In Nigeria, luxury developments are more notable in cities like Lagos and Abuja because of the increase in investor interest over years. As a result, they are known for having the highest land prices in the country with high-end amenities.
Against this backdrop, we compare and contrast land prices in Banana Island and Maitama – two of the most expensive areas in Lagos and the Federal Capital Territory respectively two of the most expensive places in Lagos and the Federal Capital Territory; Banana Island (in Lagos) and Maitama (in the Federal Capital Territory).
Banana Island is an estate located in the prime area of Ikoyi, Lagos. It is known as an area reserved for the creme de la creme of Lagos society, because of its ultra-luxury developments. Properties within this area are typically priced in dollars, which is in keeping with the high-end and exclusive nature of Lagos’ most expensive estate.
Maitama, like Banana Island, is the most affluent neighbourhood in Abuja and is considered the most expensive district in the city. The area has luxury and ultra-luxury properties like Banana Island, as well as several residential estates too, some of which are owned by notable politicians within the country. In addition, some government agencies also have their head offices located within this affluent district.
Even though both areas are tagged as the most expensive in their own cities, Banana Island still tops Maitama on price. While Maitama is selling at an average of NGN 504,000/sqm, Banana Island is selling at an average rate of NGN 1,228,457/sqm.
The advantageous difference Banana Island has over Maitama is due to more demand in Banana Island, as its location in Lagos is very prime and much sought after by high net worth individuals.
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