The real estate industry has grown exponentially in Nigeria just like in other parts of the country. There we notice the most luxurious properties in the country and some of the celebrities who live there.
Over the years, real estate investing has proven to be one of the most profitable investments globally.
According to a forecast by wealth intelligence firm Wealth-X, the number of high net worth individuals with more than $30 million in investable assets will increase by 95,000 over the next decade. This means that every year there will be more people who want and can afford luxury properties.
Similar to various real estate markets around the world where economic growth is soaring or at least stable, the demand for luxury real estate is increasing in Nigeria, as are the prices.
Here are the lists of the top 5 luxury properties in Nigeria:
1. Banana Island in Lagos (Lagos State) – N450Million ($2.81Million)
A 3-bedroom apartment normally sells for 100 million naira ($625,000) here and 450 million naira ($2.81 million) for a 5-bedroom house. Apparently due to the cost of acquiring property, rental properties are very popular, with rent for a 3-bedroom apartment even reaching N10Million ($63,000) per year.
An artificial island in Lagos State, Nigeria, having a slightly curved shape like a banana, Banana Island is located in the Lagos lagoon. It has one of the highest densities of millionaires within its limits. Including billionaire Globacom Chairman Mike Adenuga, daughter of a former Nigerian president, and Iyabo Obasanjo are proud property owners on the island. Son of the late MKO Abiola, Kola Abiola and Saayu Dantata, and son of the late Alhassan Dantata are other notable residents of the island.
2. Maitama in Abuja (Federal Capital) – N430Million/$2,687,500
Property in Maitama costs about $2.7 million or more. An area occupied by embassies and high commissions, as well as the crème de la crème of society, Maitama surely deserves its second place on this list.
3. Asokoro in Abuja (Federal Capital) – N418Million/$2,612,500
One of the main districts of Abuja, Asokoro is an upper-class area; 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 office of the World Health Organization (WHO), among others . Property “understandably” costs a fortune in this area.
4. Jabi in Abuja (Federal Capital) – N400Million/$2,500,000
Nigeria’s capital city ranks fourth with property in Jabi costing at least $2.5 million. Many Nigerian politicians have interests in this area.
5. Nicon Village in Lekki, Lagos State – 320 million naira/$2,000,000
Nicon Town in Lekki is one of the budding property markets in Lagos now, with properties exceeding $2 million.