Property for Sale in Banana Island

As of September 2026, current public asking prices show a very wide range across Banana Island. Apartments can start from around ₦600 million, with many 3-bedroom and 4-bedroom apartments advertised from roughly ₦800 million to ₦2.5 billion or more, depending on the development, size, finishing, floor, views and facilities. Detached houses are generally much more expensive, with current listings commonly running into several billions of naira, including examples around ₦5 billion – ₦6 billion, while premium properties can be higher. Land is also commonly quoted by square metre, with current asking prices in the region of approximately ₦3.2 million – ₦5.8 million per sqm, depending on location, title, size and whether the plot is waterfront. These are asking prices, not completed-sale prices, and individual properties should be assessed separately.

There is no single average price that accurately represents the entire Banana Island market because apartments, houses, penthouses and land are very different assets. As a current market indicator, Nigeria Property Centre reported an average asking price of about ₦3.5 billion for all property categories combined in Banana Island on 17 September 2026. Its separate category data put the average asking price for flats at about ₦1.2 billion and houses at about ₦4.5 billion. These averages are based on advertised properties and should be treated as market indicators rather than the actual price at which properties are necessarily sold.

Banana Island has a broad residential property market that includes apartments, maisonettes, penthouses, terraced homes, semi-detached duplexes, detached houses and residential or mixed-use land. Current listings include 3-bedroom and 4-bedroom apartments, 5-bedroom penthouses, detached family homes and development plots. The available stock changes as properties are sold, completed or newly introduced to the market.

Because bedroom count is only one part of the property. A 4-bedroom apartment with a smaller floor area in an older development can be priced very differently from a larger 4bedroom residence in a newer development with a waterfront view, private lift, larger balcony, better facilities or superior finishing. For houses, plot size, built up area, architecture, condition, number of living spaces, BQ provision, parking, location and development potential can make an even larger difference. This is why buyers should compare properties by their full specifications rather than by bedroom count alone.

Current public asking prices for land in Banana Island are commonly quoted at roughly ₦3.2 million to ₦5.8 million per square metre, although individual properties can fall outside that range. For example, current listings include non-waterfront plots around ₦3.2 million per sqm, 500 sqm land around ₦5 million per sqm, and waterfront plots around ₦4.5 million – ₦5.5 million per sqm. A 1,000 sqm plot therefore could represent an asking price of roughly ₦3.2 billion – ₦5.8 billion, before transaction costs. Title, plot position, land use, size and waterfront status all need to be verified for the specific property.

Yes, waterfront positioning can command a substantial premium, but the premium is not automatic and cannot be judged from the word “waterfront” alone. Current listings illustrate the difference: a 787 sqm waterfront residential plot is being offered at ₦4.5 million per sqm, while other Banana Island plots are advertised around ₦3.2 million per sqm. The actual value depends on the exact position, land size, title, permitted use, access and development characteristics.

A buyer should verify the seller’s ownership, the property’s title documents, survey and exact land or building details, relevant planning or building approvals, outstanding charges, and whether the property is being sold with any restrictions or encumbrances. For land, the exact plot size, permitted use and title should be independently checked. For apartments and houses, buyers should also review the development’s documentation, service-charge obligations and the physical condition of the property. Legal due diligence should be completed before a purchase agreement or substantial payment is made.

Banana Island can suit an investor seeking exposure to a high-value Lagos property market, but whether a particular property is a good investment depends on the numbers of that specific deal. A proper assessment should consider purchase price, achievable rent, service charges, maintenance, vacancy, financing or payment terms, potential resale demand, title and the property’s condition. A ₦1 billion apartment and a ₦5 billion house should not be assumed to have the same investment performance simply because they are both in Banana Island.

An apartment gives a buyer ownership of an individual residential unit within a development and usually involves shared facilities and estate or building management costs. A detached or semi-detached house normally provides a larger private space and greater control over the building and compound, but also comes with different maintenance, security and estate-management considerations. The right choice depends on the buyer’s intended use, required space, level of privacy, budget and willingness to manage a larger property.

Start with four things: property type, bedroom or space requirement, budget and preferred location or development. From there, compare actual available properties on their size, condition, facilities, title, service charges, views and other characteristics rather than relying only on the headline price. At BeYourLandlord, buyers can share their requirements, review suitable available properties and arrange inspections before proceeding with the necessary due diligence.