Recently we wrote on the most expensive house in Nigeria. This time, we are going to expose the most expensive neighborhood in the Nigeria.
According to Forbes a wealth & financial magazine, the popular Banana Island area of Lagos state has been named the most expensive neighbourhood in the country. If this is your first time of hearing about the Island, Banana Island is Nigeria’s most extravagant and expensive neighborhood just as the Seventh Arrondissement in Paris, La Jolla in San Diego, California and Tokyo’s Shibuya or Roppongi neighborhoods top the chart of expensive areas in the world.
In Nigeria, Banana Island is home to very wealthy individuals and just a few can afford such luxury. Banana Island from an aerial view is shaped like a banana and was built on reclaimed land in Ikoyi, Lagos. The measurement of the land is 1.6 million square meters, divided into about 535 plots ranging in size from 1,000 square meters and 3,000 square meters.
There is no such place in Nigeria apart from the Nigeria President’s residence that enjoys what the inhabitants of Nigeria’s most expensive residential area enjoys. With luxuries such as underground electrical systems, water supply networks, steady 24 hour-electricity supply, tight security, good road network layout, a central sewage system and company of fellow rich individuals.
You might be thinking- How much is rent on Banana Island? Well, everything in the Island is normally transacted in dollars. Normally, it would cost about N300,000 for a three bedroom flat in Lagos Island and Mainland but in Banana Island, the average cost of buying a three bedroom apartment is $2 million. A plot of land on the island on the average costs between $4 million to $6 million, while the cheapest building goes for about $8 million. As you can see, the island is the most expensive place in Nigeria and one of the most expensive in Africa to own a house.
With such ridiculous prices of property in Banana island, about 60% of the buildings are currently unoccupied. So, who are the people who occupy the Banana Island? As usual, extremely corrupt government officials and mistresses, extremely well-paid expatriate employees, billionaire businessmen such as Alhassan Dantata, Kola Abiola, Mike Adenuga and of recent, Linda Ikeji.