Banana Island, Lagos: The Ultimate 2025 Neighbourhood Guide

by Bright Ugochukwu
Last Updated: Jul 11, 2025

Imagine private marinas, celebrity neighbours, and round-the-clock security—welcome to Banana Island, Lagos’ most exclusive neighbourhood.

This isn’t just another Lagos suburb; it’s a billionaire’s playground, where penthouses fetch ₦5B and privacy is priceless.

But is it right for you?

In this 2025 guide, we reveal:

Who really lives here (and how to join them)
Shocking property prices (rentals vs. buying)
The hidden downsides no one talks about
How to score an off-market deal (hint: connections matter)

Spoiler: Banana Island isn’t for everyone—but if you can afford it, nothing compares.

Key Takeaways

Banana Island is Lagos’ most exclusive and secure neighbourhood, home to billionaires and diplomats.
Property prices range from ₦500M to ₦5B+ for luxury homes and penthouses.
Annual rental income yields 8–12% ROI for investors.
Smart-home apartments and waterfront estates dominate the market.
Living costs include ₦5M–₦20M in annual maintenance fees.
Limited land availability keeps demand—and prices—high.
Ideal for high-net-worth individuals, executives, and long-term investors.
Buying requires due diligence and the help of a specialist agent.

Why Banana Island? Lagos’ Most Exclusive Address

A Glimpse into Banana Island’s Prestige

Banana Island isn’t just a location. It’s a symbol of wealth and high status.

Google Map of Banana Island, Lagos

Tucked off the coast of Ikoyi, this man-made island is often compared to places like Palm Jumeirah in Dubai or Beverly Hills in Los Angeles. It’s home to top Nigerian billionaires, foreign diplomats, and international business moguls.

Home to billionaires, diplomats, and CEOs.

You’ll find the likes of Mike Adenuga and Sayyu Dantata owning properties here. This community is where Nigeria’s elite go to enjoy privacy, exclusivity, and world-class comfort.

Lagos’ safest and most private community.

With a gated entrance, biometric access, and 24/7 security patrols, Banana Island is one of the most secure neighbourhoods in Lagos. It offers peace of mind you won’t get anywhere else in the city.

Feature	Banana Island	Ikoyi
Security	24/7 patrols, biometric access, gated	High, but not as controlled
Privacy	Ultra-private, exclusive access	High-profile, but more public roads
Resident Profile	Billionaires, diplomats, CEOs	Upper-class professionals, executives
Property Type Dominance	Mansions, waterfront estates	Mix of old money homes and new builds
Average Property Price	₦500M – ₦5B+	₦250M – ₦1.5B
Land Availability	Very limited	Limited, but more than Banana Island
ROI Potential	High due to scarcity	High, but slightly more saturated

Table 1: Banana Island vs. Ikoyi – Quick Comparison

Pro Tip: When considering Banana Island, prioritize privacy-facing homes away from the main entrance — they offer even more seclusion and retain value better.

Prime Location & Accessibility

10 mins from Ikoyi, 20 mins from Victoria Island.

Despite its exclusivity, Banana Island is just a short drive from the major business and social districts of Lagos. It’s close enough for convenience, yet far enough to stay serene.

Also, proximity to Eko Atlantic & Lekki Corridor.

With its strategic location, residents have easy access to emerging hotspots like Eko Atlantic City and the bustling Lekki commercial hub.

Pro Tip: Properties with direct access to the island’s waterfront or main boulevard often appreciate faster than those on interior roads.

Property Types & Market Trends (2024)

Luxury Mansions & Waterfront Estates

Average price: ₦500M – ₦5B+.

The cost of owning a home here is not for the faint-hearted. Prices typically range from ₦500 million for smaller luxury homes to over ₦5 billion for custom-built waterfront mansions.

Architectural styles: Modern, Mediterranean, Afro-contemporary.

Expect stunning designs featuring glass facades, rooftop terraces, private cinemas, and infinity pools. Every mansion tells its own story.

Property Type	Average Price Range	Notes
Luxury Mansions	₦500M – ₦5B+	Waterfront views, private pools
High-Rise Apartments	₦200M – ₦600M	Often come with service charges
Duplexes / Townhouses	₦300M – ₦800M	Gated mini-estates within the island
Serviced Penthouses	₦400M – ₦1.2B	Smart-home features, sea views

Table 2: Property Price Ranges by Type

Pro Tip: Invest in modern or Afro-contemporary homes — they appeal more to high-net-worth individuals and international buyers.

High-Rise Apartments & Penthouses

New developments with smart-home tech.

Banana Island isn’t all mansions. Luxury apartments and penthouses are also popular, especially among young executives and expatriates. Developers are now integrating AI-powered security, voice-controlled appliances, and eco-friendly features.

Rental vs. Buying: Which Makes Sense?

Rentals: ₦15M – ₦50M/year.

