Best Places to Live in Lagos and the costs in 2024

Lagos, Nigeria’s most populous city and a thriving economic hub, offers a wide variety of neighborhoods catering to different lifestyles, budgets, and needs. Whether you’re a high-net-worth individual looking for luxury living, a middle-class professional seeking convenience, or a family wanting safety and community, Lagos has a neighborhood that suits your preferences. However, the cost of living can vary significantly across the city, with areas near business districts, excellent infrastructure, and top-tier amenities being considerably more expensive.

This guide will take you through the best places to live in Lagos in 2024, offering insights into what each neighborhood has to offer and how much you can expect to pay for rent.

1. Ikoyi:

Overview:
Ikoyi is one of Lagos’s most prestigious and affluent neighborhoods, home to luxury homes, high-end apartments, and a wealthy expatriate community. Located on Lagos Island, Ikoyi provides easy access to central business areas like Victoria Island and the Lagos Marina. Known for its serene residential areas and upscale amenities, Ikoyi is a haven for high-profile individuals, diplomats, and business executives.

Cost:

• Rent for a 3-bedroom apartment: ₦10 million – ₦20 million per year (approx. $13,000 – $26,000)
• Rent for a 2-bedroom apartment: ₦5 million – ₦12 million per year (approx. $6,500 – $15,500)
• Luxury serviced apartments: ₦15 million – ₦30 million per year (approx. $19,500 – $39,000)

Highlights:

• Exclusive gated estates like Banana Island.
• High-end restaurants, private clubs, and hotels.
• Top international schools and proximity to business districts.
• A tranquil and safe environment ideal for affluent residents.

Best for: High-net-worth individuals, expatriates, and business executives looking for luxury, privacy, and proximity to key commercial areas.

2. Victoria Island (VI):

Overview:
Victoria Island is one of the most sought-after neighborhoods for both residential and commercial purposes. A major financial center, VI offers modern office buildings, luxury apartments, and a cosmopolitan lifestyle. The area is home to a vibrant nightlife scene, high-end restaurants, shopping centers, and international company headquarters, making it ideal for professionals and those working in Lagos’s corporate sector.

Cost:

• Rent for a 3-bedroom apartment: ₦8 million – ₦15 million per year (approx. $10,400 – $19,500)
• Rent for a 2-bedroom apartment: ₦5 million – ₦8 million per year (approx. $6,500 – $10,400)
• Luxury serviced apartments: ₦12 million – ₦20 million per year (approx. $15,500 – $26,000)

Highlights:

• Easy access to multinational companies and the central business district.
• Vibrant social scene with bars, restaurants, and entertainment spots.
• Proximity to the beach for recreational activities.
• Excellent infrastructure but occasional traffic congestion.

Best for: Expatriates, young professionals, and those working in finance, oil, gas, and corporate sectors.

3. Lekki Phase 1:

Overview:
Lekki Phase 1 is one of the fastest-growing neighborhoods in Lagos, popular among young professionals, families, and business owners. The area offers modern living with a range of gated estates, shopping malls, and entertainment options. Located between Victoria Island and Ajah, Lekki provides urban convenience at a more affordable cost compared to Ikoyi and Victoria Island.

Cost:

• Rent for a 3-bedroom apartment: ₦6 million – ₦10 million per year (approx. $7,800 – $13,000)
• Rent for a 2-bedroom apartment: ₦4 million – ₦6 million per year (approx. $5,200 – $7,800)
• Luxury serviced apartments: ₦10 million – ₦15 million per year (approx. $13,000 – $19,500)

Highlights:

• Numerous gated estates and secure communities.
• Malls like The Palms and Circle Mall.
• Active nightlife scene with bars, lounges, and restaurants.
• Proximity to the Lekki Free Trade Zone, offering investment opportunities.

Best for: Middle- to upper-class families, entrepreneurs, and professionals seeking a blend of affordability, modern living, and proximity to business districts.

