Prices of Houses in Banana Island, Ikoyi, Lagos (2024)

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Banana Island in Ikoyi, Lagos is one of the most exclusive and luxurious neighborhoods in Nigeria. Known for its high-end real estate and lavish lifestyle, it commands some of the highest property prices in the country.

This article provides an extensive overview of the luxury house prices in Banana Island.

Introduction

Located in the upscale Ikoyi neighborhood, Banana Island is a man-made island that is home to some of Nigeria’s wealthiest individuals and families.

According to recent data on property prices, the average cost of houses in Banana Island is an astonishing ₦750,000,000. The most expensive property is priced at ₦6,000,000,000 while the cheapest is ₦151,000,000.

These sky-high prices reflect the exclusive location, privacy, amenities, facilities, and elite lifestyle that comes with owning property on Banana Island.

For high-net-worth individuals looking to invest in real estate in Nigeria, Banana Island offers some of the most luxurious and prestigious options.

Types of Houses and Prices

Banana Island offers a range of luxurious housing options. Here are the common property types and their typical prices:

Detached Duplexes

These are large standalone houses with 4 to 6 bedrooms.

TypeAverage Price
4-bedroom semi-detached duplex₦300,000,000
6-bedroom detached duplex₦5,000,000,000

The duplexes feature amenities like en-suite bedrooms, walk-in closets, multiple living areas, a gym, a pool, and more.

Mansions

Sprawling mansions with lavish facilities and amenities.

  • Price range: ₦2,000,000,000 – ₦6,000,000,000

Villas

3-6 bedroom villas with high-end finishes and smart home technology.

  • Price range: ₦500,000,000 – ₦2,500,000,000

Apartments

Apartments come in 1-6 bedroom configurations.

TypeAverage Price
3-bedroom apartment₦300,000,000
6-bedroom penthouse₦800,000,000

Penthouses on the top floors are the most expensive.

Land

Plots of land are available for building custom homes.

  • Price of land per plot: ₦500,000,000

Facilities

Properties in Banana Island usually feature ultra-luxurious facilities like:

  • En-suite bedrooms
  • Walk-in closets
  • Private elevators
  • Smart home technology
  • Home theater
  • Infinity swimming pools
  • Fitness center
  • Staff quarters

The most premium properties have dedicated entertainment areas, wine cellars, tennis courts, and more.

Banana Island Neighborhood

Banana Island offers exclusivity, security, convenience, and luxury—key highlights:

Exclusivity

  • Gated community accessible only to residents and authorized guests
  • Low-density housing ensures privacy
  • Houses billionaires, business tycoons, celebrities, etc.

Security

  • 24/7 manned security at the entrance gate
  • Regular patrols around the neighborhood
  • CCTV cameras
  • Low crime rates

Location

  • 10-15 minute drive from Victoria Island and Ikoyi
  • Walking distance to private members’ clubs, restaurants, etc.
  • Offers scenic ocean views and waterfront sites

Infrastructure & Amenities

  • Paved roads
  • Street lighting
  • Reliable power and water supply
  • High-speed broadband internet
  • Recreational facilities: private clubhouse, tennis courts, marina
  • Landscaped gardens and open spaces

Real Estate Agents

Save Properties is the leading real estate firm selling luxury properties in Banana Island. Their website allows buyers to browse listings and arrange viewings after registering.

Why Are Homes So Expensive in Banana Island?

Here are the key factors that drive up real estate prices in Banana Island:

  • Prime location – Proximity to Victoria Island makes it highly desirable. Views of the lagoon and ocean are commanding.
  • Exclusivity – Entry is restricted to the ultra-wealthy. Owning property here is a symbol of status.
  • State-of-the-art amenities – Luxury fittings, smart home tech, recreational facilities – all embedded into properties.
  • Security – Low crime rate compared to other parts of Lagos makes it safer. Tight security measures add to costs.
  • Scarcity of land – Banana Island has limited space. High demand and low supply inflate prices.
  • Prestige – Opportunity to live alongside Nigeria’s richest businessmen, oil tycoons, celebrities, etc.
  • Investment appeal – Real estate in Banana Island retains value and appreciates over time due to high demand.

In short, for Nigeria’s ultra-high net worth individuals, owning real estate in Banana Island offers security, status, luxury living, and long-term capital appreciation making it a highly desirable investment.

Conclusion

With average property prices hitting ₦750 million, Banana Island is an ultra-luxurious location accessible only to the super-wealthy.

For discerning buyers looking for the ultimate in luxury, security, and exclusivity, real estate in Banana Island offers unparalleled premium living but remains out of reach for an average Nigerian.

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