Banana Island, is an area of Ikoyi, Lagos, Nigeria, 8.6 kilometers east of Tafawa Balewa Square. Part of the Lagos Local Government Area of Eti-Osa in Central Lagos, it is known for its wealthy, multi-cultural community and has some of the most expensive real estate in Nigeria. Banana Island has one of the highest densities of millionaires within its boundaries.
This beautiful island has become the most preferred abode of the rich. Many years ago, Banana Island distinguished itself as a no-go area for the middle class, leaving the rest of Lagos such as Ikeja GRA, Victoria Island, and Lekki for the average millionaires in Lagos. A first-time visitor to this island is greeted by the sight of well-laid lawns with beautiful flowers and well-paved roads. The quietude and untainted environment is a major attraction as well. Beautiful trees are also planted in canopy form to serve as umbrellas and to supply fresh air.
A building in Banana Island
Banana Island is an artificial island in Ikoyi, Lagos State. It is located in the Lagos Lagoon and attached to the North-Eastern Ikoyi Island by a dedicated road strip that is linked to the existing road network. It was constructed by HiTech, the construction arm of the Chagoury Group, and is a joint venture with the Nigerian Federal Ministry of Works and Housing. The banana-shaped island is approximately 1,630,000 square meters in size and it has been zoned into 536 plots consisting of 100 closes, which serve to enhance the banana shape of the island.
The island is so designed to enhance the historically residential nature of Ikoyi. Residents are provided with world-class utilities including underground electrical systems, as against the overhead. Plot sizes range from 1000 square meters to 4000 square meters. The island is designed for a mixed development with plots for residential, commercial, recreational areas, a main piazza, primary and secondary schools, fire and police stations, clinics, hotels, and club-houses. Utilities offered include underground electrical systems, an underground water supply network, central sewage system and treatment plant, street lighting, and satellite telecommunications networks, as well as overhead and storm water-covered drainage.
A view of Banana Island at night
Banana Island is not just home to some of the finest Nigerian real estate, it also harbors some of the most expensive properties in Nigeria. Indeed, beauty and comfort come at a price.
And that price can be jaw-dropping. One of the most outstanding features of the island is the Ocean Parade Towers rising into the sky at eight floors with a penthouse. Banana Island is reputed to be Nigeria’s most expensive neighborhood. It is on par with TriBeCa in New York, Shibuya in Japan, La Jolla in San Diego, California, Seventh Arrondissement in Paris, Kessington Palace Gardens in London, or Victoria Peak in Hong Kong.
Averagely, the price of a luxury flat in Banana Island ranges between $130,000 and $200,000. This excludes a $15,000 USD service charge per annum. Also, any potential tenant will be required to pay two years' rent in advance. And like other luxury apartments in other areas in Ikoyi, Victoria Island, and Lekki, come with in-built or detached boys' quarters for domestic servants.
Normally, a plot of land in Banana Island goes for hundreds of millions. However, in most cases, billions of naira go into the Attention of these buildings. Many Multi-National Companies have taken Banana Island to be their regional headquarters.
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