The desire and demand for luxury have resulted in the growth of real estate in Nigeria. It is no surprise that the prices for owning homes in some of the best luxury real estate locations in the country continue to rise. These luxury real estate locations in Nigeria are mostly found in Lagos and Abuja.
Most residents can only dream of owning property in these areas because they are primarily sought after by the wealthy, upper class, and expatriates of society.
Top 10 Best Estates In Nigeria
The following are the top ten best estates in Nigeria:
1. Banana Island in Lagos (Lagos State) – N450,000,000 ($2.81,000,000)
A three-bedroom apartment here costs N100 million ($625,000) and a five-bedroom house costs N450 million ($2.81 million).
Due to the cost of acquiring properties, rental properties are known to be very popular, with a 3-bedroom apartment on rent going as high as N10Million ($63,000) per annum.
This estate is a man-made island in Lagos State, Nigeria. It is curved in shape like a banana, and this estate (Banana Island) is located in the Lagos Lagoon.
Records over the years show It has one of the highest concentrations of millionaires within its boundaries. People such as billionaires like Globacom Chairman Mike Adenuga, the daughter of a former president of Nigeria, Iyabo Obasanjo, are all owners of property on the island.
Saayu Dantata, the son of the late Alhassan Dantata, and the late MKO Abiola’s son, Kola Abiola, among others, are some of the residents of the island.
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2. Asokoro in Abuja City (Federal Capital) – N418Million/$2,612,500
Asokoro, one of Abuja’s major districts, is a high-class neighborhood that houses the statehouse, Aso Rock, the secretariat of the Economic Community of West African States (ECOWAS), the National Intelligence Agency (NIA), and the World Health Organization (WHO) office, among other things. Property in this area is ‘understandably’ expensive.
3. Maitama in Abuja (Federal Capital) – N430,000,000/$2,687,500
Maitama real estate can cost up to $2.7 million. Maitama, a district populated by embassies and high commissions, as well as the society’s crème de la crème, deserves to be ranked second on this list.
Maitama is Abuja’s most affluent neighborhood, home to legislators, politicians, business executives, and expatriates. It is home to some of Northern Nigeria’s most prominent office, hospitality, and residential buildings, including the Sahara Group’s Capital Centrum, the Hilton Group’s Transcorp Hilton Hotel, and Maitama Heights which was developed by Maitama Heights Limited.
4. Nicon Town in Lekki, Lagos State – N320,000,000/$2,000,000
Nicon Town in Lekki is now one of Lagos’s burgeoning real estate markets, with properties selling for more than $2 million.
Nicon Town, unlike some second-rate and even so-called first-rate estates, has a low tolerance for commercial activity. There are no okadas or beer parlours in the area, which contradicts its clean-cut image as a purely residential area.
This gives it an infinite serenity, ensuring that residents truly feel at home and not in the hectic streets of Lagos, hustling through traffic amidst blaring horns and commercial activity. There is a cost for this convenience – an estimated N300,000 service charge per house per year.
5. Jabi in Abuja (Federal Capital) – N400,000,000/$2,500,000
Jabi in Abuja certainly has the attention of prominent people and the interest of many Nigerian politicians and the upper class, so it’s no surprise that a property in this area can fetch N400 million or more.
Nigeria’s capital city is ranked fourth, with property in Jabi costing at least $2.5 million. Many Nigerian politicians are interested in this field.
6. Ikeja GRA, in Ikeja (Lagos State) – N250Million/$1,562,500
The crème de la crème of Lagos Mainland is said to occupy Ikeja GRA. A few government offices and other business personnel are among its major residents. Ikeja GRA is known for being a calm and peaceful environment, with houses such as bungalows, detached houses, duplexes, and serviced apartments.
Some commercial activities have since taken over this area, particularly along Joel Ogunnaike and Isaac John, although Ikeja GRA was not intended to be a residential estate.
The Ikeja GRA is occupied by many wealthy Nigerians who love the quiet life. The GRA provides crave property in this area, and they don’t mind spending more than $1.5 million to get the comfort they seek. There are also a few expats in this area.
7. GRA Phase 2 in Port Harcourt (Rivers State) – N145,000,000/$906,250
Port Harcourt is a city known to be for the wealthy and home to a lot of expatriates, many of who work for oil companies in the oil-rich city. As such many who live there are people who can afford property close to a million dollars. Most South-South billionaires spend so much on the property in the city, they just don’t want their money out of their region.
8. Lekki Scheme I, Lekki (Lagos State) – N140,000,000/$875,000
Lekki is located to the southeast of the city of Lagos, in Lagos State, Nigeria. The southeast of the city, which ends around the western edge of Refuge Island, adjoins the eastern part of Ibeju-Lekki LGA.
In recent times the island has been home to some of the most wealthy people in the nation and expensive properties, one can get a property with $875,000 or more and the demand for more luxury has pushed it down to eight on this list.
9. Alalubosa G.R.A in Ibadan (Oyo State) – N100,000,000/$625,000
In Ibadan, Alalubosa G.R.A. is well-known as a posh estate for the city’s elite. The selling point of the Alalubosa G.R.A is the gorgeous terrain, vast coverage regions, and privately-owned estates.
The Alalubosa estate is one of the most costly estates located in Ibadan city, with plots of land climbing millions, as much as 25 million naira. Other landed properties cost between 35 and 40 million naira in the city area.
Ibadan is Africa’s second-largest city and has been regarded by some as the most under-developed city in the world, which shouldn’t be known for being Africa’s second-largest city. In recent years, the city has started living up to its potential. It is little wonder it made it to this list.
10. Ibara, Abeokuta (Ogun State) – N80,000,000/$500,000
Abeokuta’s real estate market is rapidly expanding as people look to outlying locations outside of Lagos, where high prices are forcing many out of the real estate market.