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How much it costs to own a house in highbrow areas of Lagos

IN what could be described as sharp contrast between the poor and the rich, a plot of land in highbrow areas of Lagos which includes Magodo, Isheri, Ikeja GRA, Shangisha, Ikoyi, Victoria Island, Lekki, Ajah and the last and the most expensive being Benana Island occupied by stupendously wealthy and super rich Nigerians, goes from N60m to N300m per plot, depending on locations and whether the property needs redevelopment against the prices of land in low and medium areas, including Ikorodu, Alimosho, Abule Egba, Agbado-Ijaiye, Fagba, Ogba, Agege, Ojodu, Okokomaiko, Ajeromi, Ajangbadi and more, occupied by mainly low and medium income earners, which can even go as low as N300,000 per plot.

According to Mr. Obi Uzor of Obi & Co Property, Ogba, Lagos, in Omole GRA, a plot of land goes for as much as N60 m, the least being N35 m at the moment while the rental value is also as high as N600,000 per annum for a mini flat while a 3-bedroom flat is not less than N1.2 m per annum.

However, Certificate of Occupancy (C of O) is N3,000,000 while Approved Building Plan (ABP) for a new building is not less than N500,000 so also survey fee.

Also, a redevelopable bungalow is sold between N65 m and N100 m, with special charges for redevelopment payable to the Ministry of Land and Physical Planning, Alausa, Ikeja, Lagos.  The rental value is also high in this area.  For instance, a mini flat is not less than N500,000 per year.

The price of land and rental value in Magodo, Shangisha are also as high as what people pay in Omole, only with a little difference.  But most of the structures there do not need redevelopment, and that’s why some are more expensive and can go as high as N150 m.

In Magodo Isheri, an offshoot of Magodo Shangisha, a plot of land goes for at least N35 m while the rent is also high, with a 3-bedroom flat going for about N1 m per annum.

In Ikeja GRA, Lagos, to own a house equally costs a fortune.  According to Mr. Obi, a plot of land is sold for N100 m or a little less or more depending on the location and the existing structure on the land.

The prices of land in Ikoyi, Victoria Island, Lekki, Ajah are far higher with Banana Island commanding the highest so far.  It’s rated as the most expensive estate in Nigeria and beyond.

In some areas in Lekki Phase 1 and Phase 2, prices of land constantly skyrocket on account of the increasing demand by some high profiled people who are always eager to be landlords in the prestigious vicinity.

The least price right now is as high as N75 m with a structure on it but without structure, it can be as less as N40 m.

In some areas in Victoria Island, the range is a little different from what obtains in Lekki and Ajah.  One can still get a plot of land for about N80 m but with a sprawling edifice, it’s not less than N145 m, depending on the location. It can even be more.

However, the prices of land in Ikoyi varies from place to place.  In Parkview, Osbourne, Gerald areas, a plot of land ranges from N100 m to N250 m.   And if one chooses to acquire a house that doesn’t need redevelopment, one must be ready to cough out not less than a whooping N150 m.  Also, to own a luxury 4-bedroom flat (Penthouse) in Banana Island, Ikoyi, it goes for about N750 m while a 4-bedroom with Boys Quarters is sold for about N389 m while an architectural masterpiece of 5-bedroom can be bought for N450 m. And for a tastefully furnished 6-bedroom, it’s not likely to be purchased with less than N850 m, C of O inclusive.

A plot of land without any structure in Banana Island ranges from N150 m to as high as N400 m.

A plot of land at Onikoyi off Banana Island is currently sold for N200,000,000 with C of O.  With the skyrocketing prices of land, it’s a no-go-area for the poor, and that’s why it’s called a settlement for the privileged few.  And it’s an artificial Island built on reclaimed land, the factor that makes it a reserved area for the high and rich Nigerians.

“It’s not a childish thing to own a house in all the above mentioned areas.  I believe owning a house in some of these areas, especially Banana Island goes beyond looking for high level comfort but a show of class,” Mr. Obi concluded.



Omole                                   1              N50m and above

Lekki                                     1              N40m and above

V/ Island                               1              N100m and above

Magodo                                 1              N35m and above

Ikeja                                       1              N75m and above

Ikoyi                                      1              N120m and above

Banana Island                     1              N150m and above



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