3BR Banana Island

Affordable Options

Mid-Rise 3-Bedroom Apartment with Sea Views

Location: East Central Zone, Banana Island
Price: ₦280,000,000
Features:

• Sea-facing balconies

• Fully fitted kitchen with island

• Walk-in wardrobes

• Underground parking

• 24-hour power and security

This unit is a perfect mix of value and luxury, ideal for upwardly mobile professionals. Its location near the business district also adds potential for rental income through short lets or long-term corporate leasing.

Contemporary 3-Bedroom Terrace in a Mini-Estate

Location: West Bay Area, Banana Island
Price: ₦250,000,000
Features:

• Private compound with garden

• Ensuite bedrooms

• Energy-efficient lighting

• Water treatment plant

• Access to communal pool and gym

This terrace is particularly suited for young families or expats looking for a calm, secure environment. The mini-estate layout also enhances community living while preserving privacy.

Renovated 3-Bedroom Flat in Classic Banana Block

Location: South Loop, Banana Island
Price: ₦200,000,000 (most affordable in the area)
Features:

• Recently upgraded interiors

• New kitchen cabinets and marble countertops

• Borehole + treated water

• Dedicated parking

• Proximity to parks and the boat club

Smart Financing Tips for Buying Property in Banana Island

1. Mortgage Options

One of the most practical ways to finance a Banana Island home is through a mortgage. Several reputable Nigerian banks, including Stanbic IBTC, FCMB, Union Bank, and First Bank, offer real estate financing tailored to high-end markets.

• Loan-to-Value (LTV): Many institutions offer up to 70–80% financing of the property’s value, depending on your credit score, income, and financial history.

• Interest Rates & Terms: Fixed or flexible interest rates are available, with repayment periods stretching up to 15–20 years in some cases.

• Documentation Required: Expect to submit proof of income, bank statements, tax clearance certificates, and a property valuation report.

Securing pre-approval from your bank before house-hunting can give you a clearer budget and more leverage during price negotiations.

2. Developer Payment Plans

Off-plan and newly completed properties in Banana Island are often available through developer-backed installment payment schemes, which help ease the upfront financial commitment.

• Typical Structure: These plans may require an initial 20–30% deposit, with the balance spread over 6 to 24 months, sometimes even longer, depending on the developer.

• Advantages: No need to secure a bank loan, and payment terms are often negotiable.

• Caution: Ensure you work with a reputable developer with a proven track record and secure all agreements in writing through a legal review.

This approach is ideal for buyers who can commit to regular payments without needing an external loan.

3. Investment Partnerships

For many prospective buyers, joint ownership or co-investment offers a smart entry into a high-value market like Banana Island.

• Structure: Pool resources with a friend, family member, or business partner to share the cost and ownership of the property.

• Use Cases: Suitable for rental investment properties, short-let operations, or shared family homes.

• Legal Protection: Draft a partnership agreement clearly stating ownership percentages, responsibilities, exit strategy, and profit-sharing terms.

This model reduces individual financial pressure while still allowing buyers to hold premium assets in Banana Island’s booming market.

4. Legal and Financial Advisory

Proper legal and financial guidance is critical to avoid pitfalls and unforeseen expenses.

• Real Estate Lawyers: Engage a property lawyer to verify land titles, contract terms, and developer legitimacy. This protects you from fraudulent transactions and ensures smooth ownership transfer.

• Financial Planners: A professional advisor can help you forecast your cash flow, weigh mortgage options, and structure your payments in line with your long-term goals.

• Hidden Costs to Plan For:

  • Legal Fees (5–10%) of property value

  • Stamp Duty & Taxes

  • Agency Commission (typically 5%)

  • Maintenance or Service Charges (especially in serviced estates)

By mapping out all financial obligations from the outset, you can avoid unpleasant surprises and ensure your Banana Island investment is both sustainable and rewarding.

PURCHASING PROPERTY IN BANANA ISLAND HAS BECOME MORE ACCESSIBLE IN RECENT YEARS. HOWEVER, THE PRICE POINTS STILL DEMAND A THOUGHTFUL AND STRATEGIC FINANCIAL PLAN. HERE’S A DETAILED LOOK AT KEY FINANCING OPTIONS AND APPROACHES TO HELP YOU SECURE YOUR DREAM HOME WITHOUT OVERSTRETCHING YOUR FINANCES:

Overview

Banana Island doesn’t have to remain a distant dream. These 3-bedroom listings prove that luxury is not always out of reach. With smart financing strategies and a good agent, you can enter one of Lagos’s most exclusive neighborhoods at a fraction of the expected price. From sleek high-rises to cozy terraces, the market currently favors buyers willing to act quickly and wisely.

 Popular Property Types

• Detached duplexes
• Semi-detached duplexes
• Terraced duplexes
• Block of flats
• Maisonettes

How much is a 3-bedroom apartment in Ikoyi?
Prices vary by finishes, but BeYourLandlord offers top-tier apartments starting from \$650,000.