March 16, 2014 – Why Wealthy Nigerians Are Buying Houses In Banana Island Ikoyi Lagos
Many people will find living in Banana Island in Lagos a foretaste of what paradise looks like. It is a statement in opulent living and lifestyle.
According to the Elites Magazine, this beautiful island has become the most preferred abode of the rich. Many years ago, Banana Island distinguished itself as a no go area for the middle class, leaving the rest of Lagos such as Ikeja GRA, Victoria Island and Lekki for the average millionaires in Lagos. A first time visitor to this island is greeted by the sight of well laid lawns with beautiful flowers and well paved roads. The quietude and untainted environment is a major attraction as well.
Beautiful trees are also planted in canopy form to serve as umbrella and to supply fresh air.
Banana Island is an artificial island in Ikoyi, Lagos State. It is located in the Lagos Lagoon and attached to the North-Eastern Ikoyi island by a dedicated road strip which is linked to the existing road network. It was constructed by HiTech, the construction arm of the Chagoury Group and is a joint venture with the Nigerian Federal Ministry of Works and Housing.
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. The island is so designed to enhance the historically residential nature of Ikoyi. Residents are provided world class utilities including underground electrical systems, as against the overhead. Plot sizes range from 1000 square metres to 4000 square metres. The island is designed for a mixed development with plots for residential, commercial, recreational areas, a main piazza, primary and secondary schools, fire and police stations, clinics, hotels and club-houses. Utilities offered include 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.
Banana Island is not just home to some of the finest Nigeria real estate, it also habours some of the most expensive properties in Nigeria. Indeed, beauty and comfort come at a price. And that price can be jaw-dropping. 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 facilities include central air conditioning, central gas syetem, laundry machine, refrigerator, gas cooker, CCTV, swimming pool, and 24 hour electrivcity supply, made possible with standby generators, a squash court, and a 24 hour security. Banana Island is reputed to be Nigeria’s most expensive neighbourhood. It is on par TriBeCa in New York Shibuya in Japan, La Jolla in San Diego, Carlifornia, Seveth Arrondissenent in Paris, Kessington Palace Gardens in London or Victoria Peak in Hong Kong. Averagely, the price of a luxury flat in Banana Island ranges between $130,000 and $200,000. This excludes $15,000 USD service charge per annum. Also, any potential tenant will be required to pay two years rent in advance. And like other luxury apartments in other areas in Ikoyi, Victoria Island and Lekki, come with in-built or detached boys quarters for domestic servants.
Normally, a plot of land in Banana Island goes for hundreds of millions. However, in most cases, billions of naira go into the erection of these buildings. Many Multi-National Companies have taken Banana Island to be their regional headquarters.
Etisalat was reported to have acquired a N6 billion on the island. Other companies such as Zain, MTN, Globacom, Zenon Oil, and many other companies have their headquarter offices in Banana Island. Many prominent Nigerians are known to have erected eye-popping edifices in Banana Island as well.
Pictures: Properties & Houses In Banana Island Lagos
See more photos of properties located in Banana Island Lagos below:
Luxury apartments inside Banana Island Lagos
One of the community playgrounds there.
Nearby Eko Atlantic