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Why Wealthy Nigerians Are Buying Houses In Banana Island Ikoyi Lagos

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Why Wealthy Nigerians Are Buying Houses In Banana Island Ikoyi Lagos

banana island lagos apartments

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:

banana island ikoyi lagosLuxury apartments inside Banana Island Lagos

One of the community playgrounds there.

banana island lagos

banana island ikoyi lagosbanana island lagos

banana island lagos

banana island lagos nigeria

eko atlanticNearby Eko Atlantic

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29 Comments

29 Comments

  1. Odunaike Benson

    March 16, 2014 at 10:06 PM

    These people are beautiful but so expensive I think those millionaires are buying security and peace of mind.

  2. Kudirat

    March 16, 2014 at 10:09 PM

    please how can someone buy a house here,I’m in love with the serenity

  3. su

    March 16, 2014 at 10:09 PM

    I hope they will be able to maintain it in the future. where is the 1004 today.

  4. Francis Chidi

    March 16, 2014 at 10:11 PM

    maintenance is the problem of all these modern estates give them 3 years, another one will surpass it

    • biyaosi olamileakn senayon

      December 7, 2016 at 8:44 AM

      I know God will rise me up in a day like this that my children we build a house like this thanks God bless.

  5. Loretta

    March 16, 2014 at 10:34 PM

    I heard that scammers live there, they still so much money from innocent people all over the world ,that they afford to live in luxury.

  6. iron bar

    March 17, 2014 at 1:58 AM

    built with stolen naija money and is out of average nigerians reach..rubbish

    • Loretta

      March 17, 2014 at 2:44 AM

      You right. I can see it. Poor Nigerians leave in Poverty and corrupted government plus scammers in Banana Island. It is shocking!!!!

    • Kira

      October 28, 2015 at 10:22 AM

      Not all rich people steal money, God gives riches to whom he wishes.

  7. T

    March 17, 2014 at 3:39 AM

    Maybe one day the whole Lagos state will look like this in future

  8. red

    March 17, 2014 at 4:13 AM

    God please punish poverty and his relations.What pissed me off is that Nigeria is rich enough to provide her citizens with such if stealing and greed takes the back bench in our system.Some of the things people take for granted in America or can’t even see like good road,unlimited electricity ,security and food for everybody is only meant for the rich in Nigeria and am sure Nigeria must be richer than those states.God please punish poverty .

    • Timileyin Oniru

      March 17, 2014 at 4:29 AM

      @ commentator I wish Nigeria can make life easy for her citizens like developed countries like US, Australia, UK and so on.
      We are wealthier than dem all.

  9. dilo

    March 17, 2014 at 11:59 AM

    @red is me dilo, i am always happy wen ever i go through ur comment. pls let us just be farmily friend.

    • red

      March 18, 2014 at 4:14 AM

      Dilo you are my friend.I tried calling the number you left and was told the number was incorrect.I will call you as soon as i have your correct number if that’s okay with you.

  10. oloyin lukman

    March 17, 2014 at 3:13 PM

    This is just a tip of picture of how paradise look like,i which to live there n spend d rest of my life.

  11. zee

    March 17, 2014 at 7:49 PM

    Wow.i pray one day,i wil b a resident architect in one of d constructn in dis island

  12. Linberry

    March 19, 2014 at 3:27 PM

    I just got back from there nw but its not dis beautiful naa d way it is pictured here and hyped. A plot of land there cost so much. Well its for the Nigeria Billionaires.

  13. obestxzs

    March 24, 2014 at 10:52 AM

    I go love oo

  14. Margaret

    May 7, 2014 at 6:32 PM

    Everyone loves modern homes , and this is it.

  15. Okonkwo Nelson

    September 14, 2014 at 4:45 PM

    Please how can I purchase a home here, shoot me PM to my email more info, how to come for inspection, afterwards comes payment.

  16. Najim

    January 26, 2015 at 2:27 PM

    Your level of wealth will determine the kind of comfort u’ll get, I pray to be reach and leave in such apartment…Up Bella Vista! Up Banana Island!! Up Lagos Nigeria!!!.

  17. Kay Davis

    March 2, 2015 at 11:37 PM

    Pictures can be deceiving. Wonder what it really looks like.

  18. Kay Davis

    March 2, 2015 at 11:44 PM

    This place will be a shadow of it’s self in a few years because Nigerians do not know how to maintain anything. Parkview in Ikoyi Used To Be Heralded as one one of Nigeria’s premier estates. It’s a totally different place now.

  19. Eddie Kay

    May 9, 2015 at 2:52 PM

    What is being described here is what ordinary citizens enjoy every day in developed countries all over the world. I have seen pics of some of the apartments and I am overly impressed. I live in a nicer apartment in Atlanta and pay a fraction of what these folks are asking for. It is grossly over priced.

  20. Eddie Kay

    May 9, 2015 at 2:55 PM

    Over priced and not worth the asking price. Period.

  21. adeniran

    October 6, 2016 at 4:07 PM

    way front to my dream and better estate……omo Ariel view of banana island is killing! money!!!!!!!!!!!

  22. fifelomo

    October 6, 2016 at 5:27 PM

    Thunder fire poverty! A dream place for me, which will cone to reality.

  23. Michael Abuede

    February 10, 2017 at 8:45 AM

    I pray God will raise me up to a position of owning house(s) like this. Bless God the maker of wealth.

  24. Samuel nuhu Abe SNA - gvt

    March 1, 2017 at 7:36 PM

    Join me to advocate for young leadership in Nigeria come 2019 general election and you’ll gain one of this building by the special grace of God !

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