Ikoyi has some of the most opulent residential facilities in Nigeria, and is thought to have the most expensive real estate on the entire African continent, with the average new apartment selling for US$1 million.
However, due to the limited available land, many of these are vertical apartment buildings.
The rent for a luxury three-bedroom apartment in Ikoyi is between $45,000 and $80,000 annually. Five years ago, it was between $10,000 and $30,000.
An acre (six standard plots) in Banana Island, Parkview Estate and Osborne Road in Ikoyi now sells for between N400m and N450m. Five years ago, it sold for between N50m and N150m.
This development is a radical departure from Ikoyi’s original design, which was originally composed of modest single-family residences with large gardens.
Considering the lack of constant electricity, pipe-borne water, and general decay in basic infrastructure that is typical of Lagos, concerns have been raised as to whether Ikoyi has the necessary road and water infrastructure to continue to sustain this type of development.
Ikoyi includes the newer suburbs of Banana Island, Parkview Estate, Dolphin Estate and other luxurious blocks of flats that are springing up.
Moreover, Ikoyi is one of the regions with the highest amount of rainfall in Lagos, with rain often exceeding 300cm every year.
Source: Wikipedia
