Banana Island, Ikoyi and Maitama Lead Nigeria's Most Expensive Neighbourhoods
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Average asking prices for houses on Lagos' Banana Island have reached about N4.5 billion, while six-bedroom homes in Ikoyi rent for around N100 million a year, according to a review of current Nigerian property listings.
Owning a home in Nigeria's most prestigious neighbourhoods now requires hundreds of millions or billions of naira, with prime locations in Lagos and Abuja continuing to attract wealthy buyers and investors, according to a review of current property listings by Legit.ng.
Listings from Nigeria Property Centre show Banana Island in Lagos with an average asking price of about N4.5 billion for houses as of August 2026, while six-bedroom houses average about N5 billion. Four-bedroom houses in the neighbourhood rent for an average of about N60 million a year, with some advertised at up to N110 million annually.
Ikoyi remains another major luxury market, with six-bedroom houses there averaging around N100 million a year in rent, the listings show. Victoria Island and the newer Eko Atlantic waterfront development also command premium pricing, drawing wealthy homeowners, expatriates and business executives.
In Abuja, Maitama and Asokoro rank among the capital's most expensive residential addresses, helped by their large homes, diplomatic presence and proximity to government institutions. The review estimates high-end homes in those districts at hundreds of millions to several billions of naira, depending on location, size and specifications.
The report notes that the asking price is only part of the cost of ownership, with buyers also budgeting for security, power or diesel, water, estate management, maintenance and insurance. It adds that high-net-worth and diaspora investors continue to treat established locations such as Ikoyi, Victoria Island and Banana Island as wealth-preservation assets.