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Ikoyi is the most affluent neighborhood of Lagos, located in Eti-Osa Local Government Area. It lies to the northeast of Obalende and adjoins Lagos Island to the west, and at the edge of the Lagos Lagoon. Popular with the extreme upper class residents of Nigerian society, Ikoyi is arguably the wealthiest community within Nigeria.
Southernsun Ikoyi Hotel
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The area that makes up Ikoyi was originally a continuous land mass with Lagos Island, until it was separated from by a narrow waterway that was dug by the British colonial government. This canal has now been built over or filled so that the island is fused with Lagos Island once again. It has been called the Beverley Hills of Africa or the Belgravia of Lagos.
During the colonial era, the island was developed as a residential cantonment for the expatriate British community and still retains many of the large colonial residences built between 1900 and 1950.
Upmarket residential properties continued to be built after the colonial period, and the Island and its Dodan Barracks became the residence of some of Nigeria's military rulers. Ikoyi now contains many other government buildings as well as businesses, hotels, schools, the famous social club Ikoyi Club, and Ikoyi Golf Club.
One of the main attractions in Ikoyi is Awolowo Road, which is a high street lined with upscale shops and boutiques. Due to its proximity to Victoria Island and Lagos Island, much of Lagos's business tourism is centred on Ikoyi, which has a mix of excellent 4-star hotels.
Owing to recent unrest in the Niger Delta, several oil companies have moved their expatriate staff to Ikoyi. The area is now home to several large luxury apartments, estates, and upscale office developments. Lagos Preparatory School (13+), regarded as Africa's most highly accredited British School, is located in Ikoyi.
Economy and Sites.Edit
The Lagos Jet Ski Riders Club, an elite club for the wealthiest of Nigerians is located in Ikoyi.
Ikoyi Golf Club
Government and infrastructureEdit
The World Health Organisation (WHO) is headquartered in Ikoyi.
The Nigerian Government Presidential Secretariat is headquartered in Ikoyi.
The Deputy-Governor of Lagos State lives in Ikoyi.
All of Nigeria's Billionaires maintain property in Ikoyi.
"Africa's most valuable treasured real estate"Edit
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Ikoyi has some of the most opulent residential facilities in Nigeria, and is thought to have the most expensive real estate on the entire African continent, with the average new apartment selling for US$1.5 million, that can reach as high as $10 million. However, due to the limited available land, many of these are vertical apartment buildings. Houses in Ikoyi are rare and belong only to the ultra-rich. Mike Adenuga, Aliko Dangote, Folrunsho Alakija amongst others hold houses in Ikoyi. A good example of the specification of a house in Ikoyi is that of Alakija, whose residence on the privileged Ikoyi Crescent Road is estimated to have cost $750,000,000.00 to construct. Ikoyi Crescent houses the Consular-General of the United States of America to Nigeria.
Bourdillon Road, Alexander Road and Gerrard Road, is a long stretch of road, that is considered to be the most prestigious not only in Lagos, but in Nigeria. This stretch covers the Embassy of France, Embassy of Iran, Embassy of Iraq, the $3 Billion Lekki-Ikoyi Link Bridge, the Commissioner of Lagos Police, the Deputy-Governor of Lagos State, National Army Headquarters Liaison Office, Federal Secretariat of Nigeria, the Lion of Bourdillion and Nigeria's Most Powerful Man, Saka Tinibu. and the newest addition to the list, Africa's tallest residential building. At 43 floors, apartments in this building start at 6,500 square feet and begin to sell at $10 Million.
Other Luxury Apartment Buildings on this road are: Tango Towers (30 apartments $3m upwards), Mabadeje Plaza (For Rent Only), Luxury Gardens (20 Luxury Apartments $2m Upwards), Titanium Towers(35 Luxury Apartments $7.6m Upwards). It can easily be seen that the prices of these buildings are extremely extravagant, bearing in mind that Nigeria has a pre-mature Real Estate Market, and the resale value for a flat that is not a new build can be less than 45% of the purchase value. Nigerian Banks do not offer Loans or Mortgages for any type of property in Ikoyi, the financial burden of paying the average $32,000.00 annual maintenance fee on a 3-bedroom flat and paying 100% in one go, means that naturally even some wealthy Nigerians cannot afford a residence here.
The rent for a luxury three-bedroom apartment in Ikoyi is between $45,000 and $80,000 annually. Five years ago, it was between $10,000 and $30,000. 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.
This development is a radical departure from Ikoyi's original design, which was originally composed of modest single-family residences with large gardens. Considering the lack of constant electricity, pipe-borne water, and general decay in basic infrastructure that is typical of Lagos, concerns have been raised as to whether Ikoyi has the necessary road and water infrastructure to continue to sustain this type of development.
Ikoyi is one of the regions with the highest amount of rainfall in Lagos, with rain often exceeding 300 cm every year.
|Wikimedia Commons has media related to Ikoyi.|
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- Bing Maps (Map). Microsoft and Harris Corporation Earthstar Geographics LLC.
- "| Where to live in | Wanted in Africa". Lagos.wantedinafrica.com. Retrieved 1 March 2015.
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