 or More Per Month

    make money nigeria

    Affordable Home Business

    FREE Success Blueprint

    Buy House For Cash

    Property Investment Club

    Real Estate Guide Magazine

    Subscribe to the Real Estate Guide Magazine. Get FREE real estate investing tips.
    Simply Fill the form below.
    Your Email

    First Name

    Then

    Don't worry -- your e-mail address is totally secure.
    I promise to use it only to send you Real Estate Guide.


    nigeria real estate investment group

    wealth club nigeria

    Portakabin For Sale

    Online Business Training

    For Rent

    Office Space For Rent On Allen Avenue Ikeja

    Properties For Sale

    21,600sqm land with office building and warehouse for sale

    4 flats plus BQ for sale at Ikorodu

    2 plots for sale at Ikorodu

    . . . See More

    singles dating club nigeria

    real estate web design nigeria

    how to earn one million naira per month lagos nigeria


    Follow us on Facebook & Twitter:

    follow lagos nigeria real estate advisor on facebook

    follow lagos nigeria real estate advisor on twitter