Taiwo Afolayan
Banana Island is a small man-made island in Lagos’s Ikoyi area that is Nigeria’s equivalent to Paris’s Seventh Arrondissement, San Diego’s La Jolla, New York City’s Tribeca, and Tokyo’s Shibuya and Roppongi.
It’s a millionaires’ paradise, populated by the country’s wealthiest and most well-known families who enjoy its tranquil, peaceful ambiance away from the commotion and congestion of Lagos, the country’s main city and financial center.
It gets its name from its distinctive shape.
Boundaries
The 1.63-million-square-meter sand island in Lagos Lagoon is about 5 miles east of Tafawa Balewa Square, Lagos’ economic and ceremonial hub. It is linked to a network of roadways near Parkview Estate by a dedicated road. First Avenue to the north and Second Avenue to the south converge and run around the perimeter of the building.
Price Points
Real estate rates on Banana Island, like the rest of the country, are based on the valuation of the land, which, according to Roberta Nouboue, managing director of Madingwa Real Estate, is NGN400,000 (US$1,101 per square meter).
Prices for detached properties, which seldom come on the market due to the island’s scarcity, begin at NGN1 billion (US$2.75 million), according to Ms. Nouboue. She stated that the most expensive listing currently on the market, NGN5 billion, is for a six-bedroom detached house on 2,600 square meters of land.
She went on to say that four-bedroom, single-family terrace/townhouses with an average size of 400 square meters and 1,000 square meters of land often cost between NGN350 million and NGN500 million.
She mentioned one current listing for NGN750 million. This is the cost of the twin townhomes on 600 square meters of land.
Ocean Parade Towers, Bella Vista Towers, and Lakepoint Apartments are three significant condo buildings on the island.
“Because land is so limited and so expensive, there are more apartments and terrace houses than detached single-family homes,” Ms. Nouboue explained. “The majority are owned by individuals and rented to tenants who pay NGN25 million to NGN30 million per year.”
She stated that a unit can be purchased for roughly NGN363 million “due of the naira’s depreciation during the last three years. It is unlawful to sell real estate in any currency other than naira.”
Ocean Parade is considered the best of the three condo buildings, she says, because of its many amenities, which include tennis courts, an Olympic-size pool, two gyms, and children’s sections.
Housing Supply
Banana Island was supposed to be an ultra-exclusive enclave of single-family detached estates separated into 535 property plots ranging from 1,000 to 4,000 square meters. The maximum allowed house height was three floors.
The earliest homes were erected on the island’s south side, but as land prices rose over time, high-rise condo projects were developed on the island’s north side, which also houses the area’s commercial corridor. The Adunola, the oldest, and Lakepoint Towers and Desiderata, which were erected in the last two years, are the three mixed-use high-rises.
“The earliest houses were built in traditional British and Dubai styles,” Ms. Nouboue explained. “They are quite extravagant and have lovely gardens.
According to Charles Onyenze, an associate at Knight Frank, buyers have a choice of two- to four-bedroom en-suite flats, maisonettes, and terrace houses. “Typically, a very high percentage of homes are personalized, while a handful are big estates that house a number of prototype houses,” he explained.
Swimming pools, according to Ms. Nouboue, are very popular. She also mentioned that practically every home has a gym.
Apartment buildings, according to Mr. Onyenze, are completely equipped with amenities such as fitted kitchens, walk-in closets, intercom systems, security surveillance systems, and standby generators.
What Makes It Unique
Beauty and seclusion set Banana Island apart.
“Banana Island is a little oasis of tranquility in the heart of boisterous Lagos,” Ms. Nouboue added, adding that the island includes two parks. “It provides security, peace, and seclusion. To access the island, you must first pass through a security barrier. It is strictly by invitation only.”
She went on to say that because there isn’t much traffic, “you may jog in peace.”
According to Mr. Onyenze, the island’s security network, good roads, 24-hour street lights, and proximity to the waters of Lagos Lagoon distinguish it.
It also provides status. “Having a presence on Banana Island indicates your societal class,” he explained.
Amenities of the highest caliber
Although Banana Island’s main street has merely a café, a barbershop, and a large supermarket, Victoria Island’s sophisticated shopping areas and restaurants are only a 12-minute car journey away.
“Victoria Island is similar to Manhattan,” Ms. Nouboue explained.
NOK by Alara, which serves modern African cuisine, Z Kitchen, which serves delicious steaks, and R.S.V.P., which specializes in international foods, are among her favorite places.
“On Friday nights, R.S.V.P. is a terrific spot to go,” she remarked. “It’s classy, and they invite the world’s biggest DJs. There is a pool and they serve cocktails.”
Residents go to Ikoyi, which is five minutes away by vehicle, for art. It is home to Arthouse Contemporary, a local auction house, as well as the Wheatbaker Hotel.
Ikoyi also is a shopping destination. Exclusive shops include the handbag purveyor Zashadu, the high-fashion clothier named for the Nigerian designer Ejiro Amos Tafiri, and the functional/fashionable clothing designs of Grey.
Ms. Nouboue also praised Alara, the Victoria Island shop that celebrates African craft. “It’s a beautiful concept store designed by architect David Adjaye, and it has everything from fashion to furnishings,” she said.
