The Most Expensive Areas to Live in Lagos

When it comes to wealth, luxury, and prestige in Nigeria, Lagos takes the spotlight. As the country’s commercial capital and economic powerhouse, Lagos is home to a wide range of affluent neighborhoods catering to the upper class, expatriates, celebrities, and business tycoons.

Whether you’re planning to invest in real estate or relocate to an upscale area, here’s a comprehensive look at the most expensive places to live in Lagos, why they’re so desirable, and what to expect from each.

1. Banana Island – The Pinnacle of Luxury

Average Rent (5-bedroom duplex): ₦25M – ₦50M/year
Land Price (per sqm): ₦800,000 – ₦1.5M
Keyword focus: Banana Island Lagos, luxury homes in Lagos

Topping the list of Lagos’ most expensive areas is Banana Island, an exclusive man-made island located in Ikoyi. Often compared to affluent neighborhoods like Beverly Hills and Dubai Marina, Banana Island is a gated, ultra-secure residential area designed for Nigeria’s billionaires and top executives.

Features include:

Underground drainage and electricity systems
Private jetties for waterfront properties
World-class gyms, spas, and yacht clubs
Proximity to embassies and multinational headquarters

The privacy, infrastructure, and architectural elegance make Banana Island the most prestigious address in Lagos—and the most expensive.

2. Ikoyi – Traditional Wealth and Power

Average Rent (4–5 bedroom duplex): ₦15M – ₦35M/year
Land Price (per sqm): ₦600,000 – ₦1.2M
Keyword focus: Ikoyi Lagos real estate, elite neighborhoods in Lagos

Ikoyi has long been the symbol of wealth in Lagos. Nestled just next to Banana Island, it’s a favorite among politicians, foreign diplomats, and CEOs. With streets lined with embassies, old-money mansions, and luxury apartments, Ikoyi balances colonial charm with modern opulence.

Landmarks include:

The Ikoyi Club
Lagos Polo Club
Parkview Estate
The Bourdillon Road stretch (home to some of Nigeria’s wealthiest)

Ikoyi is ideal for those seeking heritage, exclusivity, and serenity—right in the heart of the city.

3. Victoria Island (VI) – Business Meets Lifestyle

Average Rent (Luxury apartments): ₦10M – ₦30M/year
Land Price (per sqm): ₦500,000 – ₦900,000
Keyword focus: Victoria Island Lagos, upscale areas in Lagos

Victoria Island, also known as VI, is where business and leisure seamlessly intertwine. It houses corporate HQs, consulates, five-star hotels, designer boutiques, and beachfront restaurants. While it’s a major commercial district, many luxury residences and serviced apartments line its quieter streets.

VI is ideal for high-income professionals who want to live close to where they work while enjoying top-tier amenities, from fitness clubs to private clinics and shopping destinations like The Palms Mall.

4. Lekki Phase 1 – Modern Living with Flair

Average Rent (4-bedroom duplex): ₦7M – ₦18M/year
Land Price (per sqm): ₦350,000 – ₦750,000
Keyword focus: Lekki Phase 1 houses, modern homes in Lagos

Once seen as an emerging suburb, Lekki Phase 1 has evolved into one of Lagos’ fastest-growing upscale neighborhoods. With an influx of tech founders, celebrities, and entrepreneurs, the area has become a hotspot for modern, stylish living.

Perks include:

Gated estates with security
High-end lounges, malls, and cinemas
Proximity to Lekki-Ikoyi Link Bridge
Access to beaches and resorts

The demand for properties in Lekki Phase 1 continues to rise, making it a strong investment choice for high-end buyers.

5. Osborne Foreshore Estate – Quiet, Secure, and Classy

Average Rent (Luxury duplex): ₦12M – ₦22M/year
Land Price (per sqm): ₦500,000 – ₦900,000
Keyword focus: Osborne Estate Lagos, gated communities in Lagos

Located in the upscale part of Ikoyi, Osborne Foreshore Estate is a master-planned residential enclave known for its tranquility and tight security. This estate is particularly favored by expatriates and government officials due to its proximity to central Lagos and its peaceful atmosphere.

It features:

Waterfront properties
Private estates with lush green spaces
Top-tier infrastructure and road networks

Osborne Estate offers a quiet retreat for wealthy families seeking both privacy and access to the business districts.

6. Chevron Drive – Gated Comfort Along the Lekki Axis

Average Rent (Duplex or terrace): ₦5M – ₦12M/year
Land Price (per sqm): ₦280,000 – ₦500,000
Keyword focus: Chevron Lekki homes, secure estates in Lagos

Chevron Drive, off Lekki-Epe Expressway, is one of the top choices for upper-middle-class families and professionals who want a blend of affordability and exclusivity. The area has witnessed a boom in real estate, with a variety of luxurious gated estates like Northern Foreshore and Buena Vista.

Why it’s trending:

Central location on Lekki axis
High-end schools and supermarkets nearby
Flood-resistant zones and infrastructure upgrades
Easy commute to VI and Lekki Phase 1

It’s one of the few places where new developers can still offer premium quality at relatively modest prices.

7. Oniru – Rising Star of the Island

Average Rent (Luxury flat): ₦6M – ₦10M/year
Land Price (per sqm): ₦400,000 – ₦700,000
Keyword focus: Oniru estate Lagos, affordable luxury in Lagos

Located between VI and Lekki Phase 1, Oniru is rapidly becoming one of Lagos’ most desirable places to live. It combines location, accessibility, and a modern community layout.

What makes Oniru stand out:

Close to both business and leisure centers
New high-rise apartments and mini estates
Good drainage systems and security
Access to beaches and resorts

Many people transitioning from VI or Lekki find Oniru a perfect balance of class and convenience.

Why These Places Are the Most Expensive in Lagos

1. Proximity to Key Districts

Being close to Victoria Island and Lekki gives residents quick access to business, tech hubs, embassies, and airports.

2. Security and Infrastructure

These areas are gated, well-secured, and often privately maintained—offering uninterrupted power supply and modern facilities.

3. Prestige and Social Status

Living in Banana Island or Ikoyi signifies affluence. These locations are highly desirable not just for comfort, but for reputation.

4. Investment Potential

Properties in these zones appreciate rapidly. High rental yields and low vacancy rates make them investor favorites.

Smart Tips for Buying or Renting in These Areas

Work with trusted real estate agents to avoid fraud.
Inspect documents thoroughly (C of O, Deed of Assignment, Survey Plans).
Prioritize gated estates with professional facility management.
Watch for flooding zones, especially in parts of Lekki.
Compare estate maintenance fees, which can be high in Banana Island and VI.

Lagos is home to some of the most luxurious and expensive real estate in Africa. From the billionaire-built streets of Banana Island to the refined old-money charm of Ikoyi, the city offers no shortage of premium living options. Whether you’re seeking waterfront serenity, a vibrant urban lifestyle, or investment returns, these elite neighborhoods deliver on every front.

If you’re planning to relocate or invest, understanding the most expensive areas to live in Lagos can help you make informed decisions. Each area offers a distinct mix of security, comfort, prestige, and potential.