Banana Island, Ikoyi · Lagos
Nigeria’s most expensive address, understood properly.
A working guide to Banana Island: what it costs, how it is run, who it suits, and what to check before you sign.
536 plots
and virtually all of them built
Median flat, for sale
₦1B
Across 3,613 active listings on the island
Median flat rent
₦40M/yr
One-beds start near ₦15M; five-bed duplexes reach ₦90M
For buyers, tenants, and corporate lettings
A man-made island, planned to a standard Lagos rarely gets.
Built by the Chagoury Group with the Federal Ministry of Power, Works and Housing. 1.63 million square metres, 536 plots of 1,000–4,000 sqm, mostly on cul-de-sacs, with residential heights capped at three storeys.
Living on the island
What daily life here actually involves.
BIPORAL, the Banana Island Property Owners and Residents’ Association, enforces estate rules across all 536 plots: security, waste, street lighting, and communal maintenance.
Inside the gate
One entry point, 536 plots, three storeys maximum.
Know the zones before you choose a street.
The numbered avenues form the low-density residential core. Ocean Parade holds the waterfront high-rises. The entrance zone carries the commercial strip and the heaviest internal traffic.
Why buy through us
Banana Island specialists
Lagos · Abuja · International
Verified listings only
CW Real Estate
An address this expensive deserves proper diligence.
We broker sales, lettings and off-plan across Banana Island and the wider Ikoyi corridor. Every listing is confirmed available before we take you out, and we tell you the full cost of occupancy — service charges, BIPORAL levies and diesel — before you commit to anything.
“At these values, the risk is never the price. It is what nobody told you about the property.”
Annual rent range (₦)
Plots on the island
Active listings
Market data
What it costs to be here in 2026.
Entry-level rent, per year
₦15M
A one-bedroom apartment, before service charge.
Top of market, per year
₦90M
Service charge, per year
₦4M–₦10M
BIPORAL levy
Diesel
Maintenance
Grid supply, Band A
20–22 hours of daily grid power, among the highest in Lagos
How buying works
From first enquiry to keys in hand.
Banana Island transactions carry estate-specific steps that do not exist elsewhere in Lagos. We handle them in order.
BIPORAL approval
No surprise costs. No ghost listings.
Every figure is disclosed in writing before you view, and availability is confirmed the same day.
01
Brief and budget
Tell us the bedroom count, whether you need serviced or unserviced, and your total annual budget including service charge — not just headline rent.
02
Verified shortlist
We confirm each property is genuinely still available, then send the full cost breakdown: rent, service charge, BIPORAL levy, caution deposit and agency fee.
03
Viewing and due diligence
We inspect title, estate levy standing, and the drainage profile of the specific street — the island interior drains well, but verification is done per property.
04
Documentation and handover
Caution deposit of 10% and agency fee of 10% are market standard. We manage the lease terms and BIPORAL registration through to handover.
Clients who moved here.
Banana Island FAQs
What buyers and tenants ask us first.
If your question is not covered here, speak to us directly.
How much is rent in Banana Island in 2026?
Roughly ₦15,000,000 a year for a one-bedroom up to ₦90,000,000 for a large five-bedroom duplex. Two-beds sit at ₦27M–₦36M, three-beds at ₦30M–₦60M depending on whether the stock is older interior or fully serviced waterfront. Service charges and generator levies add ₦4M–₦10M a year on top.
Is Banana Island on the Island or the mainland?
Does Banana Island flood?
Can I run a short-let or Airbnb here?
