Most Expensive Neighborhoods in Lagos, Nigeria

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Nigeria is one of the most populated cities in the world and also has some of the richest men in Africa. In this article, we will explore some of the places where the richest people in Nigeria live.

Banana Island, Lagos State: This ranks first on our list as the island is located in Lagos State, and it is regarded as the most affluent area in Nigeria. It is a billionaires’ paradise populated by the country’s richest and most well-known families, who savour its quiet, peaceful atmosphere far from the clamour and crowds of Lagos, the country’s largest city and financial centre.

The cost of land in Banana Island is astronomical, with the average cost of a square meter of land in this area ranging from N1.3 million to N5 million. A 500-square-meter plot of land in Banana Island can cost upwards of N650 million.

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Ikoyi, Lagos: Ikoyi is another affluent area in Lagos State, and it is home to many wealthy individuals and expatriates. The area is known for its high-end real estate, fine-dining restaurants, and luxury hotels. Some of the wealthiest individuals reside in Ikoyi.

The average cost of land in Ikoyi is also very high, with a square meter of land in this area costing between N1.1 million to N2 million. A 500-square-meter plot of land in Ikoyi can cost upwards of N575 million.

Victoria Island, Lagos: Victoria Island, Lagos’s biggest business district, is now becoming its live, workplace centre named after the then Queen Victoria of the United Kingdom. Victoria Island is an affluent neighbourhood located in the heart of Lagos Island.

It is one of the most popular business districts in Africa and it’s also the financial center of Lagos state. Victoria Island is an exclusive neighbourhood with most company headquarters located here, and it combines both upper-class and a lot of upper-middle-class residents due to proximity to companies.

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It’s a beautiful environment with a lot of beautiful places, restaurants, stores, malls, and bars.

The average cost of land in Victoria Island is also high, with a square meter of land in this area costing between N664,000 to N2 million. A 500-square-meter plot of land on Victoria Island can cost upwards of N332 million.

Lekki, Lagos: Upper-middle-class Nigerians, celebs, and startup founders reside in the Lekki axis. Additionally, it is where many of the last Nigerian generals and senior government officials retired. Some of the most opulent homes in Lagos are located along the Lekki Phase 1 to Jakande axis, for example, Nicon Town, Victory Park, Lekki Phase 1, Pinnok, UPDC, Goshen, etc.

The community has grown a lot in terms of expansion and development and is a place in Lagos that offers fantastic job opportunities, reliable government support, high-quality private schools, top-notch medical facilities, shopping complexes, and recreational facilities.

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The cost of land in Lekki is also high, with a square meter of land in this area ranging from N331,000 to N1.5 million. A 500-square-meter plot of land in Lekki can cost upwards of N165 million.

Nicon Town, Lagos: Nicon Town is known for its luxury and class occupied by high-income earning individuals. It consists of excellent infrastructure, is very well organized, and gives quality finishing.

The cost of land in Nicon Town is also high, with a square meter of land in this area ranging from N500,000 to N2 million. A 500-square-meter plot of land in Nicon Town can cost upwards of N250 million.

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