World’s Wealthiest Cities Reports 2023, show Lagos as the fourth wealthiest city in Africa, trailing Johannesburg, Cairo, and Cape Town. With rising property and living costs, and expensive estates popping up in all parts of the city, turning Lagos into a mega city has caused an upswing in the cost of property; making this place one of Nigeria’s most expensive cities. This reputation begs the question, What Is The Richest City In Lagos?
Lagos is one of the largest economies in Nigeria and has produced some of the richest people in Africa. The state’s diverse mix of cultures and sufficient business resources have attracted both local and foreign investors. Due to this, Lagos houses a large number of billionaires, millionaires, and expatriates who live in some of the most sophisticated cities within the state.
In Lagos, you can either reside on the Island or on the Mainland. While most residents gravitate towards the glamour of the Island, seduced by the elite status it bestows upon them, aesthetic charm, and budding economic prospects, it is imperative to note that there are outstanding cities on the mainland that rival the cost and quality of life promised on the Island.
7 Richest City In Lagos
1. Eko Atlantic
2. Banana Island
3. Victoria Island
6. Ikeja GRA
The Richest City In Lagos
Lagos is one of the metropolises in Africa that has contributed the highest growth in the number of millionaires on the continent. In this section, we explore the richest city in Lagos, where the richest people in this state are known to live, and houses go for prices that’ll make your jaw drop.
1. Eko Atlantic
Eko Atlantic is the number 1 richest city in Lagos. It is a smart city built on reclaimed land on the shores of Victoria Island and overlooking the former beachfront of Bar Beach. Atlantic is one of Africa’s most expensive housing projects, with a per square meter of land going for as high as $4,000.
Eko Business District is a strategically placed and distinguished land that features cutting-edge technology. 24/7 infrastructure network, 21st-century communications systems, seamless transportation system, and uninterrupted power supply.
Besides independent power and water supply, Eko Atlantic also has an extensive city-wide road network that makes it the first of its kind in Lagos and the country as a whole.
2. Banana Island
Banana Island is a man-made island shaped like a banana, which was how it got its name. It is split into 536 plots, each one with 100 closes, to enhance its banana shape. This place is mostly known for its riches, contemporary aura, and aesthetically pleasing layout. The Island features well-cut lawns, great roads, serenity, a clean environment, and state-of-the-art facilities.
Banana is one of the most popular areas in the state and by far one of the most expensive to reside in. Celebrities who live here include Kola Abiola, Mike Adenuga, Iyabo Obasanjo, Linda Ikeju, etc. It is packed with millionaires and some of Lagos’ wealthiest families.
In Banana Island, a piece of land sells for $1,01 per square meter, a rented apartment is $65,000 and $80,000, detached houses go for $2.75 million, and a six-bedroom detached house on 2,600 square meters of land, cost around $13 million.
3. Victoria Island
Victoria Island serves as both a residential and commercial area. It is one of the richest cities in Lagos and gathers expensive real estate properties too. Renting a 3-bedroom apartment here can go for up to N800,000,000.
The calibre of people you’ll find in Victoria includes business people, management professionals, executives, and expatriates. VI is also a diplomatic centre that houses several foreign embassies and consulates.
Victoria Island has good hospitals and most international schools in the state are located here too, which is another reason why foreign expatriates love this place.
Dubbed the Beverly Hills of Nigeria, Lekki is another Lagos city situated on Lagos Island. It is the epitome of sophistication and magnificence. This place is regarded as an excellent area to raise children as they will be safe and increase their chances of being friends with children of the wealthy.
Besides these, it is known to be safe, tranquil, serene, and has a well-drawn layout. Lekki has lots of estates, and the type of houses you’ll find here include duplexes, bungalows, serviced apartments, and luxury apartments.
Ikoyi is among the richest city in Lagos. It is an up-market residential Island demarcated by a narrow waterway from Lagos Island to the west and inhabited by expatriates and the elite of Nigerian society.
It is located to the northeast of Obalende at the edge of the Lagos Lagoon and covers the eastern half of Lagos Island. Ikoyi includes newer suburbs such as Banana Island, Parkview Estate, and Dolphin Estate. With its well-tarred roads and excellent layouts, it is one of the most expensive areas to reside.
6. Ikeja GRA
Way before many other districts in this state were developed, Ikeja GRA was said to house some of the richest people in Lagos. Even though Lagos is always bubbling and has a lot happening at once, GRA somehow manages to maintain a serene and calm atmosphere. It is an ideal place to raise children.
Ikeja GRA has well-paved roads, traffic lights, and a steady power supply, which makes it difficult to resist. Most homes here are detached homes, bungalows, serviced apartments, and duplexes. It is presently the most expensive neighbourhood in Lagos Mainland.
Magodo Isheri and Magodo Shangisha are in proximity to the Lagos-Ibadan expressway, which makes these places easily accessible to Lagos Island and the Ikeja Central Business Districts. Known for its ironclad security measures, Magodo is part of the richest city in Lagos.
Although the place has its fair share of traffic, its appeal is untouched, attracting notable public figures who have decided to live in this city. To get into the real estate scene in this area, you’ll need N70 million to secure land.
In Magodo, the value of the properties you’re sold, shows how prestigious the surroundings are, creating a space where exclusivity and modern living blend.