THE TOP 10 ESTATES IN NIGERIA
Looking for the biggest estates in Nigeria to invest? Or thinking about getting a residential house in Nigeria? A place you and your family can stay and be safe at the same time?
Whichever the case may be, simply proceed to read this article, as we talk about the biggest housing estates in Nigeria, listing only the best of the best that would be profitable to you even as an investor.
This list was collated from data gathered online and also comparing average prices of properties in the selected locations , There are more locations with expensive properties in Lagos than any other place in Nigeria, according to the report. Nigeria’s capital city, Abuja with 3 locations followed Lagos leading the list with 4 locations. Ibadan, Abeokuta and Port Harcourt are also not left out of the list as other Nigerian cities with some of the most expensive properties in the country.
1. Banana Island in Lagos (Lagos State) – N450Million ($1.24Million)
Banana island ranks No 1 on the list, which is as expected. A 3-bedroom apartment typically sells for N100Million ($274,000) here and N450Million ($1.24Million) for a 5-bedroom house. Apparently due to the cost of acquiring properties, rental properties are very popular, with rent for a 3-bedroom apartment even going as high as N10Million ($27,400) per annum.
A man-made island in Lagos State, Nigeria that is slightly curved in shape – like a banana, Banana Island is located in the Lagos Lagoon. It has one of the highest density of millionaires within its boundaries, with billionaire Globacom Chairman Mike Adenuga, daughter of a former president of Nigeria, Iyabo Obasanjo are proud owners of property on the island. Son of late MKO Abiola, Kola Abiola and Saayu Dantata – Son of late Alhassan Dantata are other notable residents of the Island. Read More
2. Maitama in Abuja (Federal Capital) – N430Million/$1.17Million)
Property in Maitama costs close to $1.17million or more. An area occupied by embassies and high commissions, as well as the crème de la crème of the society, Maitama sure deserves its second place on this list, being one of the exquisite locations you can choose to reside or invest in the federal capital territory of Nigeria
3. Asokoro in Abuja (Federal Capital) – N418Million/$1.14Million
One of the major districts in Abuja, Asokoro is a high class area; home to state house, Aso Rock, secretariat of the Economic Community of West African States, (ECOWAS), National Intelligence Agency (NIA) and the World Health Organization (WHO) office, among others. Property ‘understandably’ cost a fortune in this area. with a little over a million dollars, you can be rest assured to secure a good property in this location.
4. Jabi in Abuja (Federal Capital) – N400Million/$1.1Million
One of the famous locations in Nigeria’s capital city comes in at number 4, The jabi lake creating an amazing waterfront view for residents in the tush neighborhoods of this location is one of the major selling point here. With property at Jabi costing at least $1.1million. Many Nigerian politicians have interests in this area as well as Nigerians abroad.
5. Nicon Town in Lekki (Lagos State) – N320Million/$875,000
Nicon Town in Lekki is one of the budding real estate markets in Lagos now, Nicon town boasts of a foreign standard style of living with over 70% of home structures here built in a modern fashion similar to what we have in the western world, it is extremely secure as there is a very high protocol operation for visitors before gaining access into the estate, a lot of foreigners also reside here. Power supply is never much of an issue as electricity is directly from the main Grid. By our calculations, on a average, 875k dollars will definitely fetch you an amazing property here.
6. Ikeja GRA, in Ikeja (Lagos State) – N250Million/$685,000
Many wealthy Nigerians who love the quiet life the GRA offers crave property in this area and don’t mind they have to part with money in the excess of $685,000 to get the comfort they want. You’d find several expats here too.
7. GRA Phase 2 in Port Harcourt (Rivers State) – N145Million/$397,000
Port Harcourt is home to a lot of expatriates, many of who work for oil companies in the oil-rich city. If there are people who can afford property close to 400 thousand dollars, they sure can. Many South-South billionaires who just don’t want their money out of their region also spend so much on property at the city.
8. Lekki Scheme I, Lekki (Lagos State) – N140Million/$384,000
Over the years, lekki penisula has grown rapidly that its becoming more of a commercial area than residence, with so much demand for luxury, lekki has become a standard place of residence to majority of Nigerian celebrities. With $384,000, you can be rest assured to get a very exquisite property in Lekki which is also certain to yield greatly even in terms of investment.
The Island has been home to some of the most expensive property in Lagos in recent times, but demand for more luxury here has pushed it down to eight on this list.
9. Alalubosa GRA in Ibadan (Oyo State) – N80Million/$219,000
Ibadan, Africa’s second largest city has been regarded by some as the most under-developed city in the world, but the city has started living to its potentials in the past few years, little wonder it made it to this list. Alalubosa GRA boasts of exotic homes to the elites of oyo state and still stands at the first place in ibadan comparing with aerodrome, Kolapo ishola GRA and the likes. as a result of this, pushes it to number 9 on the list of top estates in nigeria.
10. Ibara in Abeokuta (Ogun State) – N65Million/$178,100
Abeokuta’s real estate market is growing fast as people look to outlying locations outside Lagos, as high prices are forcing many out of the real estate space in Lagos.
From price analysis and some online survey, these are our top 10 at the moment, other additions, feel free to drop them in the comment section, Thanks for reading.
In an article published by CNBC in 2013, multimedia producer Bianca Schlotterbeck, who’s now Photo Editor at AP, said the biggest threat to property markets is their own popularity, as the lack of local affordability can become a political issue, prompting governments to impose cooling measures. This may never be so for Banana Island as it was developed for the rich by the government itself.