Demand for luxury real estate is growing in Nigeria, and so are prices.
Data from PrivateProperty.com.ng, Nigeria’s largest property portal, was used to identify 10 of the most-expensive luxury real estate locations in Nigeria, according to VenturesAfrica.
Buyers of these luxury residences are mainly expatriates and non-residents operating businesses in Nigeria, the report said. Most residents cannot afford properties in these areas.
Nigeria’s capital city, Lagos has four of the 10 most-expensive locations. Abuja has three. Ibadan, Abeokuta and Port Harcourt also made the list with some of the most expensive properties in the country. There are other places in Nigeria with expensive property that are not listed here, the report said.
High prices are forcing many out of the Lagos real estate market, VenturesAfrica reports. Abeokuta’s real estate market is growing fast as people look to outlying locations outside Lagos.
Ibadan has been regarded by some as the most underdeveloped city in the world, but is started living up to its potential in the past few years.
The island of Lekki has been home to some of the most expensive property in Lagos, but demand for more luxury has pushed it down to No. 8 on this list, the report said. You can buy property for $875,000 in Lekki.
Port Harcourt is home to many expatriates, many of whom work for oil companies in this
oil-rich city. Other buyers here include wealthy individuals who want to keep their money locally.
Ikeja GRA is an integral part of the suburb of Ikeja. The GRA, or government reservation area, was created during the colonial period as a high-end residential area. Many wealthy Nigerians who want the quiet life choose this area and don’t mind paying $1.5 million or more to get it. You’d find several expats here to, VenturesAfrica reports.
Nicon Town in Lekki is one of the emerging real estate markets in Lagos, with property costing more than $2 million.
Nigeria’s capital city comes in at No. 4 with property at Jabi costing at least $2.5
million. Many Nigerian politicians have homes in this area.
One of the major districts in Abuja, Asokoro is an upscale area. It is home to the Nigerian Presidential Complex aka State House; Aso Rock (a 400-meter rock monolith and the city’s most noticeable feature); the Economic Community of West African States, (ECOWAS), National Intelligence Agency and the World Health Organization (WHO) office. Residential property is expensive here.
An area occupied by embassies and high commissions, Maitama ranks No. 2 on this list. Property here can cost $2.7 million or more.
A man-made island in the Lagos Lagoon, Banana Island is slightly curved in shape – like a banana. It has one of Nigeria’s highest densities of millionaires within its boundaries, VenturesAfrica reports.
A three-bedroom apartment typically sells for $625,000 on Banana Island and a five-bedroom house can cost $2.81 million. Due to the cost of property, rentals are popular here. Rent for a three-bedroom apartment can go as high as $63,000 per year.
Banana Island residents include billionaire Mike Adenuga, chairman of Globacom; and Iyabo Obasanjo, daughter of a former Nigerian president.
Other notable island residents include offspring of famous Nigerians including Kola Abiola, son of the popular late businessman Moshood Kashimawo Olawale “MKO” Abiola; and Saayu Dantata, son of the late Alhassan Dantata, a Northern Nigerian kola nut seller and considered the wealthiest man in West Africa at the time of his death in 1955.
