Banana Island: Lagos’ Most Exclusive Neighborhood

Banana Island is a beautiful man-made island that has quickly become one of Nigeria’s most sought-after places. The island, which is located off the foreshore of Ikoyi, is shaped like a banana. Hence, the reason for its name—Banana Island. Also, it is also one of the areas under the Eti Osa Local Government Area. This unique, banana-shaped island is divided into 536 plots and features about 100 closes that enhance its distinctive shape.

Covering approximately 1,630,000 square meters, each plot ranges from 1,000 to 4,000 square meters. The area is a blend of residential and commercial spaces, including apartments, clinics, hotels, police and fire stations, schools, and more.

In addition, Banana Island is well-equipped with modern utilities like underground electrical systems, a reliable water supply network, satellite telecommunications, street lighting, and a central sewage system with a treatment plant. All these amenities make it not just a beautiful place to live but also a highly functional environment.

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What Sets Banana Island Apart

What sets Banana Island apart from other neighborhoods in Lagos is its assurance of luxury. The island is home to some of the most opulent residences in Africa, with properties ranging from lavish penthouses to spacious family homes. Many of these homes feature state-of-the-art designs and amenities, including private pools, gyms, and smart home technology. To live here means enjoying not just a house but an entire lifestyle filled with comfort and sophistication.

Also, one of the biggest draws of Banana Island is its unparalleled security. The entire community is gated and monitored 24/7, ensuring that residents feel safe and secure in their homes. This level of safety attracts high-net-worth individuals who prioritize privacy and exclusivity.

Home to Some of Nigeria’s Influential Figures

The neighborhood is home to many of Nigeria’s wealthiest individuals, including business moguls and celebrities. This elite clientele adds to Banana Island’s prestige and makes it a desirable location for those looking to invest in high-value properties.

Some of them are: Mike Adenuga, who is the second richest Nigerian after Aliko Dangote. Other influential Nigerians include Lina Ikeji, P Square, Sayyu Dantata, Diezani Alison-Madueke, Iyabo Obasanjo, Keem Bello Osagie, Kunle Ogunbayo, Davido, Wizkid, inter alia.

Additionally, several multinational corporations have set up their Nigerian headquarters here, further increasing the demand for residential properties as executives seek luxury accommodations.

The Cost of Land in Banana Island

If you’re curious about the cost of land in Banana Island, then you should be looking at prices that typically range from 500 million naira to a whopping 4 billion naira, depending on the specific area of the island. When it comes to houses, they usually start around 600 million naira and can go up from there.

However, you might notice that some properties on the island remain unoccupied due to these high prices. But that shouldn’t deceive you, as people are still moving in and buying properties in Banana Island despite the costs.

Conclusion

Many of the things we have shared in this article are what make Banana Island stand out as Lagos’ most exclusive neighborhood. Whether you’re looking to buy a home or simply want to experience the high life in Nigeria, this remarkable island offers an unmatched blend of both comfort and prestige.