Lagos Island, Lagos – The Ultimate Insider Tour for Homebuyers & Investors
by Bright Ugochukwu
Last Updated: Jul 27, 2025
Lagos Island is the beating heart of the Lagos real estate market.
If you’re looking for where luxury, business, and lifestyle collide, Lagos Island is the address you can’t afford to ignore.
From waterfront high-rises in Ikoyi to the buzzing business centres in Marina, Lagos Island is more than just a location—it’s a status symbol.
But is it right for you?
In this detailed guide, we’ll break down everything you need to know—from:
- property prices,
- lifestyle,
- investment ROI, to the
- top areas to live.
Whether you’re a first-time investor, relocating executive, or simply Lagos-curious, this guide is your shortcut to smart decision-making.
Key Takeaways
- Lagos Island includes Ikoyi, Victoria Island (VI), and Marina — Lagos’s most prestigious zones.
- It’s a prime location for luxury living, commercial growth, and high real estate ROI.
- Ikoyi offers elite gated communities like Banana Island, ideal for high-net-worth individuals.
- Victoria Island blends business and leisure, with strong rental income potential.
- Marina holds historical and commercial value, perfect for long-term investors.
- Property prices range from ₦60M in Marina to ₦600M+ in Ikoyi luxury condos.
- Shortlet and rental investments in Ikoyi and VI can yield up to 18% ROI annually.
Introduction to Lagos Island
Where is Lagos Island Located?
Lagos Island is located in the southwestern part of Lagos State, Nigeria.
It’s bordered by Ikoyi to the west, Victoria Island to the south, and connected to the Mainland via the Carter Bridge, Eko Bridge, and Third Mainland Bridge.
Geographically, Lagos Island is a peninsula surrounded by the Lagos Lagoon and the Atlantic Ocean, making it a hotspot for high-value waterfront properties.
Google Map of Lagos Island, Lagos
A Brief History of Lagos Island
Lagos Island was the original settlement of the Lagos Colony, formerly called “Eko” by the indigenous Yoruba people.
It later became the colonial seat of government under British rule. Over the years, it has evolved into Nigeria’s commercial hub, housing some of the country’s oldest banks, courts, and trading centres.
Today, it blends colonial charm with modern sophistication, making it a prime destination for property buyers and investors.
Why Choose Lagos Island?
Unmatched Business & Commercial Opportunities
If you’re a business owner or corporate professional, Lagos Island places you at the center of Nigeria’s financial district. It houses the Nigerian Stock Exchange, First Bank HQ, and numerous multinational firms.
According to the Lagos State Ministry of Agriculture, Lagos State is Nigeria’s commercial hub, accounting for over 50% of the country’s non-oil GDP, more than 80% of foreign trade, and generating over 50% of the country’s port revenues.
Luxury Living at Its Finest
Lagos Island offers a premium lifestyle: high-rise apartments with sea views, gated estates, swimming pools, private gyms, and concierge services.
It’s NO surprise that Ikoyi and Victoria Island are consistently rated the most expensive neighbourhoods in Nigeria.
Pro Tip: Waterfront properties in Ikoyi and VI have the highest appreciation rate and are perfect for long-term investment or shortlet income.
Proximity to Key Landmarks
Want quick access to work in Victoria Island or play in Lekki? Living on Lagos Island cuts out long commute times.
You’re within 10–20 minutes of Ikoyi, VI, Marina, and major express routes—an absolute game-changer in Lagos traffic.
Top Residential Areas on Lagos Island
Let’s break down the neighbourhoods:
Marina – The Historic Heartbeat
This is the old soul of Lagos Island, rich with heritage and commerce.
Average Property Prices in Marina
- 2-Bedroom Flat (Old Building): ₦60M–₦80M
- Mixed-use Buildings: ₦150M–₦300M
| Property Type | Price Range (₦) | Notes |
|---|---|---|
| 2-Bedroom Flat | ₦60M – ₦80M | Older colonial-style buildings |
| 3-Bedroom Apartment | ₦90M – ₦120M | Limited availability |
| Commercial Spaces | ₦150M – ₦300M+ | Depends on location and road access |
| Mixed-Use Buildings | ₦200M – ₦400M+ | High demand from investors & developers |
Table 1: Average Property Prices in Marina
Notable Landmarks
- CMS Bookshop (Nigeria’s oldest bookstore)
- First Bank HQ
- Tinubu Square
- Freedom Park
Ideal for: Investors in commercial real estate, professionals working downtown.
Ikoyi – The Epitome of Luxury
This is Lagos’ most exclusive neighbourhood. Think mansions, embassies, expats, and old money.
