Living In Lagos - News & More - Nigeria Property Centre

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By and large, Ikoyi is a posh neighbourhood with a mishmash of exquisite residential apartments and commercial presence.
Ikoyi borders the Lagos Lagoon and takes up the eastern half of Lagos Island. It is one of the towns that make up the Eti-Osa Local Government Area of Lagos state.
Originally, the British Colonial Governments designated Ikoyi as a residential area for the expatriate community perhaps due to its proximity to the sea. However this arrangement changed with time with big establishments locating their corporate headquarters at Ikoyi. Ikoyi is home to the creme de la creme of the Nigerian society, from diplomats to senior company, business executives and senior public servants.

Cost of Accommodation in Ikoyi

Ikoyi is definitely a splendid place to live or work in. Peopled with well educated, enlightened group of residents and with a superfluity of luxury apartments in this part of Lagos, you can be sure to secure a comfortable accommodation comparable to those in Europe and America so long as you have the financial war chest. A typical 3 bedroom apartment in areas like Banana Island, Park view estate, attracts rent of as much as N24 million (about $150, 000) per annum while the average price of buying an apartment in Banana Island is upward of $8 million. It is common to see prices of real estate in this part of Lagos denominated in United States dollar. Banana Island an exclusive playground of Nigeria’s obscenely wealthy, is reportedly Nigeria’s most and expensive neighborhood – at par with the Seventh Arrondissement in Paris, La Jolla in San Diego, California and Tokyo’s Shibuya or Roppongi neighborhoods. Accommodation in places around Obalende and Dolphin estate are comparatively less expensive but still beyond the reach of many middle class folks.


Our next port of call in this series of profiling what makes the different parts of Lagos tick, is Ibeju-Lekki.

The name Ibeju-Lekki is derived from the name of two autonomous communities: Ibeju and Lekki. Ibeju-Lekki shares boundaries with Ogun state to the north, Eti-Osa local government to the west, Epe local government to the east and the Atlantic Ocean to the south. Some of the prominent communities in Ibeju-Lekki include: Abijo, Awoyaya, Lakowe, Bogije, Sapati, Igando-Oloja, Arapagi, oke-odo Elemoro, Akodo, Magbon-Alade, Eleko, Debojo, Solu-Alade, Iwerekun amongst others.


In this series, we shall be chronicling different parts of Lagos State vis-a-vis what makes them tick, cost of accommodation, commercial activities and so on and so forth.

Where else can we begin this series than from Ikeja - the Lagos State Capital/Seat of Government. Ikeja is part of what is known as Lagos Mainland. As well as been the State Capital, Ikeja is also a Local Government Headquarter. Official census figure put the population of Ikeja at about 4.5 million people which is keenly contested by the Lagos State Government. However, A United Nation's 2011 data suggests Ikeja is plausibly home to 11.2 million people. Ikeja is one of the most densely populated parts of Lagos State.