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Ikoyi: The Home of Luxury

Ikoyi is an opulent and stylish neighbourhood. It is undoubtedly top on the list of the best places to live in Lagos, Nigeria. Ikoyi is a prime choice for very affluent families in Lagos Island. The neighbourhood is characterized by the presence of plush mansions, exotic cars, excellent transport links. There is no doubt that Ikoyi is one of the most attractive urban centres.

Located in Eti-Osa Local Government Area of Lagos State, Ikoyi is one of the areas in Lagos that sits on an Island. It is sited to the northeast of Obalende and rests at the edge of the Lagos Lagoon. Ikoyi offers some of the most expensive real estates in Lagos. A drive through the neighbourhood reveals luxury at its peak, from top class restaurants, stylish houses, serenity and security. Ikoyi plays home to renowned and prestigious individuals and holds one of the most expensive properties in the Nigerian market.

Once the name “Ikoyi” is mentioned in Lagos, what comes to mind is an exclusive neighbourhood that offers a captivating allure which houses old money, business moguls, expatriate, politicians, celebrities and high net worth individuals. It is therefore incontestible that buying a house in Ikoyi is not for the faint pocket.

Some popular areas in Ikoyi include Awolowo Road, Dolphin Estate, Parkview Estate, Foreshore Osborne Estate as well as the famous Banana Island. Let’s take a tour around Ikoyi and find out what is to love about this fascinating neighbourhood.

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What’s it like to live in Ikoyi?

As stated earlier, Ikoyi is not a neighbourhood for every Tom, Dick and Harry. Living in Ikoyi depicts a level of class, affluence and wealth. The original plan for this axis was to make it a strictly residential community. However, over time, there are now some commercial spheres in the neighbourhood.

Ikoyi is a hub for the haut monde in the Nigerian society. It is no news that prices of houses for sale don’t play around Ikoyi. You mostly find neighbours who are conservative, residents of Ikoyi are accustomed to a certain lifestyle which is majorly as a result of the type of community they live in.

Unlike the typical Lagos neighbourhood, Ikoyi offers a desirable appeal. The neighbourhood is generally serene, calm, safe with luxurious accommodation. Ikoyi doubles as a residential and commercial hub. It is a major business district in Lagos as there are a vast number of thriving businesses with their headquarters housed in the neighbourhood.

Some top companies in Ikoyi include Julius Berger, Intercontinental WAPIC, Federal Inland Revenue Service, Forte Oil, Energy Tranding & Transport Co and much more. One of the advantages of living in Ikoyi is the great networking opportunity as you get to live to next to top politician or business mogul.

Although Ikoyi is majorly a hub for high income earning individuals and families, areas like Obalende as well as Dolphin Estate offers comfortable housing options that can be afforded by middle income earning individuals. Ikoyi is an approximately 17minutes drive away from Victoria Island and about 32minutes  from Lekki Phase 1

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Popular Areas in Ikoyi

Awolowo Road

Awolowo road is a high street in Ikoyi. It is one of the commercial areas in the neighbourhood, the street is hemmed with top-class boutiques and other types of shops. Awolowo Road is undoubtedly one of the fastest developing areas in Lagos, the road is mostly busy as it is in proximity to other top areas such as Victoria Island and Lagos Island.

The area nestles some of the most expensive hotels in Lagos. Asides from being a commercial hub, there are also a couple of residential properties on Awolowo Road. Check out PropertyPro.ng for properties for sale in Awolowo Road, Ikoyi.

Banana Island

Banana Island is a top area in Ikoyi that is at par with top areas in Europe. It is artificial Island which has a curved shaped just like a banana, it that stands above every other location in Nigeria. Banana Island is a neighbourhood for extremely affluential and prominent personalities. There’s no question that Banana Island holds some of the most expensive real estate in Nigeria.  

The island is unrivalled as it was ranked as Forbes ranked it as the most expensive neighbourhood in Nigeria. Banana Island is undoubtedly distinguished from other high-class areas in Lagos such as Victoria Island, Ikeja GRA and Lekki which is still affordable to middle-income earners.