Gated Communities & High-End Apartments
- Banana Island
- Parkview Estate
- Bourdillon Road Apartments
These areas offer 24-hour security, smart homes, swimming pools, fully serviced estates, and backup power.
| Estate / Community | Property Type | Price Range (₦) | Key Features |
|---|---|---|---|
| Banana Island | Detached Duplex | ₦600M – ₦1.5B | Sea views, 24/7 security, elite neighbours |
| Parkview Estate | 4-Bedroom Duplex | ₦450M – ₦700M | Good roads, central location |
| Bourdillon Road Apartments | Luxury Flats | ₦300M – ₦600M | High-rise buildings with elevators |
| Osborne Foreshore Phase II | Semi-Detached Duplex | ₦350M – ₦500M | Popular with expats and executives |
Table 2: Gated Communities & Price Range in Ikoyi
Pro Tip: When buying in Ikoyi, prioritise properties with full documentation, such as Governor’s Consent or Certificate of Occupancy (C of O), to protect your investment.
Lifestyle & Exclusivity Factors
Living in Ikoyi gives you privacy, prestige, and peace of mind. The streets are clean, and the environment is serene. It’s also just minutes away from VI and Lekki.
Ideal for: High-net-worth individuals, foreign investors, CEOs.
Victoria Island (VI) – Where Business Meets Leisure
Known for its dual personality—corporate by day, vibrant by night.
Commercial vs. Residential Zones
- Commercial: Adeola Odeku, Ozumba Mbadiwe
- Residential: Akin Ogunlewe, Ligali Ayorinde
Residential VI offers high-rise apartments, luxury condos, and serviced flats.
| Zone Type | Notable Streets | Common Property Types | Key Activities |
|---|---|---|---|
| Commercial | Adeola Odeku, Ozumba Mbadiwe | Office blocks, malls, hotels | Banking, tech, retail |
| Residential | Akin Ogunlewe, Ligali Ayorinde | Apartments, duplexes, condos | Living, shortlets, gated estates |
Table 3: Residential vs. Commercial Zones in Victoria Island
Pro Tip: Mixed-use buildings in Victoria Island let you rent out office space below and live above—perfect for entrepreneurs.
Waterfront Properties & Nightlife
You’ll find beach-view apartments, boat clubs, and top-rated nightclubs. VI is perfect if you want to work hard and unwind harder.
Ideal for: Young professionals, entrepreneurs, party lovers.
Lifestyle & Amenities
Best Shopping Destinations
- Eko Mall (Oniru)
- The Palms Shopping Mall (VI)
- Lekki Phase 1 Markets (15 mins away)
These malls offer everything from luxury fashion to groceries and electronics.
| Place Name | Category | Location | Highlights |
|---|---|---|---|
| Eko Mall | Shopping Mall | Oniru, VI | Designer stores, cinema, restaurants |
| The Palms | Shopping Mall | VI (Lekki border) | Groceries, fashion, lounges |
| Shiro Restaurant | Fine Dining | Landmark Centre, VI | Asian fusion, luxury décor |
| Hard Rock Café | Entertainment | VI | Waterfront dining, live music |
| Bay Lounge | Nightlife/Bar | Lekki Phase 1 | Sea view, cocktails, weekend vibes |
Table 4: Shopping & Entertainment Hotspots on Lagos Island
Fine Dining & Entertainment Hotspots
- Shiro (Asian fusion, VI)
- The Grill by Delis (Ikoyi)
- Hard Rock Café
- Bay Lounge, Atmosphere Rooftop
You’re spoiled for choice when it comes to restaurants, lounges, and cinemas.
Top Schools & Hospitals
- British International School, VI
- Lagos Preparatory School, Ikoyi
- Reddington Hospital
- George’s Memorial Medical Centre
Families enjoy access to international-standard education and healthcare within a few kilometres.
Transportation & Connectivity
Road Networks & Traffic Insights
Yes, Lagos traffic is real. But on the Island, you’re close to major roads like:
- Lekki-Epe Expressway
- Third Mainland Bridge
- Ozumba Mbadiwe Avenue
Pro Tip: Living closer to major bridges (e.g., Oniru, Lekki Phase 1, or Ozumba Mbadiwe) helps you avoid traffic and shorten your daily commute. Try to schedule movement outside rush hour (6–9 AM, 4–7 PM).
Ferry Services & Waterways
The Lagos State Waterways Authority (LASWA) operates ferries from:
- Ikoyi to Marina
- VI to Apapa
- Lekki to CMS
This is an excellent alternative to road congestion.
Real Estate Market Overview
Current Property Trends (2025)
According to an insider report, Lagos Island properties have appreciated 10–15% annually in the last 3 years, driven by:
- Infrastructure upgrades
- High demand for serviced apartments
- Increased offshore investment
Price Ranges for Apartments vs. Estates
| Area | 2-Bed Flat | Duplex (4-Bed) | Luxury Condo |
|---|---|---|---|
| Marina | ₦60M – ₦80M | ₦120M+ | Not common |
| Ikoyi | ₦180M+ | ₦350M – ₦700M+ | ₦500M – ₦1.2B+ |
| Victoria Island | ₦150M – ₦220M+ | ₦300M – ₦500M | ₦400M – ₦800M |
Table 5: Current Property Prices (2025)
Investment Opportunities & ROI Potential
Based on recent market analysis, here’s how returns on real estate investments compare across top-performing Lagos neighbourhoods.
- Shortlet rentals yield 12–18% annually in Ikoyi and VI.
