7 Most Expensive Places to Live in Lagos

In this article, you’ll learn about the seven most expensive places in Lagos to live in.

Lagos is Nigeria’s bustling commercial capital and lagoon city. The state attained a megacity status in 1995 and is also home to some of the most luxurious and expensive neighborhoods in Nigeria and Africa at large.

As the city continues to grow, so does the allure of its upscale living spaces. As a result, the state attracts affluent individuals and families seeking both comfort and prestige.

Below are the seven most expensive places to live in Lagos:

1. Banana Island

Banana Island stands out as one of the most exclusive places in Lagos. This man-made island is renowned for its opulent waterfront properties, private beaches, and top-notch security.

Homes here are nothing short of spectacular, often featuring helipads and infinity pools. The average price for a property on Banana Island can range from ₦750 million to several billion naira. This makes it a prime location for Nigeria’s wealthiest individuals, including business moguls and celebrities.

2. Ikoyi

Next on our list is Ikoyi. This place was once a colonial enclave, and has transformed into a hub for Nigeria’s elite. It features high-end apartments and lush residential estates.

The area boasts some of the best restaurants and luxury shops in Lagos. Properties here can cost anywhere from ₦480 million to over a billion naira. This makes Ikoyi a highly sought-after location for diplomats and top executives.

3. Eko Atlantic City

The Eko Atlantic City represents the future of urban living in Lagos. This city is built on reclaimed land along the Atlantic Ocean. The modern city is set to offer state-of-the-art infrastructure and breathtaking views.

With amenities like a marina for private yachts and world-class shopping centers, Eko Atlantic is quickly becoming one of Africa’s most prestigious addresses. Prices for apartments here start at around $450,000, reflecting its status as a premier residential area.

4. Victoria Island

Victoria Island is one of the most desirable places to live in Lagos. The place is known for its vibrant nightlife and luxury hotels. It also attracts high-income earners and expatriates alike. The average price for homes in Victoria Island is approximately ₦313 million, with many properties offering stunning views of the ocean and easy access to business districts.

5. Lekki Phase 1

Lekki Phase 1 is one of the most prestigious and sought-after neighborhoods in Lagos. Located on the Lekki Peninsula, this area has undergone a remarkable transformation from its origins as the slum of Maroko to a thriving residential and commercial district.

Lekki Phase 1, which was once plagued by poverty, was redeveloped in the 1990s under the leadership of Colonel Raji Rasaki, the then-military governor of Lagos State. The area was cleared to make way for modern urban development, resulting in a well-planned neighborhood that now attracts affluent residents and investors alike.

It is an area that perfectly blends luxury with tranquility and is known for its beautiful beaches and upscale lifestyle. Properties in this neighborhood typically range from ₦90 million to ₦300 million.

6. Ikeja GRA

Ikeja Government Reserved Area (GRA) is another prestigious neighborhood that offers a serene environment with well-maintained roads and lush landscapes.

Originally, Ikeja GRA was developed during the colonial era to accommodate government officials and expatriates. The place has evolved into a vibrant community that seamlessly blends residential tranquility with commercial activity.

Properties here are in high demand, driving property values upward. Renting a four-bedroom apartment can cost around ₦3 million per year, while purchasing a fully constructed four-bedroom duplex may set you back approximately ₦400 million.

7. Magodo

Magodo is one of Lagos’s most coveted neighborhoods. Located in the Kosofe Local Government Area, it is bordered by Ikosi-Ketu and Ojodu Berger, making it easily accessible via the Lagos-Ibadan Expressway. The area is divided into two main phases: Magodo GRA Phase 1 in Isheri and Magodo GRA Phase 2 in Shangisha.

Magodo is characterized by its well-planned layout and spacious homes, making it a popular choice for families and professionals. Also, the neighborhood features a mix of detached houses, duplexes, and gated estates, all designed to provide comfort and privacy.

Property prices here are competitive compared to other high-end areas in Lagos. A two-bedroom apartment typically costs between ₦40 million and ₦50 million to purchase, while rentals are also on the higher end. However, the rentals are more affordable than places like Lekki or Ikoyi.

Conclusion

Lagos offers a diverse range of luxurious living options that cater to different tastes and preferences. The state is the chief commercial, financial, and maritime nerve center of Nigeria.

If you’re considering making a move to one of these luxurious neighborhoods or simply want to explore the real estate market in Lagos, now is the perfect time to take action.

Which of these places do you desire to settle in? Let us know in the comments.