Top 10: Most Expensive Property Locations in Nigeria

Banana Island in Ikoyi, Lagos leads a list of the most expensive property locations in Nigeria.

PHOTO: A 4 Bedroom House at Banana Island in Ikoyi, Lagos

In Banana Island, a 3 bedroom apartment typically sells for N100Million ($625,000) and N450Million ($2.81Million) for a 5 bedroom house. Rental properties are very popular in this location and rent for a 3 bedroom apartment is typically N10 Million ($63,000) per annum.

The list, which was compiled from data gathered by PrivateProperty.com.ng, Nigeria’s largest property portal, revealed that in Nigeria, Lagos State has the largest pool of locations with expensive properties followed by Abuja, Nigeria’s capital city.

Other entries on the list include:
2. Maitama in Abuja (Federal Capital)

PHOTO: A 6 Bedroom House at Maitama in Abuja, Federal Capital Territory

3. Asokoro in Abuja (Federal Capital)

PHOTO: A 5 Bedroom House at Asokoro in Abuja, Federal Capital Territory

4. Jabi in Abuja (Federal Capital)

PHOTO: A 7 Bedroom House at Jabi in Abuja, Federal Capital Territory
 

5. Nicon Town in Lekki (Lagos State)

PHOTO: A 4 Bedroom House at Nicon Town in Lekki, Lagos

6. Ikeja G.R.A. in Ikeja (Lagos State)

PHOTO: A 4 Bedroom House at Ikeja G.R.A. in Ikeja, Lagos
 

7. G.R.A Phase 2 in Port Harcourt (Rivers State)

PHOTO: An Apartment at G.R.A. Phase 2 in Port Harcourt, Rivers State
 

8. Lekki Scheme I in Lekki (Lagos State)

PHOTO: A 5 Bedroom House at Lekki Scheme 1 in Lekki, Lagos

9. Alalubosa G.R.A. in Ibadan (Oyo State)

PHOTO: A 4 Bedroom House at Alalubosa G.R.A. in Ibadan, Oyo
 

10. Ibara in Abeokuta (Ogun State)

PHOTO: A 3 Bedroom House at Ibara in Abeokuta, Ogun
Oluwafemi Taiwo, Managing Director at PrivateProperty.com.ng, said: “We have listed over 100,000 properties since inception from over 2,000 real estate agents. This data was gathered by analysis of the price of properties listed on the website over this period”.

In Nigeria, there has been a surge in the adoption of technology by real estate practitioners whom in addition to listing their properties with portals also own and manage websites and a social media presence for their activities. According to the report, 6 in 10 estate agents own a website while 3 in 10 use social media to market their properties.

It is important to note that luxury rental property is the most popular and lucrative property category in these highbrow areas in Nigeria. These properties are mainly demanded by expatriates and non-residents who are interested in running their business activities in Nigeria. Oluwafemi stated that almost 50% of enquiries received via PrivateProperty.com.ng are from individuals outside Nigeria: expatriates and Nigerians in diaspora.