Check Out These 10 Most Expensive Areas to Live In Lagos

Banana Island, Lekki, Victoria Island, Ikoyi, Ikeja, Magodo, Ogudu, Ajah, and Surulere are the 10 most expensive regions to live in Lagos, Nigeria. The potential of these areas is great, making them a desirable place to both live and work, leading to an increase in property values.

In tune with its popularity, properties in Lagos are quite expensive. In areas located on the outskirts that should normally be considered “out of town”, houses still cost a fortune. Land/house owners increase prices every now and then to meet up with the ever-rising demands for properties.

Lagos is one of the most prominent cities in Nigeria, boasting a large GDP of more than $100 billion. This has resulted in a high demand for rental properties, as companies and individuals seek to capitalize on the city’s economic potential by moving to Lagos. The city is vibrant and full of promise, making it a great choice for those looking to invest in property and secure their financial future.

Just in case you desire to acquire a comfortable home somewhere in the state, this list of the most expensive areas will guide you.

10. Surulere

A Plot of Land: ₦25 million – ₦300 million


In Surulere, Lagos, the average cost of homes is ₦113,000,000. The most costly house is valued at ₦1,800,000,000, and the least expensive is ₦18,000,000. The cost of a piece of land in Surulere generally falls between ₦25,000,000 and ₦300,000,000 while the average annual rent in the area is around ₦3,500,000.

Here is a breakdown of the average annual rent for houses in Surulere by number of bedrooms:

1 bedroom: ₦1,500,000 – ₦2,500,000

2 bedrooms: ₦2,500,000 – ₦3,500,000

3 bedrooms: ₦3,500,000 – ₦4,500,000

4 bedrooms or more: ₦4,500,000 – ₦6,000,000

Surulere is a residential and commercial area located on the Lagos mainland. It is part of Metropolitan Lagos and was the bubbling area of Lagos in the seventies, now considered as old Lagos. This area is also a Nollywood movie production area, and as such, most entertainers have lived and/or still live there.

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9. Ajah

Plot of Land: ₦27million – ₦300 million


The average price for homes on the market is ₦80,000,000. The most high-priced property is valued at ₦460,000,000 and the least expensive is ₦23,000,000.

The average annual rent for a house in the area is around ₦2,500,000 presently while
the price of a plot of land can be sold for around ₦27,500,000 and above depending on the location. A four-bedroom duplex in the area goes from about 60 million and more.

Ajah is one of those areas located on the outskirts of Lagos, but properties there are as expensive as properties in the heart of the state.

8. Ogudu

Plot of Land: N360 million


In Ogudu GRA, a plot of land goes for around ₦80,000,000 and more. The most expensive plots of land can cost upwards of ₦360,000,000 while the cheapest plots can be found for as low as ₦25,000,000.

To buy a house in Ogudu, you need to have an average sum of ₦160,000,000. The most expensive house goes for ₦431,000,000 while the cheapest is priced at ₦36,500,000. You can get a 4-bedroom detached duplex for sale in Ogudu for about 290,000,000.

Ogudu is situated close to Ojota on one end, and Gbagada on the other end. It has both the Government Residential Area and normal residential Area, close to Ojota.

7. Magodo

Plot of Land: N400 million and above


With a bag full of N400 million and above, one can afford a plot of land in the Magodo area. The average price of houses for sale in Magodo, Lagos is ₦175,000,000. However, the most expensive houses in the area cost ₦450,000,000. Buying a five-bedroom detached duplex in a place like GRA Phase 2 costs over 300 million. The average annual rent for a flat in Magodo presently is about ₦2,120,000.

Magodo Isheiri and Magodo Shangisha are located close to the Lagos-Ibadan expressway and easily accessible to Lagos Island and Ikeja Central Business Districts. It is one of the most expensive estates in Lagos as it has good security. Although the area is traffic-infested during rush hour, it is home to several celebrities.