Short-term and long-term rentals thrive here. Fully furnished units command up to ₦50 million annually.

ROI for investors: 8–12% annually.

With limited inventory and high demand, investors typically enjoy impressive rental yields, especially for shortlets or high-end serviced apartments.

Option	Average Cost	ROI (Annual)	Best For
Renting	₦15M – ₦50M per year	N/A	Expats, short-term residents
Buying	₦500M – ₦5B+	8–12%	Long-term investors, homeowners

Table 3: Rental vs. Buying Summary

In 2022, one of our high-net-worth clients acquired a 4-bedroom waterfront duplex in Banana Island for ₦750M. The property was fully furnished and strategically positioned near the marina.

Within 10 months, we helped convert it into a luxury shortlet listed at ₦250K per night. With consistent corporate bookings and expat clients, the property generated over ₦60M in gross rental income in its first year — a solid 8% ROI after expenses.

The client has since acquired a second unit in the same estate. That’s the kind of performance Banana Island delivers when you buy right and manage smart.

Pro Tip: Shortlet apartments in Banana Island can yield up to 15% ROI annually if properly managed and marketed to expats or executive travellers.

Living on Banana Island: Lifestyle & Amenities

Security & Privacy

24/7 armed patrols, biometric access.

This community has zero tolerance for insecurity. Controlled access, surveillance cameras, and a private security force ensure maximum protection.

Elite Social Scene

Private clubs, yacht parties, gourmet dining.

Banana Island residents enjoy exclusive events, private dining experiences, and high-society social life. From yacht rides to Michelin-level chefs, leisure here is world-class.

Green Spaces & Recreation

Waterfront promenades, private marinas.

Beautifully landscaped parks, walking trails, and well-maintained waterfronts make the neighbourhood perfect for relaxation and wellness.

Challenges & Considerations

Cost of Living

Maintenance fees: ₦5M – ₦20M/year.

Luxury has its price. Residents must factor in high maintenance costs for utilities, security, refuse disposal, and estate dues.

A client who recently moved into a ₦1.2B penthouse was surprised by how quickly costs added up. Between estate maintenance (₦15M), 24/7 diesel-powered electricity (₦5M+ annually), and domestic staff, her running costs in the first year crossed ₦25M.

Thankfully, she was financially prepared, but this is why we always advise clients to plan for the full lifestyle cost, not just the purchase price.

Cost Category	Estimated Annual Cost	Notes
Estate Maintenance	₦5M – ₦20M	Covers security, landscaping, lighting
Utility Bills	₦2M – ₦5M	Power, water, internet
Domestic Staff	₦1.5M – ₦4M	Guards, cleaners, cooks
Waste Management	₦500K – ₦1M	Charged by the estate management

Table 4: Estimated Living Costs on Banana Island

Limited Land Availability

Most plots owned by ultra-high-net-worth individuals.

Land is extremely scarce and mostly passed down, traded privately, or sold off-market. New developments are rare and highly competitive.

Pro Tip: Always ask for a detailed estate management breakdown before purchasing — hidden fees can add up fast.

Is Banana Island Right for You?

Ideal For:

Celebrities, executives, and privacy seekers.

If your lifestyle demands luxury, seclusion, and a high level of personal security, Banana Island is perfect.

Investors targeting long-term appreciation.

Real estate here has consistently appreciated in value over the years. The scarcity and demand ensure that prices rarely drop.

Avoid If:

You need budget-friendly options.

This area is not for budget-conscious buyers. Between buying costs and annual fees, affordability is out of the question.

How to Buy or Rent on Banana Island

Work with a Specialist Agent

Off-market deals dominate—connections matter.

Many listings never hit the open market. Work with a trusted agent who has direct access to landlords and property owners.

One of our buyers was looking for a modern smart home but didn’t find anything suitable online. Through our insider network, we secured an off-market 5-bedroom villa with waterfront access.

The seller didn’t want to list publicly, but because we had direct access, the buyer got it for ₦100M below the asking price. In Banana Island, the best deals rarely make it to the open market.

Due Diligence Tips

Verify titles with Lagos State Land Bureau.

Because of the high value involved, ensure all documents—like C of O or Governor’s Consent—are verified with proper land registry checks. Don’t take any agent’s word for it.

Pro Tip: Avoid agents who promise deals without documents — every legitimate Banana Island transaction should be verified through the Lagos State Land Bureau.

Conclusion

Banana Island is more than a neighbourhood. It’s a lifestyle, a statement, and a long-term asset. Whether you’re looking to invest, live, or simply understand the high-end real estate market in Lagos, this guide gives you a clear, expert-backed roadmap.

If you’re serious about owning a piece of this elite island, partner with a knowledgeable real estate agent who can help you navigate its exclusive and private market. You deserve nothing but the best.

Ready to explore Banana Island properties? Contact Oparah Realty today – your trusted partner for luxury living in Lagos.