The recently constructed local area on the water houses a portion of the country’s most affluent individuals, and expats, as well . Banana Island, which is Nigeria’s solution to Paris’ Seventh Arrondissement, San Diego’s La Jolla, New York City’s Tribeca and Tokyo’s Shibuya and Roppongi, is a little man-made island in the Ikoyi neighborhood of Lagos.
Finished in 2000, it’s a tycoons’ heaven populated by the nation’s most extravagant and most notable families, who relish its calm, quiet climate a long way from the racket and hordes of Lagos, the country’s biggest city and monetary focus. Its name comes from its unmistakable shape.
The 1.63-million-square-meter sand-filled island in Lagos Lagoon is somewhat more than 5 miles east of Tafawa Balewa Square, the business and stately heart of Lagos. A committed street associates it to an organization of streets close to Parkview Estate. First Avenue in the north and Second Avenue in the sound consolidation and go around its border.
As in the remainder of the country, land costs on Banana Island depend on the worth of the land, which as per Roberta Nouboue, overseeing overseer of Madingwa Real Estate, is NGN400,000 (US$1,101 per square meter).
Ms. Nouboue said costs for confined houses, which seldom please the market in light of the fact that there are relatively few on the island, start at NGN1 billion (US$2.75 million). The most costly posting now available, NGN5 billion, is for a six-room segregated house on 2,600 square meters of land, she said.
She added that four-room, single-family porch/condos that are on normal 400 square meters and are on 1,000 square meters of land for the most part range from NGN350 million to NGN500 million.
One current posting, she said, is for NGN750 million. That is the cost for every one of the twin condos on 600 square meters of land.