Cost of Renting a House or Apartment in Banana Island Lagos

Banana Island, Lagos. The name itself evokes images of luxury, exclusivity, and a lifestyle reserved for the privileged few if you’re considering renting a house or apartment in this prestigious enclave, understanding the cost of renting a house or apartment in Banana Island, Lagos is what you should be interested in.

In this comprehensive guide, we delve deep into the rental market of Banana Island properties in Lagos, equipping you with the knowledge to make informed decisions.

Let’s read on!

Understanding the Rental Market on Banana Island

The rental market on Banana Island is unusual. Unlike mainland Lagos, residences here are primarily high-end mansions with a small number of apartments.

Here is a summary of what you may expect to see in Banana Island, Lagos:

Predominantly Extravagance Houses

Renting a home is the most popular choice on Banana Island. These properties range from opulent mansions with swimming pools and private jetties to beautiful detached homes with groomed lawns.

Limited Apartments

There are some high-end apartments available, but they are far fewer than homes. These apartments are commonly found in elite projects and provide a modern, secure living environment.

High Rentals on Banana Island

Prepare for high rental prices of properties on Banana Island. Banana Island has some of the highest rentals in Lagos Island, which reflect the location’s exclusivity and elegance.

Cost To Rent a Duplex in Banana Island, Ikoyi Lagos

Banana Island offers several rental options. The most expensive homes may fetch up to ₦80,000,000 a year, while the most reasonably priced homes start at ₦9,000,000 annually.

Now let’s get down to the rental cost breakdown, how much does it cost to rent in a duplex in Banana Island? Below, we present a detailed breakdown of what you can expect:

Property Type	swimming Pool	Gym	Luxuriously Furnished	Price Range Annually
3 Bed Room terrace Duplex	Yes	No	No	₦9,000,000 – ₦14,000,000
3 Bed Room Penthouse	Yes	Yes	Yes	₦16,000,000 – ₦18,000,000
4 Bedroom Terrace Duplex	Yes	No	Semi-Furnished	₦14,000,000 – ₦28,000,000
4 Bedroom Semi Detached Duplex	Yes	No	Semi-Furnished	₦16,000,000 – ₦38,000,000
4 Bedroom Fully Detached Duplex	Yes	No	Semi-Furnished	₦35,000,000 – ₦45,000,000
5 Bedroom Fully Detached Duplex	Yes	Yes	Yes	₦65,000,000 – ₦130,000,000
5 Bedroom Penthouse Maisonette	Yes	Yes	Yes	₦40,000,000 – ₦70,000,000
5 Bedroom Semi Detached Duplex	Yes	No	Semi-Furnished	₦25,000,000 – ₦40,000,000

Cost To Rent 2 Bedroom Apartments in Banana Island, Ikoyi Lagos

Depending on the size, features, amenities, and location of the properties, the average cost to rent a two-bedroom flat in Banana Island, Ikoyi Lagos, is:

Average Rent: ₦12,500,000 per year

Price Range: ₦7,000,000 – ₦18,000,000 per year (depending on features and amenities)

Some of these two bedroom apartments in Banana Island come with a gym, swimming pool, Wi-Fi, and chandelier, overall, they are luxuriously furnished, so you would expect a higher rent price on such properties, while others are semi furnished, no pool, gym, Wi-Fi, which will attract lower rent price.

Cost To Rent 3 Bedroom Flats in Banana Island, Ikoyi Lagos

The average cost and price range of renting a three-bedroom apartment at Flats in Banana Island, Ikoyi Lagos, are:

Average Rent: ₦16,000,000 per year

Price Range: ₦7,000,000 – ₦25,000,000 per year (depending on features and amenities)

How Much To Rent A One Bedroom Self-Contained Apartment Units In Banana Island, Ikoyi Lagos

Finding a one-bedroom and a parlor self-contained unit in Banana Island might be difficult.

However, some duplexes and bungalows come with a BQ (Boys Quarters) that the owners may decide to give out for rent, which is essentially a self-contained unit. Prices for such properties are always lower than the standard two or three-bedroom apartments.

The average cost and price range for renting a one-bedroom flat self-contain In Banana Island, Ikoyi Lagos, are:

Average Rent: ₦4,000,000 per year

Price Range: ₦3,000,000 – ₦5,000,000 per year (depending on features and amenities)

Factors Affecting Rental Costs In Banana Island

The cost of renting a house or an apartment on Banana Island is determined by several factors, which we will be looking into:

Property Size and Features: The larger the property and the more opulent the amenities (swimming pool, private jetty, home theater, gym), the higher the rent.

