November 28, 2017 Elijah Ogidi-Olu 0 Comments

I can feel it in my mouth. I accidentally bit my tongue this morning again, and that’s a sign. Err… Well, I know I may have slightly been over-fantasizing about acquiring a property in "The Glory Island" but I know I have to be patient. You know what the Nigerian “Glory Island” is, right? You don’t? Of course you do – Banana Island.
This is the dream of every Nigerian Real Estate Investor – Stamping a mark on Banana Island, Lagos.
Class is in session. Sit down, and take an informed look with me into the Glory Island. Well, Banana Island was the brain child of the late Chief Adebayo Adeleke. A London trained Civil Engineer and CEO of City Property Development Ltd.
Banana Island is an area of Ikoyi, Lagos, Nigeria, 8.6 kilometres east of Tafawa Balewa Square. Part of the Lagos State Local Government Area of Eti-Osa in Central Lagos. It’s a man-made island and the name originated from its shape – it’s curved like a Banana.  It is known for its wealthy, multi-cultural community and some of the most expensive Real Estate allocations in Nigeria, and even West Africa. In Banana Island, a three bedroom apartment typically sells for at least $555,000(₦200Million) and $2.81Million(₦1.09Billion) for a 5 bedroom fully serviced house. Rental properties are very popular in this location and rent for a 3 bedroom apartment is typically around $63,000(₦22Million) per annum.
‘The Glory Island’ hosts several high end residential developments such as the Ocean parade towers (a series of 14 luxury tower blocks strategically placed at one end of the island, where the 180 degree panoramic view of the island can be taken advantage of). Some of Nigeria’s International corporate bodies such as Airtel Nigeria, Ford Foundation Nigeria, 9Mobile Nigeria and many others are also not left out of booking their space. Banana Island according to Forbes, is the most expensive neighbourhood in Nigeria and little was that said, before buyers started scrambling for properties put out for sale at the time.
Implication is, you don’t wake up in the morning to the usual sights you might be used to. How would you, when you have neighbours like Aliko Dangote, Mike Adenuga (Billionare CEO Globacom Telecommunications Ltd), Kola Abiola (Publisher and Businessman son of the popular MKO Abiola, Saayu Dantata (Son of the Alhassan Dantata – the wealthiest man in West Africa in the ‘50s).
Real Estate Investors continue to act and react to whatever news radiate from The Glory Island, and would hope the rumoured property price decline would actualize to allow the usual “down and hit” strategy, which is very common in the Real Estate business. It would be a jackpot play if there ever was any significant fall in the price of properties as that would definitely be the news of a lifetime to the many Banana Island’s lurking prospective investors.
Meanwhile, little or nothing needs to be said about the lifestyle of habitants of The Glory Island. What do you expect, living next to or in-between two billionaires?
While Chief Adeleke’s aim of “making Nigeria proud” has not been totally met (Judging from his initial plan), we can justifiably say that ‘The Glory Island’ hasn’t fallen overly far short off the path as it’s on a daily basis tending more and more towards becoming a global spectacle for both local and foreign Real Estate Investors. Even…

I just bit my tongue again.

Mature Minds Talk.

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