Ikoyi is known for being one of the most affluent areas in Lagos, Nigeria. It is a popular destination for expatriates, wealthy individuals, and families seeking luxury homes, premium amenities, and top-notch services. If you’re considering renting OR buying a house in Ikoyi, you may be wondering how much you should expect to pay compared to other areas in Lagos and Nigeria. In this blog post, we’ll explore the cost of house rent in Ikoyi compared to the rest of Lagos and Nigeria.
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Ikoyi: The Cost of Living in Luxury
It’s no secret that living in Ikoyi comes at a premium cost. The area is known for its upscale housing, high-end restaurants, luxury boutiques, and excellent amenities. According to data from Nigerian Property Center, the average cost of a 3-bedroom apartment in Ikoyi is about ₦9,000,000 ($22,000) per year. However, the actual cost of rent can vary significantly depending on various factors such as the location, the type of property, the number of bedrooms, and the quality of the amenities.
Compared to Other Areas in Lagos
While Ikoyi is known for its opulence, it is not the only area in Lagos that offers high-end housing. For instance, other areas such as Victoria Island and Lekki Phase 1 are also known for their luxury homes and amenities. According to data from Nigerian Property Center, the average cost of a 3-bedroom apartment in Victoria Island is about ₦6,500,000 ($16,000) per year, while the average cost of a 3-bedroom apartment in Lekki Phase 1 is about ₦4,000,000 ($9,800) per year. This means that while Ikoyi is more expensive than these areas, it is not the most expensive area in Lagos.
Compared to Other Cities in Nigeria
When compared to other cities in Nigeria, the cost of rent in Ikoyi is significantly higher. For instance, in Abuja, the capital city of Nigeria, the average cost of a 3-bedroom apartment is about ₦4,500,000 ($11,000) per year. In Port Harcourt, the average cost of a 3-bedroom apartment is about ₦2,000,000 ($4,900) per year. This means that Ikoyi is considerably more expensive than other cities in Nigeria.
The Benefits of Renting a House in Ikoyi
Despite the high cost of rent, many people choose to rent houses in Ikoyi because of the many benefits that come with living in this area. These benefits include:
- Premium amenities: Ikoyi is home to some of the best amenities in Lagos, including high-end restaurants, luxury boutiques, and top-rated schools.
- Great location: Ikoyi is centrally located, making it easy to access other areas in Lagos, including Victoria Island and Lekki.
- Security: Ikoyi is one of the safest areas in Lagos, with many gated communities, security guards, and surveillance cameras.
Discover Luxurious Living in Ikoyi with Isi Jayne Realtors
In comparison to Nigeria as a whole, Ikoyi’s house rent is about 200-300% higher than the national average. The cost of living in is significantly higher, but the quality of life is also much better with excellent security, infrastructure, and proximity to premium amenities.
If you’re interested in living in Ikoyi, Isi Jayne Realtors can help you find the perfect property that fits your budget and lifestyle. Here are some of our luxurious properties in the area:
3 Bedroom Spacious Luxurious Apartment for Short-Let ₦220,000/per night
This luxurious apartment is perfect for short-term rentals. It boasts a spacious living room, a fully fitted kitchen, and ample parking space. You’ll have access to a 24-hour power supply, security services, CCTV cameras, Wi-Fi, DStv, swimming pool, gym, and housekeeping services.
Luxurious 3-Bedroom Apartment in Banana Island, Ikoyi ₦10,000,000
This stunning apartment in Banana Island features a swimming pool, gym, fully fitted kitchen, and 24-hour power supply. The property also comes with 24-hour professional security service, concierge, elevator, and ample parking space. The rent is N10 million per annum, and the service charge is N3.5 million.
Spacious 1 Bedroom Apartment in the Heart of Ikoyi ₦70,000/ per night
This beautiful one-bedroom apartment is perfect for short-term rentals. The property features a spacious bedroom with comfortable bedding, a fully equipped kitchen with modern appliances, and access to the building’s swimming pool and gym. You’ll also have daily housekeeping services, high-speed WiFi, 24/7 power supply, and professional security services.
