Nigerian Afrobeat artist, Davido recently acquired a property in Banana Island Lagos. He purchased one of the units in the Giuliano de Medici, a building designed by Sujimoto Constructions which has 8 luxury 5-bedroom terrace apartments, each apartment costing as much as $1.5 million which in naira will equal to about N624 million, using the official exchange rate.
Banana Island, located in the Ikoyi neighbourhood just about 5 miles east of Tafawa Balewa Square with a good road network , surrounded by the Lagos Lagoon, and hence, completely separated from the noisy areas of Lagos, is definitely a fine place to live in.
It is home to billionaires and multi-millionaires in the country, like Aliko Dangote, Sayyu Dantata, Kola Abiola, Mike Adenuga and is definitely the dream residence for many.
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In addition to Nigeria’s wealthiest people, Banana Island harbours high-profile multi-national companies in Nigeria whose headquarters are in Lagos.
The neighbourhood is likened to high profile neighbourhoods around the world like La Jolla in San Diego California, Seventh Arrondissement in Paris, Tribeca in New York City, and Shibuya & Roppongi in Tokyo and covers an area of about 1.63-million-square-meter, which was reclaimed from the Lagos Lagoon through sand-filling.
These facts already make it clear that Banana island is a very exclusive pricey neighbourhood.
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The cost of land per square meter in Banana Island is 1,101 USD which is approximately N458,016. The price of a plot of land in Banana Island is listed for nothing less than $1 million which is approximately N416 million while that for an acre of land is about $6.5 million, approximately N2.7 billion.
The most expensive land in Banana Island is N4.5 billion while the cheapest is N55 million. Tenants in Banana Island pay as much as N25 million to N30 million annually, excluding service and other charges.