Devaluation, surging land prices etc., is driving artificial residential yields in the highbrow Banana Island (2021)

Banana Island is a  high-end residential neighborhood within Ikoyi that has also seen some commercial activity and is emerging as a key consideration for corporates to locate their offices. It is home to some of Nigeria’s Ultra-wealthy and is infamous for high land and home prices. Though within a bottleneck, the estate is easily accessible to other estates and major roads within the Ikoyi neighborhood, including Parkview Estate, Osborne Foreshore Estate and Bourdillon Road, and Alexander Road. The name originated from its Banana shape, and it is surrounded by the Lagos Lagoon and the Five cowries creek. Banana Island is an initiative jointly developed by the Lebanese-Nigerian Chagoury Group; Hi-Tech Construction and the Nigerian Federal Ministry of Works and Housing. 

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