Going by its magnificent edifices and layout, Banana Island in Ikoyi, Lagos is one of the finest in terms of modern engineering, touch and finesse. The architectural masterpieces on the island are a beauty to behold and they dot every nook and cranny of the enclosed estate. From the simple plan storey buildings to the high-rise ones with complex architectural designs, the island is indeed a contemporary residential cum work environment far away from the noisy and maddening world.
The name ‘Banana’ was coined from its shape as its layout is like a banana. However, the estate, which is strictly residential, save for a few commercial activities, prides itself as the most expensive in Nigeria (if not Africa) not only because of the value of the properties there but also the calibre of people who reside there. The estate land is a product of land reclamation done by the Federal Government under a Public-Private-Partnership arrangement. This gives some parts of the estate a water view as there are many waterfronts which add value and make the entire neighbourhood more pleasant.
Besides its structural beauty, going into the environment of luxury, in the first place, is akin to entering into the biblical heaven. Then beating the security mounted at the gate leading to the island is another herculean task. The questioning and probing from the men at the gate tell a lot about their curious and inquisitive nature. It also shows their alertness to any uninvited person to the surroundings. In fact, our correspondents had to rely on the knowledge gained from some of the James Hardly Chase collections abandoned some 20 years ago in order to strategise on how to break through the huge and watertight security presence.
Again, securing accommodation in the place is no child’s play. Whether it is in the Ocean Parade Towers, Bella Vista or some other estates within the island or the bungalows, any interested occupant must be more than ready to spend a fortune to secure accommodation therein.
Saying that only the rich could own or rent a property in the artificial island would just be understating the obvious. It has been alleged that the likes of Mike Adenuga and Iyabo Obasanjo are two examples of some of the most prominent members of Nigerian high society who call Banana Island home.
Of course, to appreciate the enormity of the financial involvement, tidying and sealing up the accommodation deal in the island is not in Nigeria’s local currency, Naira. It is a dollarised transaction. It is therefore not surprising that the island is for the super rich.
Mr. Demola Adetola, an estate surveyor and valuer, readily explained why the rent in the estate is in dollars.
“Well, they charge in dollars but the naira equivalent is also acceptable. The rate of depreciation of the naira is responsible for the preference for the dollar because dollar is more stable. But I know that even though they ask for dollars, if you give them the naira equivalent they will collect it. When currency is not stable, it can affect business projections.”
Indeed, beauty and class do come with a price and most times, the price can be mind blowing.
To rent a three-bedroom flat with a boys quarters and swimming pool in the posh island will cost averagely N9m (as at the time of this report) depending on other facilities the property can boast off.
But in the midst of this material comfort, the few occupants of this estate, (yes a handful of residents) tucked far away from the boisterous city of Lagos, lead a life of isolation and loneliness. There is no market, drinking joint or suya spot in the bourgeoisie estate.
But Adetola says this is what makes the estate special.
“The nearness of the island to Ikoyi is a plus. The estate is well laid out and planned. The facilities there and essentially, most of the residents are high net-worth individuals and expatriates. The estate offers the kind of environment that most of the expatriates have been used to overseas, and it is not a slum or crowded. So, they like to live in a place that has the kind of serene atmosphere they have there.”
But the son of one of the landlords in the island, who strongly refused his name to be mentioned in print, said that he wished his father didn’t own a house in the island.
The twenty-eight year old London University graduate said life in the estate can be very lonely and lifeless.
“You hardly see your neighbour. You come in and you stay on your own. There is no fun. You cannot play music ‘anyhow’. You just cannot live a normal life here. I tell you, I wish my father didn’t own a property here. I know I am not going to live here forever anyway. This place is just meant for old men and women who desire to retire and live a quiet life,” he said.
Another resident, Tina’s own grouse with the estate, is the lack of petty shops and mini markets.
“If you run out of matches, you cannot run across the road to get one. If your child needs to eat biscuit, you just can not go to a ‘mallam’ to get one. Some people might think such petty shops are not needed but from experience since I moved into this island, I have come to realise that it is very necessary. It is not every time I would remember to buy everything in bulk from town. But I learnt that once the estate is fully developed, we wouldn’t lack anything,” she assures herself.
Another resident, John, who our correspondent met as he was taking a walk on the island, said he had no choice but to live there since he still lives with his parents.
Since our correspondent posed as someone in search of accommodation, John quickly offered some suggestions while revealing that it wouldn’t be a problem since there were lots of vacant property on the island.
John would later disclose that the high rent was what has probably ‘chased’ some potential tenants away.
