Buy Land in Ikoyi Lagos 🏠 – Properties for sale in Ikoyi Lagos, Nigeria. Easily locate that Real estate property on the Island. Call 08034856834📞.
Ikoyi is located in Eti-Osa L.G.A and lies to the northeast of Obalende and adjoins Lagos Island to the west. It’s at the edge of the Lagos Lagoon.
6.4535° N, 3.4343° E
Ikoyi in Eti-Osa Local Government area of Lagos is a highbrow area and one of the most expensive settlements in Lagos. It shares borders with Obalende on the northeast, and Lagos Island on the west. It is occupied mostly by high income earners and is seen as one of the most expensive if not the most expensive area one can settle in, within Lagos.
Houses in Ikoyi come at very high prices. It is therefore not a surprise that it is considered a gold mine in real estate business. This is not just the case in Nigeria but it is viewed the same way in Africa as it is arguably the area with the most expensive real estate in the whole of the African continent. In Ikoyi an average new apartment can be sold for US$1.5 million, and the price of buildings there can go as high as $10 million. So you get the picture? There is less land in Ikoyi and this has resulted in most of the apartments being vertical. Houses in Ikoyi are not just regular or normal houses and can be afforded only by extremely wealthy people.
We’ve said it one too many times that Ikoyi is an expensive area. Prices of apartments in Ikoyi are extremely extravagant, bearing in mind that Nigeria has a pre-mature Real Estate Market, and the resale value for a flat that is not a new build can be less than 45% of the purchase value. Nigerian Banks do not offer Loans or Mortgages for any type of property in Ikoyi, the financial burden of paying the average $32,000.00 annual maintenance fee on a 3-bedroom flat and paying 100% in one go, means that naturally even some wealthy Nigerians cannot afford a residence here.
A well known advantage of engaging in real estate business is that Land and houses appreciate at a very fast rate. This equally applies to real estate in Ikoyi. A luxury three-bedroom apartment in Ikoyi can be rented within the range of $45,000 and $80,000 yearly, but only about five years ago, it was rented within the range of $10,000 and $30,000. An acre that is six plots of land in Banana Island, Parkview Estate and Osborne Road in Ikoyi is presently sold for about 400 million naira to about 450 million naira but just about five years ago, it was sold for 50 million naira to about 150 million naira.
Notable places in Ikoyi include Banana Island, Bourdillon Road, Parkview Estate, Dolphin Estate and many more.