AdminBy Elsie Udoh
Lagos is a city full of opportunities, and it’s a place many people want to live. If you’re in Lagos, then you’re either staying on the Island or the Mainland. Prime Business Africa recently broke down what it’s like to live on the Mainland, looking at house rents, proximity to key areas, and more. You can check out that post here.
Join our WhatsApp ChannelBut what’s life like on Lagos Island? Well, that’s a whole different ballgame. Lagos Island is often called the “Highbrow” part of Lagos, and for good reasons. The Island is home to upscale living conditions, luxury apartments, and breathtaking waterfront views, and it is close to the city’s business areas. Of course, all that comes with a price—house rents here tend to be on the higher side.
The cost of rent on Lagos Island varies. While some places will have you spending big, others are a bit more affordable. In this article, we’ll walk you through what rent is like on Lagos Island and the factors that influence the prices.
What to Expect When It Comes to House Rent on Lagos Island
Lagos Island is a desirable location for foreign residents and high-class Nigerians seeking to live closer to the heart of the city. Places like Ikoyi and Lekki offer an upscale environment with a diverse range of properties, including service apartments and luxury houses.
Generally, the rent prices on Lagos Island are higher than in other parts of Lagos, but as with Lagos Mainland, the prices of rent here are influenced by several factors that can make certain areas more expensive than others.
Some of these include:
- Location
- Property Type
- Infrastructure and
- Security
Popular Areas to Rent on Lagos Island
Each area on Lagos Island offers a different lifestyle, housing options, and rent prices, making some more sought-after than others. When deciding where to rent on Lagos Island, some of the factors to consider include the proximity to business areas, quality of infrastructure, security, and accessibility of the area, among others. We will now provide 5 key areas to rent on Lagos Island and analyse how they fit into these factors:
Victoria Island
This is a booming business district with numerous offices and banks. The area is also known for its upscale living with some of the best infrastructure in Lagos, such as well-maintained roads, reliable electricity, and modern amenities like healthcare centres, schools, malls, restaurants, lounges, nightclubs, parks, and recreational centres. You can find malls like La Cubana and Purple Orchid, among others, available to provide you with every convenience you need to make living here a luxury.
Victoria Island is one of the most popular residential areas for workers, providing a high level of security, with many properties having gated entrances, security guards, and surveillance systems. Properties along the Atlantic Ocean offer an amazing view, with a stunning waterfront adding a touch of luxury to the area.
With these offerings, you can expect the rent here to be high, with a 2-bedroom apartment costing between ₦3,500,000 and ₦7,000,000 per annum. Thus, the area largely attracts high-net-worth individuals and foreigners who want to live in a well-respected, upscale environment.
Ikoyi
When it comes to Ikoyi, you are getting a blend of luxury and tranquillity. It houses high-end apartments, gated estates, and exclusive houses. Similar to VI, Ikoyi has well-maintained roads, exclusive clubs, restaurants, parks, schools, hospitals, and high security.
Its proximity to the Lagos Lagoon also allows residents to live in beautiful waterfront apartments with stunning views and a serene atmosphere. Rent in Ikoyi is among the highest in Lagos, with a 3-bedroom apartment costing around ₦10,000,000–₦25,000,000 per year.
Lekki Phase 1
Whether you are a worker or you have a family, Lekki Phase 1 is an ideal area for you with a blend of modern apartments and terraced or townhouses. The average rent for a 2-bedroom apartment ranges between ₦2,000,000 and ₦5,000,000. It also comprises the common features on the Island such as good roads, high security, schools, hospitals, recreational centres, and shopping malls. With Lekki Phase 1, you do not get apartments with waterfront views, but there is a serene environment to make up for it.
READ ALSO: Best Neighbourhoods in Lagos for Remote Workers
Oniru Estate
This is located between Victoria Island and Lekki and is a well-organised neighbourhood with mid-range apartments. Oniru is a well-secured estate with good roads and accessibility to schools and healthcare facilities. It’s perfect for those looking for comfort at a slightly lower price than Victoria Island. Here, rents range from ₦2,500,000 to ₦6,000,000 for 3-bedroom flats.