“It is so high. My parents are expatriates here and the company pays the rent. But I gathered from friends that this place is almost empty because of the high rent. I have lived in other parts of Lagos and some are as beautiful as this but none of them lacks fun and life as this place,” he said.
John wasn’t far from the truth anyway. The estate is not lively, (at least at the moment) for most of the houses are vacant. The very visible ‘to let or buy’ posters on all the vacant property are yet to attract any would-be tenant or potential buyer.
But for Mr. Douglas Okoye, another estate surveyor and valuer, most of the residents chose to live on the island primarily because of the serenity and quietness.
“Most people prefer the estate now because of the quietness and the security. The vacancy there has not affected the letting of property. It might be that the specifications of the property here may not meet the demands of people who are willing to have houses here. I don’t think it is restricted to Banana Island alone; it’s everywhere. People might not be rushing to rent or buy the houses here but there are transactions still going on there from time to time,” he said.
A resident, who chose to be anonymous for “security reasons” didn’t seem to agree with the likes of John. He said the island is primarily meant for only those who can afford it, no half measures.
“The price cannot scare the people who can afford it; it can only scare those who cannot afford it, and I don’t think the price is that high considering the benefits that residents enjoy. The rate of return on investment here is high and very good,”Adetola said.
Mr. Mutiu Balogun, another Estate Surveyor and Valuer agrees with Adetola but not without adding, “People are willing to buy or rent if they see what they want. If you have a good apartment that meets your demand, you will rent. In fact, land is very scarce now as there are not too many plots of land for sale, most especially smaller plots.
“Most of the houses for sale that remain unsold might be due to such things as small land area. And for anybody that wants to stay in Banana Island, such persons want space, peace and comfort. Imagine you buy a house for N350m to N400m and you won’t be able to pack more than two cars because you have a small compound, it will not be fair. People want comfort, so, the calibre of the people staying there are rich people who cannot afford to stay in a tight apartment or park their cars outside. I feel inadequacy of space is a contributory factor that makes some property stay in the market without being taken.”
Development in the area is relatively slow and Adetola gave reasons for this.
“Slow pace of approving building plan by the government, cost of construction, bad economy which does not enable property developers to have access to development loans and high cost of regularisation of titles all contribute to the slow development. For example, in Parkview Estate, you are expected to pay about N20m for the regularisation of your titles excluding the payment for building plan approval and other expenses. There is still the spill-over effect of the last recession because, usually, property market is the last to be affected by recession and the last to come out of it.”
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The name ‘Banana’ was coined from its shape as its layout is like a banana. However, the estate, which is strictly residential, save for a few commercial activities, prides itself as the most expensive in Nigeria (if not Africa) not only because of the value of the properties there but also the calibre of people who reside there. The estate land is a product of land reclamation done by the Federal Government under a Public-Private-Partnership arrangement. This gives some parts of the estate a water view as there are many waterfronts which add value and make the entire neighbourhood more pleasant.
Besides its structural beauty, going into the environment of luxury, in the first place, is akin to entering into the biblical heaven. Then beating the security mounted at the gate leading to the island is another herculean task. The questioning and probing from the men at the gate tell a lot about their curious and inquisitive nature. It also shows their alertness to any uninvited person to the surroundings. In fact, our correspondents had to rely on the knowledge gained from some of the James Hardly Chase collections abandoned some 20 years ago in order to strategise on how to break through the huge and watertight security presence.
Again, securing accommodation in the place is no child’s play. Whether it is in the Ocean Parade Towers, Bella Vista or some other estates within the island or the bungalows, any interested occupant must be more than ready to spend a fortune to secure accommodation therein.
Saying that only the rich could own or rent a property in the artificial island would just be understating the obvious. It has been alleged that the likes of Mike Adenuga and Iyabo Obasanjo are two examples of some of the most prominent members of Nigerian high society who call Banana Island home.
Of course, to appreciate the enormity of the financial involvement, tidying and sealing up the accommodation deal in the island is not in Nigeria’s local currency, Naira. It is a dollarised transaction. It is therefore not surprising that the island is for the super rich.
Mr. Demola Adetola, an estate surveyor and valuer, readily explained why the rent in the estate is in dollars.
“Well, they charge in dollars but the naira equivalent is also acceptable. The rate of depreciation of the naira is responsible for the preference for the dollar because dollar is more stable. But I know that even though they ask for dollars, if you give them the naira equivalent they will collect it. When currency is not stable, it can affect business projections.”
Indeed, beauty and class do come with a price and most times, the price can be mind blowing.