4. Surulere:

Overview:
Surulere is a middle-class residential and commercial area on the mainland. Known for its rich cultural scene, local markets, and sports facilities, it offers a more affordable lifestyle compared to the upscale areas of Lagos Island. Surulere is family-friendly, with good public amenities and excellent transport connections to other parts of Lagos.

Cost:

• Rent for a 3-bedroom apartment: ₦1.5 million – ₦3.5 million per year (approx. $2,000 – $4,500)
• Rent for a 2-bedroom apartment: ₦1 million – ₦2.5 million per year (approx. $1,300 – $3,300)

Highlights:

• Affordable housing options for middle-income earners.
• Close to the central business district on the Lagos Mainland.
• Active nightlife and local markets.
• Good transportation network connecting to Lagos Island.

Best for: Middle-class families, young professionals, and those seeking a more affordable lifestyle without sacrificing proximity to Lagos’s urban centers.

5. Yaba:

Overview:
Yaba is quickly becoming one of Lagos’s most popular neighborhoods, particularly for young professionals and tech enthusiasts. Known as Lagos’s tech district, it’s home to several tech startups, innovation hubs, and co-working spaces. Yaba also offers affordable housing options and is close to the University of Lagos (UNILAG) and medical institutions, making it ideal for students and tech entrepreneurs.

Cost:

• Rent for a 3-bedroom apartment: ₦2 million – ₦4 million per year (approx. $2,600 – $5,200)
• Rent for a 2-bedroom apartment: ₦1.5 million – ₦2.5 million per year (approx. $2,000 – $3,300)

Highlights:

• Thriving tech ecosystem with innovation centers and startups.
• Affordable rental options for students and young professionals.
• Close proximity to UNILAG and healthcare institutions.
• Well-connected by road and rail.

Best for: Tech entrepreneurs, young professionals, students, and anyone looking for affordable accommodation near Lagos’s growing tech scene.

6. Ajah:

Overview:
Ajah is a developing suburb located east of Lekki, offering more affordable housing options compared to Lekki and Victoria Island. With numerous gated estates and quieter surroundings, it’s an excellent choice for families and individuals seeking more space and a suburban atmosphere. While Ajah’s infrastructure is still developing, it offers the potential for long-term property appreciation.

Cost:

• Rent for a 3-bedroom apartment: ₦3 million – ₦6 million per year (approx. $4,000 – $7,800)
• Rent for a 2-bedroom apartment: ₦1.5 million – ₦3.5 million per year (approx. $2,000 – $4,500)

Highlights:

• New gated estates with modern amenities.
• Quieter suburban lifestyle compared to busier Lagos neighborhoods.
• Proximity to Lekki’s amenities at a lower cost.
• Ongoing infrastructure improvements.

Best for: Families, retirees, and professionals seeking affordable housing with long-term growth potential.

7. Ikeja:

Overview:
Ikeja is the capital of Lagos State and serves as a key commercial and residential hub. It is home to numerous businesses, government offices, and residential estates. Ikeja’s proximity to the Murtala Muhammed International Airport makes it particularly attractive for frequent travelers. The area offers a mix of affordable and upscale housing, making it ideal for middle- and upper-class residents.

Cost:

• Rent for a 3-bedroom apartment: ₦3.5 million – ₦8 million per year (approx. $4,500 – $10,400)
• Rent for a 2-bedroom apartment: ₦2.5 million – ₦5 million per year (approx. $3,300 – $6,500)

Highlights:

• Close to the airport and major highways.
• A central location for businesses, government institutions, and shopping malls like Ikeja City Mall.
• Established infrastructure with dining, shopping, and recreational facilities.
• Secure estates like GRA Ikeja.

Best for: Professionals, expatriates, and middle-income families who want a central location with good amenities and access to business hubs.

Lagos offers a wide variety of residential options that cater to different lifestyles, budgets, and preferences. From the luxury estates of Ikoyi and Victoria Island to the affordable suburban calm of Ajah and the thriving tech hub of Yaba, there’s a neighborhood for everyone. As the city continues to grow, housing costs are rising, particularly in high-demand areas, so it’s important to balance your budget, commute, and lifestyle needs when choosing where to live in 2024.

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