Banana Island
This is the home of luxury and exclusivity, which attract high-net-worth individuals. You can get a beautiful view of the Atlantic Ocean from your apartment here. A 4-bedroom duplex could cost over ₦30,000,000 per annum, making it accessible only to the wealthy. But of course, you are guaranteed unparalleled security, privacy, and top-notch amenities.
Factors Affecting House Rent on Lagos Island
Now that we’ve seen the popular areas to rent on Lagos Island, let us consider the factors that influence the rent prices in these areas. They include:
Location
On the Island, the closer you are to commercial areas, the higher your rent. For this reason, areas closer to Victoria Island or Ikoyi estates tend to have higher rents due to their central location, desirability, and convenience.
Property Type and Condition
If you are going for a newly built serviced apartment with modern amenities, such as a gym, swimming pool, and backup power supply, it will command a higher price compared to an older, non-serviced apartment. Duplexes also naturally attract a premium due to the additional space and luxury features they provide.
Infrastructure and Accessibility
Rental prices are also influenced by good roads, proximity to major highways, and easy access to essential services like healthcare, schools, and supermarkets. That is why Ikoyi and Victoria Island have more expensive rental properties on the Island.
Security and Amenities
Areas with high security and amenities, such as gated estates, come at a premium. Banana Island, for example, has a very high rental cost because it offers 24-hour surveillance, private access roads, and well-maintained public spaces.
Range of House Rent on Lagos Island
To make it easier to compare, we’ll provide a breakdown of the typical rent prices you can expect on Lagos Island, categorised by property type and location:
| Neighbourhood | 1-Bedroom (₦) | 2-Bedroom (₦) | 3-Bedroom (₦) | Duplex (₦) |
| Victoria Island | 2,500,000 – 4,000,000 | 3,500,000 – 7,000,000 | 6,000,000 – 12,000,000 | 10,000,000 – 20,000,000 |
| Ikoyi | 3,000,000 – 6,000,000 | 7,000,000 – 10,000,000 | 10,000,000 – 25,000,000 | 15,000,000 – 30,000,000 |
| Lekki Phase 1 | 1,500,000 – 3,500,000 | 2,000,000 – 5,000,000 | 3,500,000 – 8,000,000 | 5,000,000 – 12,000,000 |
| Oniru Estate | 2,000,000 – 3,500,000 | 2,500,000 – 6,000,000 | 3,500,000 – 8,000,000 | 6,000,000 – 10,000,000 |
| Banana Island | 10,000,000+ | 15,000,000+ | 25,000,000+ | 30,000,000+ |
It’s important to note that these prices may fluctuate based on demand, inflation, or changes in government policy. The growth of companies and infrastructural projects such as the Eko Atlantic City, Lekki Free Trade Zone, and the proposed Fourth Mainland Bridge are also expected to bring in a rise in the house rent on Lagos Island, so if you are looking to relocate to the Island, you might need to act quickly.
Frequently Asked Questions
1. What is the average rent for a 2-bedroom apartment on Lagos Island?
The average rent for a 2-bedroom apartment on Lagos Island varies by area but typically ranges between ₦2,500,000 and ₦7,000,000 per annum.
2. Is Lagos Island more expensive than the Mainland?
Yes, house rents on Lagos Island are generally higher than on the Mainland due to its prime location, better infrastructure, and proximity to business hubs.
3. How can I find affordable housing on Lagos Island?
To find affordable housing, consider checking out areas like Lekki Phase 1 or Oniru, which offer more reasonably priced apartments compared to Ikoyi or Victoria Island. You can seek help from reputable real estate agents to find the area and apartment that work well with your budget and preferences.
Conclusion
So there you have it—a detailed analysis of what the house rent on Lagos Island is like. Do you think you are ready to make the move to the Island? Well, your income and budget would determine that. If you are a high-income earner, then luxury estates like Banana Island are available for you, but for middle-income earners, areas like Lekki Phase 1 and Oniru would be a more suitable option.
Remember that the rent varies widely based on location, property type, and available amenities. With a bit of research, you’ll be able to find an area that fits your budget, is close to your work area, and provides you the comfort you seek on the island.