- Land banking in VI and Banana Island has returned over 30% appreciation in 5 years.
- Commercial buildings on Marina offer consistent rental income.
Pro Tip: Shortlet rentals in VI and Ikoyi can yield 12–18% annual ROI—ensure the property is fully serviced and Airbnb-compliant.
Pros & Cons of Living on Lagos Island
Here’s a quick breakdown of the key advantages and potential drawbacks:
| Pros | Cons |
|---|---|
| Prestige and luxurious living | High cost of property and lifestyle |
| Proximity to business districts | Traffic congestion during peak hours |
| Top-rated amenities and schools | Some areas are prone to flooding |
| Excellent investment opportunities | Noise pollution in commercial zones |
Table 6: Pros & Cons of Living on Lagos Island
In early 2021, Chuka, a tech entrepreneur based in Abuja, was constantly flying to Lagos for client meetings. He quickly noticed how much he was spending on hotel stays in Victoria Island. That’s when he decided to buy a 2-bedroom apartment in VI for ₦130 million.
With a few modern upgrades, smart TVs, POP ceilings, and a minimalist interior, he listed the unit on Airbnb and Booking.com. Within a year and a half, the shortlet earned over ₦50 million in revenue from corporate clients and weekend tourists.
By 2023, the property’s value had jumped to ₦180 million. Chuka sold it and made a tidy 40% return. He now owns two more shortlet units, one in VI, the other in Ikoyi, and calls Lagos Island the “heart of smart property investing in Nigeria.”
Is Lagos Island Right for You?
Ideal For:
High-Net-Worth Individuals
If you’re seeking premium real estate with status and privacy, Ikoyi or Banana Island is the perfect match for you.
Corporate Professionals
Working in VI or Marina? You’ll drastically cut your commute time and live in comfort and convenience.
Alternatives to Consider
- Looking for more affordable luxury? Try Lekki Phase 1.
- Want peace and space? Consider Ikeja GRA on the Mainland.
Pro Tip: Explore our complete guides to Lekki and Mainland Lagos for comparisons.
How Oparah Realty Can Help
At Oparah Realty, we don’t just help you buy property—we help you buy smart.
Our Lagos Island Property Portfolio
From luxury shortlets to off-market waterfront estates, our listings cover:
- Ikoyi mansions
- VI apartments
- Marina commercial spaces
Personalised Search Assistance
Tell us what you need. We’ll match you with:
- Verified listings
- Legal assistance
- Negotiation support
- Investment guidance
Book a free consultation with our Lagos Island specialists today.
Final Thoughts
Lagos Island isn’t for everyone. But if you’re chasing prestige, access, and ROI, it’s hard to beat. Whether you want a home, an office, or an investment, this neighbourhood delivers value and lifestyle in one package.
Let Oparah Realty help you make the right move—because where you live, work, or invest matters.
FAQs
Which areas are under Lagos Island?
Let Lagos Island comprises several distinct neighbourhoods, including Marina, Ikoyi, Obalende, and Victoria Island (VI).
While Victoria Island and Ikoyi are often treated as independent hubs due to their upscale nature, they are geographically and administratively part of the broader Lagos Island division.
These areas are known for their blend of commercial, residential, and historical significance.
How can I locate Lagos Island?
Lagos Island is situated in the southwestern region of Lagos State, bordered by the Lagos Lagoon to the north and the Atlantic Ocean to the south.
It connects to the Mainland via the Carter Bridge, Eko Bridge, and Third Mainland Bridge. It’s a central location accessible by road, ferry, and even private jet helipads in some luxury estates.
Is Lagos Island expensive?
Yes, Lagos Island is one of the most expensive places to live in Nigeria.
Neighbourhoods like Ikoyi and Victoria Island feature premium properties, high-end amenities, and exclusive services. However, investment in this area comes with high returns, prestige, and unparalleled convenience.
How far is Ikeja to the Island?
The distance between Ikeja (Mainland) and Lagos Island is approximately 20 to 25 kilometres.
Depending on traffic conditions, it takes between 30 minutes to 1 hour by car. Travel time may be reduced during off-peak hours or by using water transportation from designated jetties.
Is Lagos Island surrounded by water?
Yes, Lagos Island is a peninsular region surrounded by the Lagos Lagoon, Five Cowrie Creek, and the Atlantic Ocean.
This unique geography gives rise to its abundance of waterfront properties, bridges, and ferry services—making it both scenic and strategically connected.
Is Lagos Island a city or town?
Lagos Island is neither a standalone city nor a town. It is a local government area (LGA) within Lagos State, forming part of the larger metropolitan Lagos.
It houses several key districts and contributes significantly to the urban economy of Nigeria’s commercial capital.
Is Lekki an island in Lagos?
Yes, Lekki is considered part of Lagos Island’s broader coastal region, although it’s often referred to as a distinct urban zone.
Geographically, Lekki is also a peninsula, bordered by the Atlantic Ocean and Lekki Lagoon. It shares many lifestyle and infrastructural similarities with Ikoyi and VI, but caters to a wider range of buyers and investors.
