Banana Island review/price guide to home ownership or becoming a resident.
Banana Island is a man-made island in Lagos State, Nigeria that is slightly curved in shape – like a banana. It occupies a sand-filled area of approximately 1,630,000 square metres and is divided into 536 plots (of between 1000 and 4000 square metres in size) mainly arranged along cul-de-sacs, so designed to enhance the historically residential nature of Ikoyi.
The Island is well planned with dedicated areas for residential, commercial and recreational activities. It is truly Nigeria’s best luxury and most expensive neighborhood (as well, one of the most expensive in Africa to own a house) with world class utilities including underground electrical systems, an underground water supply network, a central sewage system and treatment plant, street lighting and satellite telecommunications networks.
ACCESSING THE ESTATE
Banana Island has a dedicated road which is linked to the existing road network near Parkview Estate. Residents or visitors can access this road through a single way drive-in known as Turnbull road (first right turn after the Lekki-Ikoyi bridge roundabout if you’re coming from Bourdillon or the link bridge).
Getting to the main entrance gate, residents drive-in via “the residents only lane” with their vehicle sticker access while visitors are only granted pass via the visitors’ lane with a secret passcode (the passcodes are generated hourly). Whether you’re going to the residential or mixed zone, you’ll be required to provide your passcode to another security to confirm your access again.
“Bravo, you’re in finally!” just a few speed bumps and you’ll begin to appreciate the beauty that sets it apart (it is truly a place of unrivalled opulence and grandeur).
Residents in Banana Island enjoy luxuries such as good road layout, underground electrical systems and water supply networks, treatment plant, standard security, constant power, central sewage system, shopping mall and standard playground.
The constant electricity in the estate is a big deal; at the very least there’s 20 hours’ worth of electricity in Banana Island (much thanks to an independent power plant, which directly supplies the estate with electricity).
Again, Banana Island is proof that things can actually function well in Nigeria. All it takes is good vision, proper planning, highly committed/honest individuals and money to execute.
PEOPLE WHO OCCUPY BANANA ISLAND
Aside the great facilities, you’ll also enjoy the company of rich folks and business organizations classified under the following; Top CEO’s, Managing Directors, Executive Directors, Well-paid Expatriate Employees, Government Officials and Multinational Corporations.
OWNING A PROPERTY IN BANANA ISLAND
The cost of housing is a result of many factors. Some of them are the calibre of people living in the estate, its strategic location and premium facilities available.
At present, a square metre in Banana Island within the residential zone is between N800,000/Sqm – N950,000/Sqm while the mixed development zone goes between N700,000/Sqm – N900,000/Sqm (depending on the Title document(s) or a waterfront). Compare this figure to a year ago when it sold for N500,000/Sqm – N550,000/Sqm then you’ll realize there’s been a significant capital growth whilst prices will continue to appreciate given the high market demand.
Undoubtedly, this has automatically affected the cost of housing in Banana Island whether you want to buy outright or you’re just looking to rent for some time.
However you choose to join this exclusive club, you need to be ready to pay (at least you milk it for what it’s worth).
Average price of buying a property in the estate is $500,000 to $5,000,000 depending on the property type, number of bedrooms and what end of the estate the house is located while average price of renting a property in the estate is $22,000 to $150,000 a year. This is excluding a service charge of $7,500 to $16,000.
Property types include: Flats, Penthouses, Maisonettes, Terraces/Townhouses, Detached houses, Semi-detached.
To save significant cost buying property in Banana Island, investors/buyers buy off-plan because purchase prices are much lower than the average (30% - 50% lower) whilst they’ll (investors/buyers) attain strong Capital growth or even resell at a Profit before completion.
Off-plan purchase gives the opportunity to buy the property with convenient deposits and staged payments while the buyer can also have an input into the central décor and general fittings.
For more details, simply Get in touch with us to make your home ownership in Banana Island very successful....