12th September, 2022
4 minutes, 52 seconds read
It is no news that the residential housing landscape varies largely across the country. Though Nigeria has remained a low-income country since its independence in 1960, its residential market accommodates projects across all residential classifications with a reputation for hosting some of the world’s most expensive estates. In different buckets across the country, one can find residential estates that cater to the affordable, middle-income, deluxe, luxury and even ultra-luxury segments of the market. What is even more interesting is that Nigeria’s ultra-wealthy locations have consistently made it to the global radar of high-end residential markets, becoming case studies for major real estate teaching institutions across the world, including the University of Reading and Havard Business School. We did a deep-dive on 5 of Nigeria’s ultrawealthy projects, and their allure to investors.
➢ Rent and sales prices of apartments across Nigeria’s ultra-wealthy neighborhoods are typically priced in dollars.
➢ Banana Island in Lagos and Maitama in the FCT, Abuja, houses Nigeria’s top 1% and are reputable for being the playground of High Networth Individuals, Expatriates and Nigeria’s Political elites.
➢ Estates in the top 1% category enjoy rare design and functionality privileges including underground power systems, sewerage and security.
NAF Harmony, the restrained zone for the wealthy in Port Harcourt
Harmony Estate in Port Harcourt is developed by The Nigerian Air Force Housing and Construction Company Ltd (NAFHCC), a subsidiary of the Nigerian Air Force Holding Company (NAFHC). NAFHCC according to the Nigerian Airforce was set up to provide ‘’affordable post-service houses that are decently finished, functional and accessible to the personnel of the Nigerian Air Force’’
To date, NAFHCC has built 5 other estates in other parts of the country, including NAF Valley Estate in Asokoro among others. Projects by the NAFHCC are typically 60% occupied by Air Force officers, while 40% are made available for the general public, who are mostly top government officials and expatriates.
The Harmony Estate stands out among other projects in Porthacourt in many ways and is reputed to be one of the most conducive, secure neighborhoods in Port Harcourt with uninterrupted power supply. The average price of a parcel of land in Harmony Estate is ₦133,000 per square meter. The average rental and sales price of a 5-bedroom house in the estate stands at ₦5,000,000 annually and ₦250,000,000 respectively.
Maitama, the Playground of Abuja’s ultra-wealthy
The Maitama District is situated in the North-Eastern part of the Abuja Municipality and is bordered to the South by Aguiyi Ironsi Road and to the North by Murtala Mohammed Way. The area is known for its expansive luxury homes that are also notoriously pricey. Despite the investment requirements, Maitama has a good blend of mixed-use with a lot of commercial activity in squares and independent stores, especially along major streets like Gana Street. Several government parastatals including the Nigerian Communications Commission, National Universities Commission (NUC), Independent National Electoral Commission (INEC), Central Affairs Commission, and National Youth Service also have their headquarters in this region.
A few European and Asian embassies, like those of Spain and Belgium, are also located there. Due to its exclusivity, Maitama is notable for being the playground of the ultra-wealthy people in Abuja who buy apartments and houses there. A notable attraction for rich people in Maitama is the IBB International Golf and Country Club located inside the exclusive Maitama Avenue. The most expensive location in Maitama is the Madeira estate, formerly Shell Imani. The average price of land in Maitama is ₦347,000 per square meter. The average rental and sales price of a 5-bedroom house in the estate stands at ₦18,000,000 annually and ₦455,000,000 respectively.
Asokoro, the rich kids’ domain
Maitama is another upscale residential location in Abuja that is notable for housing the presidential villa. The region has a mix of residential and commercial usage zones and is home to important landmarks like the World Health Organization, the National Intelligence Agency (NIA), the secretariat of the Economic Community of West African States (ECOWAS) and the ECOWAS Park.
High net worth individuals and government officials live in this neighborhood reportedly because of its reputation for security. Its western, southern, and northern boundaries are the Central Business District, Garki Phase 2, and Maitama, respectively. Like Maitama, properties in Asokoro are expensive and typically priced in dollars. The average price of land in Asokoro is ₦142,000 per square meter. The average rental and sales price of a 5-bedroom house in the estate stands at ₦11,000,000 annually and ₦350,000,000 respectively.
Victoria Island, home of the much-revered Eko Atlantic City
Some of Nigeria’s highest-calibre residential developments are located in Lagos’s upper-middle-to-high-income suburb, Victoria Island. In addition to numerous streams and lagoons, it borders the Atlantic Ocean in the south, giving several neighborhood projects a view of a lagoon. An upscale neighborhood with easy access to Ikoyi, Lagos Island, and Lekki Phase 1 is Victoria Island. Several embassies are located in the region, which is the main business centre of Lagos.
Numerous national and international organizations and companies also have their headquarters here. Major commercial developments in Victoria Island include the Nestoil Tower, Churchgate Tower, and Standard Chartered Bank HQ Building, among others. A few sizable leisure and hospitality complexes also include the Twinwaters entertainment Center, Four Points by Sheraton, and the well-known Eko Hotel and Suites. Recently, the area has gained even more prominence, being the home of the popular Eko Atlantic city. The average price of land in Victoria Island is ₦500,000 per square meter. The average rental and sales price of a 5-bedroom house in the estate stands at ₦10,000,000 annually and ₦300,000,000 respectively.
Ikoyi, more specifically, Banana Island
Ikoyi, the wealthiest district in Lagos, and arguably the entire country is primarily populated by high-net-worth individuals, including politicians, corporate executives, and foreign nationals. It is the location of some of Nigeria’s finest business, hotel, and residential structures, including 4 Bourdillon and the upcoming Cuddle project. Across all property typologies, Ikoyi is notably pricey, making it a location that only the ultra-wealthy in Nigeria can afford.
Ikoyi’s residential developments are frequently valued in US dollars, and some of the most well-known in the neighborhood include Cuddle by Cadwell, No. 4 Bourdillon, Tango Tower, and The Ultimate Apartments. Most importantly, however, Ikoyi also houses Banana Island, Africa’s most expensive residential estate. Based on data that we have on BuyLetLive, the average price of land in Ikoyi is ₦950,000 per square meter. The average rental and sales price of a 5-bedroom house in the estate stands at ₦25,000,000 and ₦800,000,000 respectively.
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