Location: Waterfront properties or those on larger lots tend to attract a higher price.

Furnishing: Lavishly Furnished houses often cost more than unfurnished or semi-furnished ones.

Security features, such as advanced security systems and gated communities, can impact rental prices.

Service Charges: Many properties have mandatory service charges that cover maintenance, security, and waste disposal which may affect the rental prices of those houses.

Agency Fees: If you use a real estate agent to find your rental property, expect to pay an agency fee, which is usually between 10% to 20% of the first year’s rent, and an additional agreement fee, which they call legal fee may also be applicable for the first year.

 All these fees would have impact on the cost of renting the house.

Cautions and Deposits: Most landlords require a security deposit, otherwise known as caution fees upfront, which is typically between 5% to 10% of the first year’s rent.

Why Banana Island?

The allure of Banana Island is one of the reasons people are clamoring to live there.

This exquisite, gated community on a reclaimed island offers unparalleled luxury living. Imagine sprawling estates with waterfront views, world-class amenities, and impeccable security.

Banana Island is a haven for high-net-worth individuals, diplomats, and those seeking an unparalleled lifestyle experience.

Most A-list celebrities live in Banana Island, imagine that your next-door neighbor may be your favorite celebrity.

Some of the reasons you may want to spend so much time living on Banana Island are:

Luxury life: This is the epitome of posh life in Lagos. The package includes grand residences, high-end facilities, and magnificent views.

Security and tranquility: The gated community and island setting create a serene and safe atmosphere away from the noise and bustle of Lagos.

Prime Location: Despite being an island, Banana Island is quite central. It is conveniently located between Victoria Island and Ikoyi commercial sectors, as well as leisure and cultural centers.

Exclusive Community: Living there implies being surrounded by successful individuals. You could like the networking possibilities or just the prestige of being a member of this exclusive group.

Tips for Finding a Rental Property on Banana Island

Work with a Reputable Agent: A professional real estate agent with Banana Island expertise can help you narrow down your search and select a home that suits your demands and budget.

Clarify your requirements: Before you begin your search, decide on your chosen size, location, amenities, and price range.

Consider Long-Term Leases: Landlords may provide minor rent discounts for lengthier lease agreements.

Negotiate: While rent costs on Banana Island are sometimes rather rigid, there may be some space for negotiating, particularly on unfurnished houses.

Conclusion

Renting a house or apartment on Banana Island requires a large financial investment. However, having known the cost of renting a house or apartment on Banana Island Lagos, for individuals wanting unrivaled luxury, exclusivity, and a world-class living experience, these costs may be justified.

This famous island provides a refuge of security, stunning beauty, and access to first-rate services.

By carefully examining your budget and requirements, as well as using the recommendations offered, you can navigate the Banana Island rental market and discover your quiet refuge in the middle of Lagos.

Remember that renting on Banana Island is an investment in your lifestyle. Weigh the cost consequences carefully, but if you want to live in luxury, Banana Island has its unique brand of magnificent living.

FAQs – Cost of Renting a House or Apartment in Banana Island Lagos

How much is one plot in banana island Lagos?

To buy a plot of land in Banana Island, Ikoyi, Lagos you need to have between ₦1,000,000 to ₦2,500,000 per square meter. 

To buy a plot of land in Banana Island which measures 60 x 120 ft (18m x 36m which is 648 sqm), you will have to spend between N648,000,000 to N1,620,000,000.

Which part of Lagos is Banana Island?

Banana Island is located in Lagos State’s Eti-Osa Local Government Area (LGA).

It’s essentially part of Ikoyi, a wealthy area on Lagos’ mainland, but it’s an artificial island separated by water.  Being an island lends it a distinct sense of privacy and exclusivity.

Who owns the most expensive house on Banana Island, Lagos?

According to reports, Nigerian business mogul Mike Adenuga Jr. owns the most expensive house on Banana Island in Lagos.  His residence is reported to be valued at around 80 billion Naira (subject to debate).

Can anybody enter Banana Island?

No, not just anyone can enter Banana Island. Typically, you’d need permission from a resident to be allowed in.

The resident would likely have to contact security and provide your information beforehand.  They might even give you a temporary access code.

What is special about Banana Island?

It represents the height of affluent life in Nigeria. It is home to some of the country’s wealthiest residents and provides a lavish lifestyle complete with magnificent residences, first-rate facilities, and breathtaking sea views.

Being a gated island community provides a quiet and safe setting, in sharp contrast to Lagos’ bustle.

Despite being an island, it is centrally located near Lagos’ economic areas like as Victoria Island and Ikoyi, while maintaining a private and tranquil ambiance.