Banana Island: The Billionaire’s Paradise In Africa

BY Dora Abena Dzaka November 13, 2023 9:43 AM EDT
Photo Source: ownahome.ng

Completed in 2000, the man-made island known as Banana Island, located in the heart of Lagos, Nigeria, is home to the wealthiest families in Africa and is dubbed the “paradise for billionaires.”

The island, situated off the coast of Ikoyi, is a real estate haven and embodies a calm and serene atmosphere. The man-made island is the Nigerian equivalent of Tribeca in New York and the Seventh Arrondissement in Paris.

The area is home to people who value a tranquil lifestyle surrounded by the nation’s wealthiest population. Covering an area of 1.63 million square meters, this sandy island is located in the center of Lagos’ business and ceremonial district.

The best and priciest listings in the market can be found on Banana Island, which is well-connected to Parkview Estate, First Avenue to the north, and Second Avenue to its periphery.

While the island has a café, a large supermarket, and a barbershop to offer services to its residents, you can head to the upscale shopping centers along with Victoria Island, which is similar to Manhattan, with just a 12-minute car ride.

The island is ideal for having late-night peaceful walks and early-morning jogs without any pollutants because it has little to no traffic, world-class roads, 24/7 street lighting, and proximity to the Lagoon waters.

Enjoy the excitement of fantastic restaurants that specialize in foreign cuisine and sophisticated weekend excursions when you book this private luxury retreat.

It has come to be earmarked as the ideal location for art enthusiasts who can visit art-related exhibits and events at the Nigerian National Museum, Wheatbaker Hotel, Arthouse Contemporary, and nearby auction houses.

Furthermore, Ikoyi is a shopping haven with upscale stores like Zashadu, a purveyor of handbags, and high-end apparel lines from Nigerian designers. The Victoria Island store Alara is worth a visit if you want to incorporate some African art into your clothing and home décor. The island is also conveniently located near the airport and easy to reach from the mainland.

The island is also home to a number of excellent educational establishments that provide top-notch extracurricular and academic experiences. There are excellent schools in Ikoyi that offer boarding options, in addition to Banana Island School, which accepts students in the 1–5 year age range, and Olivedale Preparatory School, which serves students in nursery through primary school.

The average price of a houses in Banana Island is ₦750,000,000 and the most expensive house costs ₦6,120,000,000 while the cheapest costs ₦112,000,000. This Island in Lagos State, Nigeria also, plays home to about 36 private jet owners.

Prominent condo complexes, Lake Point apartments, and Bella Vista towers with first-rate features like an Olympic-sized pool, tennis courts, and numerous gyms are available on the island.

Banana Island is home to some of the most exquisite and ultra-exclusive communities, but what really makes the island special is how remote it is. For the wealthy and well-known individuals of Nigeria, it is the ideal solution for an opulent, off-grid lifestyle.

The state-of-the-art infrastructure on Banana Island draws residents who cannot find it elsewhere in the nation. The island offers everything from central sewage systems, sewage treatment plants, satellite telecommunication networks, and subterranean electrical and water systems to steel lightning.

In addition to the wealthiest Nigerians who make Banana Island their haven, the island also sees a large influx of ex-pats from the US, UK, France, and India.

Although the island is not a popular destination for families, it is an ideal place for retirees seeking a luxurious lifestyle away from the bustle of the city.

Despite being around for almost 20 years, Banana Island has not faced any competition in the African real estate market. This is a peace offering for families who can bring their children up surrounded by the most affluent groups in serene surroundings.