A drive through Banana Island reveals a well planned, built and maintained neighbourhood. The area is properly landscaped providing green space, paved roads, underground water and electricity supply system. The streets are lined with streetlights, top recreational centres and other social amenities.

Some top class citizens who own properties in Banana Island include Mike Adenuga, Iyabo Obasanjo, Kola Abiola, Saayu Dantata, Oluremi Obasanjo. Companies with their regional headquarters housed within Banana Island include Zenon oil, Airtel, Etisalat, Globacom, MTN and many others.

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Parkview Estate

Parkview Estate is a highly respectable suburb of Ikoyi in Lagos. It is in proximity to the popular Banana Island. Although Parkview Estate is mainly a residential hub, there are a few offices and hotels housed within. Such as Parkview Astoria Hotel, Soteria Hotel, Pearl Court Residence& Hotels, among others. The estate is also very secure and offers great ambience and scenery.

Dolphin Estate

Dolphin Estate is also a high-end residential area in Ikoyi. The estate is one of the areas in Ikoyi that offer affordable housing options. It houses a blend of high and middle-income earners. Dolphin Estate is divided into two phases which include Dolphin Estate Phase 1 & 2 as well as Dolphin Estate High-Rise.

The estate is however not as secure as other areas Ikoyi such as Parkview Estate and Banana Island. Some part of the estate also suffers from poor housing structures and poorly maintained amenities as the drainage channels in some parts of the estate are blocked with dirt and stagnant water.

Interesting spots in Ikoyi

Ikoyi offers a vast choice of entertaining spots. Although the neighbourhood is mostly serene and peaceful, however, there are lots of exquisite hang out spots in Ikoyi which keep residents excited. Housed with are some of the finest dining options, expensive hotels, charming pubs and other major attractions.

Some top hotels in Ikoyi are Southern Sun, Hotel Bon Voyage, The Goerge Lagos Hotel, Hotel Moorhouse, The Wheatbaker Hotel. There are also bars and clubs in Ikoyi such as Club 10, The Vault as well as Clube Towers. Other hangout spots include Ikoyi Club, Foreshore Harbours, 1662.

For shopping addicts, Awolowo Road is lined with top boutiques, numerous shopping centres, upscale shops and much more which cater to the needs of residents and visitors. As the most revered neighbourhood in Nigeria, it comes are no surprise that Ikoyi offers a great shopping experience.

House Prices in Ikoyi

For a neighbourhood like Ikoyi, it is expected that prices of properties will be on the high side. Houses for sale in Ikoyi are mostly Duplexes, Detached duplexes, 3 bedroom apartments, Detached houses and the likes.

In areas like Banana Island, Awolowo Road and Parkview Estate, the estimated price of buying a 3 bedroom ranges from N80,000,000 and above, depending on the location. The price of renting a typical 4 bedroom duplex costs as much as N20 million per annum.

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Getting around in Ikoyi

Residents of Ikoyi own some of the most exotic and expensive cars. Most people that live here own a car at the very least. In some parts of Ikoyi, you rarely see people walking as it is an upscale axis which makes owning a car a more convenient means of transportation.

Moving around in Ikoyi is same as seen in most parts of Lagos. For residents or visitors who do not own a car, there are alternative means of moving around in the area. There are commercial buses that are only allowed to ply the major roads, there are also motorbikes popularly known as Okada.

Residents of Ikoyi also use boats as a means of transportation. Although this costs more than regular buses charges, it is a safe and convenient way to move around and sometimes avoid traffic. Residents and visitors use boats mostly when going to areas like Lekki and Victoria Island.

Social Amenities in Ikoyi

Ikoyi lives up to standard as a top residential hub in Lagos. The neighbourhood is lined with essential facilities that enhance the lifestyle in the community. From the presence of great transport links, notable schools, offices spaces, libraries, hospitals and other healthcare centres.

Some outstanding schools in Ikoyi include Greenwood House School, Banana Island School, Brownsville College, Home Science, Corona School and others. There are notable hospitals in Ikoyi such as St. Francois Medical Centre, Ultimate Eye Clinic, Emel Hospital, Best Care Hospital.

Ikoyi gets even more interesting with every turn as it offers some of the finest things of life. Kindly share your experience in Ikoyi with fellow PropertyPro.ng readers.

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