Banana Island in Ikoyi-Lagos leads a list of the most expensive property locations in Nigeria.
In Banana Island, a 3 bedroom apartment typically sells for N100Million ($625,000) and N450Million ($2.81Million) for a 5 bedroom house. Rental properties are very popular in this location and rent for a 3 bedroom apartment is typically N10Million ($63,000) per annum.
The list, which was compiled from data gathered by PrivateProperty.com.ng, Nigeria’s largest property portal, revealed that in Nigeria, Lagos has the largest pool of locations with expensive properties followed by Abuja, Nigeria’s capital city.
Other entries on the list include:
2. Maitama in Abuja (Federal Capital) – N430Million/$2,687,500
3. Asokoro in Abuja (Federal Capital) – N418Million/$2,612,500
4. Jabi in Abuja (Federal Capital) – N400Million/$2,500,000
5. Nicon Town in Lekki (Lagos State) – N320Million/$2,000,000
6. Ikeja GRA, in Ikeja (Lagos State) – N250Million/$1,562,500
7. GRA Phase 2 in Port Harcourt (Rivers State) – N145Million/$906,250
8. Lekki Scheme I, Lekki (Lagos State) – N140Million/$875,000
9. Alalubosa GRA in Ibadan (Oyo State) – N100Million/$625,000
10. Ibara in Abeokuta (Ogun State) – N80Million/$500,000
Oluwafemi Taiwo, Managing Director at PrivateProperty.com.ng, said: “We have listed over 100,000 properties since inception from over 2,000 real estate agents. This data was gathered by analysis of the price of properties listed on the website over this period”.
In Nigeria, there has been a surge in the adoption of technology by real estate practitioners whom in addition to listing their properties with portals also own and manage websites and a social media presence for their activities. According to the report, 6 in 10 estate agents own a website while 3 in 10 use social media to market their properties.
It is important to note that luxury rental property is the most popular and lucrative property category in these highbrow areas in Nigeria. These properties are mainly demanded by expatriates and non-residents who are interested in running their business activities in Nigeria. Oluwafemi also stated that almost 50% of enquiries received via PrivateProperty.com.ng are from individuals outside Nigeria; expatriates and Nigerians in diaspora.
PrivateProperty.com.ng is a venture backed property portal that lists properties for sale and to rent. Private Property recently received an undisclosed round of funding from One Africa Media.
One Africa Media (OAM) is Africa’s largest Online Classifieds Group. OAM runs market leading portals for Cars (Cheki), Jobs (Jobberman) and Property (Private Property) in Nigeria, Ghana, Kenya, Uganda and South Africa.
OAM investors include Tiger Global (NY–‐Based $12Billion Private Equity Firm) and SEEK (World’s most successful jobs marketplace with $2Billion Market Capitalization).
