Everything You Need to Know About Banana Island

To many people, Banana Island is like one paradise situated somewhere on the Lagos Island. Also, this island has been associated to be a symbol of luxury and exclusivity. Its strategic location in the Lagos Lagoon make it one of the most sought-after location in the country.

Fun fact: Do you know that Banana island was developed by the Lebanese-Nigerian Chagoury Group?

Many perceive Banana Island as a playground for the wealthy elite, but there’s so much more beneath its glamorous surface. Often dubbed the “Billionaires’ Paradise,” the island is home to some of Nigeria’s richest individuals, including business moguls and celebrities.

Beyond its luxurious residences and high-end amenities, Banana Island boasts a multicultural environment where expatriates and locals coexist harmoniously. This article is an easy to comprehend guide aimed at enlightening you about everything you need to know about Banana Island.

Everything You Need to Know About Banana Island - Realty Explainer

Does Banana Island have a Banana Shape?

Have you ever wondered why Banana Island got its name? If you’re like many people, you’ve probably asked yourself this question at some point. For such a famous spot, the story behind the name is surprisingly simple.

Banana Island is actually a man-made island created along the Ikoyi shoreline. Its name comes from its unique shape—yes, it looks just like a banana. This clever design divides the island into 536 plots and features about 100 closes.

This island covers approximately 1,630,000 square meters, offers plots ranging from 1,000 to 4,000 square meters and houses a mix of residential and commercial properties, clinics, hotels, schools, and even police and fire stations.

Also, Banana Island is equipped with modern utilities like underground electrical systems, water supply networks, satellite telecommunications, street lighting, and a central sewage system.

The Cost of one Plot of Land in Banana Island

If you’re curious about the cost of land on Banana Island you’re in the right place to get that information. A plot of land here can set you back anywhere from 500 million naira to a whopping 4 billion Naira, depending on the specific area you’re eyeing. If you’re looking to buy a house, you should expect to pay around 600 million naira or even more.

Even though some properties appear unoccupied on Banana Island, the island is still the go-to spot for Nigeria’s top celebrities and business moguls. Think of the likes of Davido, Wizkid, and Mike Adenuga, just to name a few.

While it’s true that Banana Island is designed for high earning individuals, there are still options available if you’re working with a budget. You can always rent or look for smaller plots. The key is knowing what fits your financial plan.

The cost of living in Banana Island

It’s no surprise that living in such a prestigious area as Banana Island doesn’t come cheap. This island is home to some of Nigeria’s wealthiest individuals, and hence, makes it a hotspot for the elite from various industries.

Also, given the caliber of residents living here, it’s clear that living costs are on the higher side. A plot of land can run into hundreds of millions of naira, and the luxurious homes here are designed to rival some of the best in the world.

Furthermore, renting an apartment isn’t much easier or cheap either. You’re looking at around 54 million naira per year, and landlords typically require two years’ rent upfront—non-refundable. There’s also an additional service charge of about 6 million naira.

So if you’re thinking about moving to Banana Island or just curious about its lifestyle, be prepared for an exclusive experience that comes with a hefty price to pay.

Getting Around in Banana Island

Getting around Banana Island is something you’ll want to figure out, especially if it’s your first visit. This upscale neighborhood is known as one of the wealthiest areas in Nigeria, and you definitely want to look the part while you’re here.

Unlike other parts of Lagos, transportation in Banana Island can be a bit pricey. You won’t find the usual options like Danfo buses, Okadas, or Keke-Napep here as is common in many parts of Lagos mainland.

Instead, most residents rely on their cars to navigate the area, and you can expect to see a lineup of exotic vehicles that match the luxurious lifestyle.

If you don’t have your own wheels, taxis are your best bet for getting around. It’s the only public transport allowed on the island, but keep in mind that fares can be higher compared to other parts of Lagos.

What to Expect on Banana Island

Should you have an opportunity to visit this great island, here are some things to expect.

1. Exclusive Living

The island features opulent homes with breathtaking waterfront views. Properties here are among the most expensive in Nigeria, with prices reflecting the high demand for luxury living.

2. Serene Environment

Despite being situated on the Lagos Island, Banana Island offers a peaceful retreat. Its meticulously planned infrastructure ensures that residents enjoy tranquility away from the city’s chaos.

3. Leisure and Recreation

Residents have access to private clubs, tennis courts, and golf courses. The island is designed for leisure, hence making it ideal for those who appreciate an active lifestyle.

4. Accessibility

The island is connected to Ikoyi by a dedicated road, and is conveniently located near Victoria Island and Lekki. This allows for easy access to commercial hubs while maintaining its exclusivity.

Conclusion

Banana Island is more than just an enclave for the elites. Whether you’re considering a visit or contemplating a move, we hope this article was detailed enough to satisfy your curiosity about this island.