Banana Island, a small man-made island in Lagos’ Ikoyi neighbourhood, is Nigeria’s answer to Paris’ Seventh Arrondissement, San Diego’s La Jolla, New York City’s Tribeca, and Tokyo’s Shibuya and Roppongi.
It’s a billionaires’ haven populated by the country’s wealthiest and most well-known families, who enjoy the quiet, peaceful atmosphere away from the clamour and crowds of Lagos, the country’s largest city and financial centre, which opened in 2000.
It gets its name from its unique shape.
Boundaries
The 1.63-million-square-meter sand-filled island in the Lagos Lagoon is about 5 miles east of Tafawa Balewa Square, Lagos’ commercial and ceremonial centre. It is connected to a network of roads near Parkview Estate by a dedicated road. In the north, First Avenue merges with Second Avenue to form a ring around the perimeter.
Range of Price
Real estate prices on Banana Island, like the rest of the country, are determined by the land value, which is NGN400,000 (US$1,101 per square metre), according to Roberta Nouboue, managing director of Madingwa Real Estate.
Prices for detached houses, according to Ms. Nouboue, start at NGN1 billion (US$2.75 million) and go up from there because there aren’t many on the island. This includes a six-bedroom detached house on 2,600 square metres of land valued at NGN5 billion.
Four-bedroom terrace/townhouses with an average land size of 1,000 square metres cost between NGN350 million and NGN500 million, she added.
Current listings are for NGN750 million. Each of the twin townhouses on 600 square metres of land costs that much.
Ocean Parade Towers, Bella Vista Towers, and Lakepoint Apartments are three notable condo developments on the island.
“Because land is so scarce and land prices are so high,” Ms. Nouboue explained, “there are more apartments and terrace houses than detached single-family homes.” “The majority of
For roughly NGN25 million to NGN30 million, each year, these apartment units are rented out to people who pay the full market price.
The seller claims that a unit costs NGN363 million. Over the last three years, the value of the naira has dropped due to the currency’s depreciation.”. It is illegal to sell real estate in any currency other than naira.”
Ocean Parade, she said, is the most prestigious of the three condo developments because of its numerous amenities, which include tennis courts, an Olympic-size pool, two gyms, and children’s areas.
What Makes It Special in Banana Island
Banana Island is distinguished by its beauty and seclusion.
“Banana Island is a little piece of heaven in the middle of the hustle and bustle of Lagos,” Ms. Nouboue said, noting that the island has two parks. “It provides safety, peace, and privacy. To gain access to the island, you must pass through a security gate. This is for invited participants only.
“You can jog in peace” because there isn’t much traffic, she added.
The island’s security network, good roads, 24/7 street lighting, and proximity to the waters of the Lagos Lagoon, according to Mr. Onyenze, make it unique.
It also confers social standing. “Having a presence on Banana Island reveals your social class,” he explained.
Banana Island Amazing Amenities
Although Banana Island’s main street has only a café, barbershop, and a large supermarket, Victoria Island’s chic shopping areas and restaurants are only a 12-minute car ride away.
Ms. Nouboue compared Victoria Island to Manhattan.
NOK by Alara, which serves new African cuisine, Z Kitchen, which serves succulent steaks, and R.S.V.P., which specialises in international cuisine, are among her favourite restaurants.
“On Friday nights, R.S.V.P. is a great place to go,” she said. “It’s opulent, and they invite the world’s best DJs. There’s a pool and they serve cocktails.”
Residents go to Ikoyi, which is five minutes away by car, for art. Arthouse Contemporary, a local auction house; the Wheatbaker hotel, which hosts art exhibits and related events; and the Nigerian National Museum, which showcases the best in Nigerian art.
Ikoyi is also a shopping hotspot. The handbag purveyor Zashadu, the high-fashion clothier named after Nigerian designer Ejiro Amos Tafiri, and the functional/fashionable clothing designs of Grey are among the exclusive shops.
Ms. Nouboue also praised Alara, an African-themed shop on Victoria Island. “It’s a lovely concept store designed by architect David Adjaye with everything from fashion to furnishings,” she explained.
Despite the fact that Banana Island School, which enrols boys and girls aged 1 to 5, and Olive Dale Preparatory School, a nursery-through-primary school, are the only schools on the island, Ikoyi has a number of excellent schools.
Lagos Preparatory School
Lagos Preparatory & Secondary School is a co-ed day school for students aged 18 months to over 16 years; the British International School is a British curriculum secondary school for students aged 7 to 13 years old with a boarding option; and St. Saviours is a British curriculum preschool for children aged 6 months to 6 years old.
“Most schools stop at the primary level because parents prefer to send their children to boarding schools in the United Kingdom and the United States,” Ms. Nouboue explained.
The island’s high-tech infrastructure is also drawing residents. The electrical and water systems on Banana Island are all underground, as is the sewage system and treatment plant, as well as street lighting and satellite telecommunications.
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