Ikoyi is one of the most affluent neighbourhood in Lagos, Nigeria. Located on Lagos island, it is an up market residential island narrowly separated by a narrow waterway from Lagos island to the west inhabited by expatriates, Nigerian Military Rulers and influential people.
During the colonial era, the area was developed as a residential cantonment for the British community and still retains a large colonial residence built between 1900 and 1950. Ikoyi now contains many other government buildings as well as businesses, schools, hotels, and the famous social club (Ikoyi club 1958 and golf club)
One of the main attractions in Ikoyi is Awolowo Road, which is a high street lined with upscale shops and boutiques. Due to its proximity to Victoria Island and Lagos Island, much of Lagos’s business tourism is centred on Ikoyi, which has a mix of excellent 4-star hotels.
Owing to recent unrest in the Niger Delta, several oil companies have moved their expatriate staff to Ikoyi. The area is now home to several large luxury apartments, estates, and upscale office developments. Lagos Preparatory School (13+), regarded as Africa’s most highly accredited British School, is located in Ikoyi.
Ikoyi has some of the most opulent residential facilities in Nigeria, and is thought to have the most expensive real estate on the entire African continent, with the average new apartment selling for US$1 million. However, due to the limited available land, many of these are vertical apartment buildings.
The rent for a luxury three-bedroom apartment in Ikoyi is between 16 and 20 Million naira annually. Five years ago, it was between 8 and 12 Million naira. An acre (six standard plots) in Banana Island, Parkview Estate and Osborne Road in Ikoyi now sells for between N400m and N450m. Five years ago, it sold for between N50m and N150m.
This development is a radical departure from Ikoyi’s original design, which was originally composed of modest single-family residences with large gardens. Considering the lack of constant electricity, pipe-borne water, and general decay in basic infrastructure that is typical of Lagos, concerns have been raised as to whether Ikoyi has the necessary road and water infrastructure to continue to sustain this type of development.
Ikoyi includes the newer suburbs of Banana Island, Parkview Estate, Dolphin Estate and other luxurious blocks of flats that are springing up.
Ikoyi is one of the regions with the highest amount of rainfall in Lagos, with rain often exceeding 300 cm every year.