Lagos State is the most vibrant economic powerhouse in Nigeria, with an approximate population of 16.5 million people. The city has a capital importation of $308.83 million accounting for 47.18% of Nigeria’s total capital importation as of Q3 2023. The state has been recorded as the commercial capital of Nigeria and the economic hub of West Africa. In view of its economic importance, Lagos has become a magnet for both local and international investors, professionals, and entrepreneurs.
Lagos is not only economically important, but it also has one of the most vibrant real estate markets in Africa. Analysts argue that Lagos has some of the most expensive projects in West Africa.
In this article, we have highlighted the seven most expensive neighbourhoods in Lagos, with data on their average property prices (both rent and sales).
The 7 most expensive neighbourhoods in Lagos
Eko Atlantic
Eko Atlantic is the most expensive neighbourhood in Nigeria, situated on the reclaimed land adjacent to Victoria Island in Lagos, Nigeria. It was developed as a modern city within a city and it is designed to be a sustainable and luxurious urban development which offers a blend of residential, commercial, and recreational spaces.
Eko Atlantic comprises of ten districts which are: business district, Marina district, downtown, Eko Drive, Avenues, Habour Lights and Ocean Front. It also comprises of luxurious properties such as Eko Pearl Towers, TM Highgardens, The Hives Tower, and Phoneix Tower as well as well-designed and landscaped roads.
Banana Island
Banana Island is a man-made island created on reclaimed land, off the foreshore of Ikoyi and it is known for its exclusivity and opulence. It comprises of waterfront properties, private beaches, luxurious estates and 24-hour security.
The infrastructure and serene environment contribute to making it one of the most expensive neighborhoods in Nigeria. Some of the notable residential developments within this neighbourhood include Leonardo, L5 Banana Island, and Echina Courts some of the commercial developments are; Lake Point Towers, and Lucrezia among others.
Old Ikoyi
Ikoyi is located within the Eti-Osa Local Government Area and it is bordered by Victoria Island to the south, Lagos Lagoon to the north, Obalende to the east, and the Third Mainland Bridge to the west. It is divided into two local government areas, namely Ikoyi-Obalende and Ikoyi-East
Ikoyi is one of the most expensive neighbourhoods in Nigeria, known for its affluent residents. It comprises luxurious residential areas, commercial activities, and lifestyle.
Some of the most prominent residential estates in Ikoyi include the Ikoyi Club, Awolowo Road, Osborne Foreshore Estate, Parkview Estate, Pinnock Beach Estate, and Dolphin Estate. These landmarks attract a diverse range of people, making the area a hub for business and leisure activities.
Average price of properties for sale in Lagos State
Victoria Island
Victoria Island combines commercial night with residential luxury. It’s the centrepiece of Lagos’s business life, hosting multinational corporations, luxury hotels, and high-end retail outlets.
Victoria Island is also known for its luxurious residential apartments and penthouses, restaurants and hospitality developments, making it popular among expats and the wealthy.
Some of the notable residential buildings on Victoria Island are the Bloom Towers, Civic Centre Towers, Lagos Oriental Hotel and Nestoil Tower.
Ikeja GRA
Ikeja GRA (Government Reserved Area) is a prestigious neighbourhood located in the heart of Ikeja, the capital city of Lagos State, Nigeria. This residential and commercial area is renowned for catering to the affluent population on the mainland.
Given its name, Ikeja GRA hosts many government officials, resulting in a concentration of high-end homes, government offices, five-star hotels, and a diverse range of quality restaurants.
Some of the notable establishments in this neighbourhood include the Shonibare Estate, Horold Shodipo Crescent, Lagos Marriott Hotel, Sheraton Hotel, Radisson Blu, Ikeja High Court, and a Golf Club.
Lekki Phase 1
Lekki Phase 1 is one of the oldest yet evolving neighbourhoods in Lekki. It provides a distinctive mix of commercial and residential real estate and commands high property prices. This neighbourhood is driven by its proximity to Victoria Island and Ikoyi, as well as the strong demand for both business and residential spaces.
Lekki also offers many recreational spots and commercial establishments, including restaurants, shopping malls, boutiques, and hotels. This makes it a vibrant and sought-after area for recreational and business activities. Some expensive properties in these neighborhoods include; 7 Centrale Residences, Oxygen Apartments and others
One of the popular neighbourhoods that enjoys a spillover demand from Lekki is Ikate. Ikate is an upscale neighbourhood that is located on the Lekki Peninsula. It is known for its luxurious ambience and high-end residential developments. It comprises some expensive apartments, and luxurious villas with top-notch amenities such as swimming pools, gyms, and private security.
Average price of properties for rent in Lagos State
Magodo
Magodo, located in the Kosofe Local Government Area of Lagos and bordered by Ikosi-Ketu and Ojodu Berger, stands as one of the city’s most affluent neighbourhoods.
It is divided into two phases: Magodo GRA Phase 1 in Isheri and Magodo Phase 2 in Shangisha. It was originally established as a Government Residential Area (GRA), but it transitioned to private ownership following government allocation of lands to individuals.
Despite this change, the neighbourhood retains its exclusivity and upscale status, once reserved for select government officials and now enjoyed by private residents.
Conclusion
The seven neighbourhoods highlighted in this article showcase the luxurious side of Lagos, attracting those with a taste for upscale living. These areas stand out not just for their high property prices, but also for their prime locations and top-quality amenities.
As Lagos continues to grow, these neighbourhoods remain sought-after destinations, reflecting the city’s dynamic property market and its appeal to the affluent. They serve as reminders that in Lagos, luxury and success go hand in hand, making these areas symbols of prestige and sophistication in the city’s landscape.
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