To rent a three-bedroom flat with a boys quarters and swimming pool in the posh island will cost averagely N9m (as at the time of this report) depending on other facilities the property can boast off.
But in the midst of this material comfort, the few occupants of this estate, (yes a handful of residents) tucked far away from the boisterous city of Lagos, lead a life of isolation and loneliness. There is no market, drinking joint or suya spot in the bourgeoisie estate.
But Adetola says this is what makes the estate special.
“The nearness of the island to Ikoyi is a plus. The estate is well laid out and planned. The facilities there and essentially, most of the residents are high net-worth individuals and expatriates. The estate offers the kind of environment that most of the expatriates have been used to overseas, and it is not a slum or crowded. So, they like to live in a place that has the kind of serene atmosphere they have there.”
But the son of one of the landlords in the island, who strongly refused his name to be mentioned in print, said that he wished his father didn’t own a house in the island.
The twenty-eight year old London University graduate said life in the estate can be very lonely and lifeless.
“You hardly see your neighbour. You come in and you stay on your own. There is no fun. You cannot play music ‘anyhow’. You just cannot live a normal life here. I tell you, I wish my father didn’t own a property here. I know I am not going to live here forever anyway. This place is just meant for old men and women who desire to retire and live a quiet life,” he said.
Another resident, Tina’s own grouse with the estate, is the lack of petty shops and mini markets.
“If you run out of matches, you cannot run across the road to get one. If your child needs to eat biscuit, you just can not go to a ‘mallam’ to get one. Some people might think such petty shops are not needed but from experience since I moved into this island, I have come to realise that it is very necessary. It is not every time I would remember to buy everything in bulk from town. But I learnt that once the estate is fully developed, we wouldn’t lack anything,” she assures herself.
Another resident, John, who our correspondent met as he was taking a walk on the island, said he had no choice but to live there since he still lives with his parents.
Since our correspondent posed as someone in search of accommodation, John quickly offered some suggestions while revealing that it wouldn’t be a problem since there were lots of vacant property on the island.
John would later disclose that the high rent was what has probably ‘chased’ some potential tenants away.
“It is so high. My parents are expatriates here and the company pays the rent. But I gathered from friends that this place is almost empty because of the high rent. I have lived in other parts of Lagos and some are as beautiful as this but none of them lacks fun and life as this place,” he said.
John wasn’t far from the truth anyway. The estate is not lively, (at least at the moment) for most of the houses are vacant. The very visible ‘to let or buy’ posters on all the vacant property are yet to attract any would-be tenant or potential buyer.
But for Mr. Douglas Okoye, another estate surveyor and valuer, most of the residents chose to live on the island primarily because of the serenity and quietness.
“Most people prefer the estate now because of the quietness and the security. The vacancy there has not affected the letting of property. It might be that the specifications of the property here may not meet the demands of people who are willing to have houses here. I don’t think it is restricted to Banana Island alone; it’s everywhere. People might not be rushing to rent or buy the houses here but there are transactions still going on there from time to time,” he said.
A resident, who chose to be anonymous for “security reasons” didn’t seem to agree with the likes of John. He said the island is primarily meant for only those who can afford it, no half measures.
“The price cannot scare the people who can afford it; it can only scare those who cannot afford it, and I don’t think the price is that high considering the benefits that residents enjoy. The rate of return on investment here is high and very good,”Adetola said.
Mr. Mutiu Balogun, another Estate Surveyor and Valuer agrees with Adetola but not without adding, “People are willing to buy or rent if they see what they want. If you have a good apartment that meets your demand, you will rent. In fact, land is very scarce now as there are not too many plots of land for sale, most especially smaller plots.
“Most of the houses for sale that remain unsold might be due to such things as small land area. And for anybody that wants to stay in Banana Island, such persons want space, peace and comfort. Imagine you buy a house for N350m to N400m and you won’t be able to pack more than two cars because you have a small compound, it will not be fair. People want comfort, so, the calibre of the people staying there are rich people who cannot afford to stay in a tight apartment or park their cars outside. I feel inadequacy of space is a contributory factor that makes some property stay in the market without being taken.”
Development in the area is relatively slow and Adetola gave reasons for this.
“Slow pace of approving building plan by the government, cost of construction, bad economy which does not enable property developers to have access to development loans and high cost of regularisation of titles all contribute to the slow development. For example, in Parkview Estate, you are expected to pay about N20m for the regularisation of your titles excluding the payment for building plan approval and other expenses. There is still the spill-over effect of the last recession because, usually, property market is the last to be affected by recession and the last to come out of it.”
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