Ikoyi, Victoria Island,Government Reservation Area in Ikeja, Lekki-Ajah and Magodo are the most expensive residential areas in Lagos State, an investigation by THE PUNCH has revealed.

The rent for a luxury three-bedroom flat in Ikoyi is between $45,000 and $80,000(N5.2m and N9.3m) per annum. Five years ago, it was between $10,000 and $30,000 (N1.16m and N3.5m) per annum.

An acre (six standard plots) in Banana Island, Parkview Estate and Osborne road in Ikoyi now sells for between N400m and N450m. Five years ago, it sold for between N50m and N150m.

The average current rent of a wing of duplex in Victoria Island is between N5m and N15m per annum, depending on its location and facilities. Five years ago, a duplex went for between N1.8m and N2.2m.

An acre in Victoria Island sells for as much as N100m now as against N30m and N40m five years ago.
The rent in Ikeja GRA, however, has not increased significantly over a five-year period. A wing of duplex is leased in the area for between N1.5m to N2m per annum. The figure in 2002 was between N800,000 and N1m.

The GRA has managed to retain its allure to property investors. An acre there costs between N250m and N300m. Five years ago, N100m would have been enough to buy the same size of land.

Read more: http://www.punchontheweb.com/Articl.aspx?theartic=Art2008011432015

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