Real Estate in Nigeria has proven to be on of the most reliable platform of investment that spans over a decade. For many it’s their mean of acquiring passive income while for others it’s simply for pleasure. Whichever is the case, I’ll be showing you the biggest real estate in Nigeria.
Using data gathered by PrivateProperty.com.ng, Nigeria’s largest property portal, the most expensive real estate locations in Nigeria was identified. There are more locations with expensive properties in Lagos than any other place in Nigeria, according to the report.
Nigeria’s capital city, Abuja followed Lagos’ 4 locations with 3. Ibadan, Abeokuta and Port Harcourt are other Nigerian cities with some of the most expensive properties in the country.
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Here is a list of the biggest estate in Nigeria
- Banana Island in Lagos (Lagos State) – N450Million ($2.81Million)
- Maitama in Abuja (Federal Capital) – N430Million/$2,687,500
- Asokoro in Abuja (Federal Capital) – N418Million/$2,612,500
- Jabi in Abuja (Federal Capital) – N400Million/$2,500,000
- Nicon Town in Lekki (Lagos State) – N320Million/$2,000,000
- Ikeja GRA, in Ikeja (Lagos State) – N250Million/$1,562,500
- GRA Phase 2 in Port Harcourt (Rivers State) – N145Million/$906,250
- Lekki Scheme I, Lekki (Lagos State) – N140Million/$875,000
- Alalubosa GRA in Ibadan (Oyo State) – N100Million/$625,000
- Ibara in Abeokuta (Ogun State) – N80Million/$500,000
1. Banana Island in Lagos (Lagos State) – N450Million ($2.81Million)
A 3-bedroom apartment typically sells at N100Million ($625,000) here and N450Million ($2.81Million) for a 5-bedroom house. Apparently due to the cost of acquiring properties, rental properties are very popular, with rent for a 3-bedroom apartment even going as high as N10Million ($63,000) per annum.
A man-made island in Lagos State, Nigeria that is slightly curved in shape – like a banana, Banana Island is located in the Lagos Lagoon. It has one of the highest density of millionaires within its boundaries, with billionaire Globacom Chairman Mike Adenuga, daughter of a former president of Nigeria, Iyabo Obasanjo are proud owners of property on the island.
2. Maitama in Abuja (Federal Capital) – N430Million/$2,687,500
An area occupied by embassies and high commissions, as well as the crème de la crème of the society, Maitama sure deserves its second place on this list. A Property in Maitama could costs close to $2.7 million or even more.
3. Asokoro in Abuja (Federal Capital) – N418Million/$2,612,500
Asokoro which is ine of the major districts in Abuja, is a high class area. It is home to state house, Aso Rock, secretariat of the Economic Community of West African States, (ECOWAS), National Intelligence Agency (NIA) and the World Health Organization (WHO) office, among others. Property ‘understandably’ cost a fortune in this area.
4. Jabi in Abuja (Federal Capital) – N400Million/$2,500,000
Nigeria’s capital city comes in at number 4 with property at Jabi costing at least $2.5 million. It’s home to many Nigerian politicians.
5. Nicon Town in Lekki (Lagos State) – N320Million/$2,000,000
Nicon Town in Lekki is one of the budding real estate markets in Lagos now, with property costing $2 million or even more.
6. Ikeja GRA, in Ikeja (Lagos State) – N250Million/$1,562,500
It’s home to many famous people in Nigeria who love the lifestyle of this GRA. A Property cost over $1.5 million and more.
7. GRA Phase 2 in Port Harcourt (Rivers State) – N145Million/$906,250
Port Harcourt is the home to a lot of expatriates, many of who work for oil companies in the oil-rich city. If there are people who can afford property close to a million dollars, they sure can. Many South-South billionaires who just don’t want their money out of their region also spend so much on property at the city.
8. Lekki Scheme I, Lekki (Lagos State) – N140Million/$875,000
With $875,000, you can get a property in Lekki. The Island has been home to some of the most expensive property in Lagos in recent times, but demand for more luxury has pushed it down to eight on this list.
9. Alalubosa GRA in Ibadan (Oyo State) – N100Million/$625,000
Ibadan, Africa’s second largest city has been regarded by some as the most under-developed city in the world, but the city has started living to its potentials in the past few years, little wonder it made it to this list.
10. Ibara in Abeokuta (Ogun State) – N80Million/$500,000
Abeokuta’s real estate market is another fast growing place as people look to outlying locations outside Lagos, as high prices are forcing many out of the real estate space in Lagos. They rush to the closest yet affordable spaces.