Ikoyi is also a shopping district. Handbag purveyor Zashadu, high-fashion clothier named after Nigerian designer Ejiro Amos Tafiri, and Grey’s functional/fashionable clothing designs are among the exclusive businesses.
Ms. Nouboue also lauded Alara, a Victoria Island shop that promotes African craft. “It’s a lovely concept store developed by architect David Adjaye with everything from fashion to furniture,” she explained.
Ikoyi is also a shopping district. Handbag purveyor Zashadu, high-fashion clothier named after Nigerian designer Ejiro Amos Tafiri, and Grey’s functional/fashionable clothing designs are among the exclusive businesses.
Ms. Nouboue also lauded Alara, a Victoria Island shop that promotes African craft. “It’s a beautiful concept store designed by architect David Adjaye, and it has everything from fashion to furnishings,” she said.
Although Banana Island School, which enrolls boys and girls aged 1 to 5, and Olive Dale Preparatory School, a nursery-through-primary school, are the only ones on the island, Ikoyi is home to a number of excellent schools.
Lagos Preparatory & Secondary School is a co-ed day school for students aged 18 months to over 16 years; the British International School is a British curriculum secondary school for students aged 7 to 13 with a boarding option; and St. Saviours is a British curriculum school for children aged 6 to 6.
“Most schools cease at the elementary level because people send their children to boarding schools in the United Kingdom and the United States,” Ms. Nouboue explained.
“Most of the schools stop at the primary level because people tend to send their children to boarding schools in the U.K. and the U.S.,” Ms. Nouboue said.
Residents also are attracted to the high-tech infrastructure on the island that’s not available in the rest of the country. Banana Island’s electrical and water systems are underground, there’s a central sewage system and treatment plant as well as street lighting and satellite telecommunications networks.
Who Lives There
Banana Island attracts a diverse range of ex-pats from the United States, Britain, Lebanon, India, and France, in addition to Nigeria’s wealthiest citizens. They work for multinational corporations as well as the mega mobile network operator Etisalat Nigeria, Airtel Nigeria, a provider of prepaid, postpaid, and 4G services, the Ford Foundation Nigeria, a nonprofit whose mission is to advance human welfare, and the law firm Olaniwun Ajayi & Co., all of which have offices there.
“A large number of individuals live in high-rise buildings,” Ms. Nouboue explained. “The majority of single-family home owners live here full-time, but they also have houses in the United Kingdom or the United States.”
Notable Residents
Mike Adenuga, the billionaire owner of Globacom, the country’s second largest telecom operator and of the oil exploration firm Conoil, lives on the island, according to Ms. Nouboue and published reports.
So, according to published reports, does Iyabo Obasanjo, daughter of the former president Olusegun Obasanjo; Sayyu Dantata, son of Alhassan Dantata, who, when he died in 1955 was one of the wealthiest men in West Africa; Kola Abiola, the son of the businessman/politician MKO Abiola; identical twins Peter and Paul Okoye, aka P-Square, the Nigerian R&B duo; and Nigerian mega-blogger Linda Ikeji.
Outlook
When Banana Island was built nearly two decades ago, there was no other luxury spot like it in Nigeria, but it now has competition.
Ms. Nouboue said that Eko Atlantic City, a 10-district, 10-square-kilometer luxury high-rise community being constructed on Victoria Island on land reclaimed from the Atlantic Ocean, has created a sea change in the Banana Island market even though only the first buildings have been completed.
“It looks more like Miami, and the ex-pats are starting to like it more,” she said, adding that the project is due to be completed in about 15 years. “As Banana Island did in the beginning, it restricts the types of homes that can be built. Built on a beach, it has water views and roads like those in the U.S. It has not impacted the prices in Banana Island significantly, though the fact that there are more options in the luxury market has definitely reduced the high and fast increase of prices that we could have noticed a decade ago.”
Ms. Nouboue said that the prices at Eko are higher than those at Banana Island, adding that it’s not unusual for a flat to be listed for NGN1billion.
“Banana Island is all about location,” she said. “It offers easier access to the mainland, and it’s closer to the airport. But the habits of people change. Everyone wants smaller homes because their kids leave and more people are selling their mansions to live in three-bedroom flats, where they don’t have to worry about maintenance and using a generator for electricity.”
Mr. Onyenze remains convinced that the “real estate market looks promising in the future, as there are visible signs of massive development in progress.”
He conceded that prices have dropped about 30%, but said that “the economy will improve. It will not be slowed down in perpetuity.”
He said Banana Island’s exclusivity always will remain attractive to “the highest echelon of the society.”
Mr. Onyenze conceded that prices have dropped about 30% in the last three-and-a-half years because of a combination of factors, including the devaluation of the naira, decreased prices for crude oil, inflation, high interest rates, job cuts and divestment by multinational organizations from the Nigerian economy.
But he said that he’s optimistic that “the economy will improve. It will not be slowed down in perpetuity.”
He pointed to recent reports by the National Bureau of Statistics that indicated that the non-oil sector, which includes construction and real estate, grew by 2.05%, and that the Nigerian recession ended in the fourth quarter of 2017.
Given all these factors, he said Banana Island’s exclusivity always will remain attractive to “the highest echelon of the society.”
