By Balogun Kamilu Lekan
Nigeria’s real estate market has grown due to the desire and demand for luxury. Unsurprisingly, home prices in some of the country’s most desirable luxury real estate markets continue to rise. Most luxury real estate in Nigeria is concentrated in Lagos and Abuja.
Most residents can only dream of owning property in these areas, primarily sought after by society’s wealthy, upper-class, and expatriates.
10. Ibara, Abeokuta – Ogun State – ($500,000)
As a result of high prices driving many people out of the real estate market in Lagos, Abeokuta’s real estate market is expanding quickly.
9. Alalubosa GRA, Ibadan – Oyo State – ($625,000)
Ibadan, the second-largest city in Africa, was once thought to be the world’s least developed city, but in recent years, the city has begun to realise its full potential, so it’s no surprise it made this list.
8. Lekki Scheme I – Lagos State – $875,000
You can purchase a property in Lekki for $875,000. The Island previously housed some of the most expensive properties in Lagos, but due to the demand for more luxury, it is now ranked number eight.
7. GRA Phase 2, Port Harcourt – Rivers State – ($906,250)
Many foreigners who work for oil companies reside in the oil-rich city of Port Harcourt. People who can afford a home for close to a million dollars can. Many South-South billionaires spend a lot of money on property in the city because they simply don’t want their money to leave their region.
6. Ikeja GRA – Lagos State – ($1,562,500)
Numerous affluent Nigerians who adore the tranquillity of the GRA yearn for real estate in this region and don’t mind spending more than $1.5 million to obtain the comfort they desire. Numerous foreigners can also be found here.
5. Nicon Town, Lekki – Lagos State ($2,000,000)
Nicon Town in Lekki is one of Lagos’s budding real estate markets, with property in excess of $2 million.
4. Jabi, Abuja – ($2,500,000)
Fourth on the list is Nigeria’s capital, where a home at Jabi costs at least $2.5 million. This is an area in which many Nigerian politicians have interests.
3. Asokoro – Abuja ($2,612,500)
Asokoro, one of Abuja’s significant districts, is a high-class neighbourhood that is home to the state house, Aso Rock, the secretariat of the Economic Community of West African States (ECOWAS), the National Intelligence Agency (NIA), and the World Health Organization (WHO) office, among other things. Property in this area is ‘understandably’ expensive.
2. Maitama – Abuja ($2,687,500)
Maitama real estate can cost up to $2.7 million or more. Maitama, home to embassies and high commissions and the crème de la crème of society, deserves the second rank on this list.
1. Banana Island – Lagos State – ($2.81Million)
A 3-bedroom apartment in Banana Island typically sells for N100 million ($625,000), while a 5-bedroom house sells for N450 million ($2.81 million). Rental properties appear to be very popular due to the high cost of acquiring properties, with rent for a three-bedroom apartment reaching N10 million ($63,000) per year.
Banana Island is a man-made island in Lagos State, Nigeria, slightly curved like a banana and is located in the Lagos Lagoon.
It has one of the highest concentrations of millionaires within its borders, with billionaire Globacom Chairman Mike Adenuga and the daughter of former Nigerian President Iyabo Obasanjo both proud owners of property on the island. Other notable island residents include Kola Abiola, son of the late MKO Abiola, and Saayu Dantata, son of the late Alhassan Dantata.
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The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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