Banana Island has one of the highest density of millionaires within its boundaries in Africa. An artificial island off the foreshore of Ikoyi, Lagos, Nigeria. It is Nigeria’s most extravagant and expensive neighborhood – on par with the Seventh Arrondissement in Paris, La Jolla in San Diego, California and Tokyo’s Shibuya or Roppongi neighborhoods. If you’re not boxed up, you’re not just welcome.
The exclusive playground of Nigeria’s obscenely wealthy, Banana Island is an artificial island built on reclaimed land in Ikoyi-Lagos. From an aerial view, the island is actually shaped like a banana, hence its name. Sitting on 1.6 million square meters, the sumptuous island is divided into about 535 plots ranging in size from 1,000 square meters and 3,000 square meters.
Banana Island has an underground electrical systems and water supply networks, 24 hour-electricity supply, a luxury in many homes in the country. Its security is as efficient as a presidential villa, good road layout, a central sewage system and treatment plant and the well-cherished company of fellow wealthy folks. The aesthetics is breathtaking. It also has street lights, family parks, halls, religious centres, convenience shops, pools, a minibus system and a golf course.
The average cost of buying a three bedroom apartment is $2.3 million. However, you can rent the same apartment for about $200,000 per annum. Intending tenants must pay for an initial minimum term of 2 years – in advance. And there are no refunds. Ever! Also, the tenant is also mandated to pay a ‘service charge’ of $17,000 per annum.
A typical plot of land on the island usually goes for between $4 million and $6 million, and the cheapest building on the island costs upward of $8 million. But because of the ridiculous prices of property on the island, about 60% of the completed buildings are currently unoccupied.