6. Ikeja GRA

Plot of Land: 500 million and above


The most expensive house in Ikeja costs ₦1,700,000,000 while the cheapest costs ₦27,200,000. The average price of houses for sale in Ikeja, Lagos is ₦204,000,000. A completely built and furnished 5-bedroom detached duplex costs over 500,000,000 million and if you are looking to buy a plot of land there, it costs around ₦200,000,000 and above.

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Ikeja Government Residential Area was created during the colonial period as a high-end abode in Lagos. It is an integral part of the suburb of Ikeja and with about 200 million and above you can afford to rent a decent four-bedroom flat for a year, in a peaceful and quiet area. This area is priced high because it is an industrial area and home to many companies and offices.

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5. Victoria Island

Plot of Land: ₦900 million


The average price of a plot of land on Victoria Island is around ₦700 million or more per square meter. The most expensive plots of land in the area can cost upwards of ₦ 1 billion.

The average price of houses for sale in Victoria Island (VI), Lagos is ₦291,000,000. The most expensive house costs ₦2,500,000,000 while the cheapest costs ₦60,000,000. With 500 million or more, you can comfortably get a 5-bedroom detached duplex in the area. This, however, depends on the location of the house and the facilities in it.

The average annual rent for a house in Victoria Island is around ₦10,210,000 or more. This area is dominated by five-star hotels, top clubs in Lagos and Super shopping malls.

4. Nicon Town – Lekki

Plot of Land: ₦1 Billion and above

nikon town

Nikon Town is one of the emerging real estate markets in Lagos and properties there cost about 900 million or slightly less per annum rent, and about N1 billion for a plot of land. The most expensive house costs ₦1,500,000,000 while the cheapest costs ₦130,000,000 or slightly less.

Nikon Town is located outside of the Lekki Peninsula, towards the campus of Chevron Nigeria Limited. It is a 57-hectare parcel of land developed into a housing estate for the Chevron Employees Cooperative Thrift & Credit Society. The land was designed to have 431 plots comprising: 46 plots at 1200 sq.m. per plot, and 204 plots at 1000 sq.m.

3. Ikoyi

Plot of Land: N1.5 Billion and above


The most expensive house in Ikoyi is sold at around ₦7,000,000,000 while the cheapest is priced at ₦140,000,000. The average annual rent for a house in Ikoyi, Lagos, is around ₦12,450,000. A five-bedroom detached duplex in Ikoyi could cost up to 1 billion naira.

Ikoyi is the most affluent neighbourhood of Lagos, located on Lagos Island. It lies to the northeast of Obalende and encompasses the eastern half of Lagos Island. Popular with the upper-class residents of Nigerian high society, Ikoyi is one of the wealthiest communities in Lagos.

Life used to be a whole lot cheaper in Ikoyi but not anymore; prices of properties are increasing per minute. To rent a luxury three-bedroom flat in Ikoyi, above N5 million should be budgeted per annum. An acre of land in places like Parkview and Osborne Road is sold for between N400 million and N450 million.

2. Lekki

Plot of Land: N2 BillionLekki

A plot of land in the Lekki sells between N1.5 billion and N2 billion. Although misused plots of land go for lesser prices. The average rent for a wing of a duplex in Lekki is almost N2 billion. Most properties there sell for below 200 million naira.

Lekki used to be the home of some of the most expensive properties in Lagos but its value has somehow depreciated with the demand for more luxury in other newer areas.

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1. Banana Island – Ikoyi

Plot of Land: N3.5 Billion

banana Island

Banana Island is the most expensive place to own property in Lagos, as a four-bedroom apartment sells for as high as N3 billion, while a six-bedroom house can be rented between N3.5 to N4 billion.

If you want to buy a house in Banana Island, you have to budget an average amount of about 1.5 billion. The most expensive house in the area costs ₦4 billion or less while the cheapest costs ₦2 billion or slightly more.

Banana Island is an artificial island off the foreshore of Ikoyi and is curved like the shape of a banana hence the name. This place is a stay-off zone for the poor in Lagos. It

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Banana Island is home to billionaires like, Mike Adenuga (Chairman of Globacom), Iyabo Obasanjo (daughter of former Nigerian president), and Saayu Dantata (son of the late Alhassan Dantata – once richest man in Africa).


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