Property Lagos

Cost of living in Lekki and Ikoyi


An attempt to make a list of the most highbrow areas in Lagos state would be futile without including Lekki and Ikoyi. These two areas, located on the island part of Lagos state, are the headquarters of luxury, glam and all the razzmatazz that goes on in the state. In fact, they are great examples of places to live in Lagos state

As an expatriate in Lagos or a regular citizen considering moving to Lekki or Ikoyi, it is absolutely natural for you to have some bugging questions on your mind such as: what is the cost of living in Lekki and Ikoyi? How much does an apartment cost in Lekki and Ikoyi? Not to worry, this blog post is dedicated to enlightening you on the cost of living in Lekki and Ikoyi.


Ikoyi is undeniably the most wealthy neighborhood in Lagos State. It prides in its high-class and tastefully structured residential apartments, as well as its commercial presence. It is worthwhile to state that Ikoyi is home to the affluents of the Nigeria society, a great location for diplomats, senior public servants, and business executives.

So the big question is- what is the cost of living in Ikoyi? For the purpose of this blog post, we will focus on the cost of accommodation in Ikoyi.


As earlier stated, Ikoyi is home to the affluents in Nigeria. As a result, the apartments in the city need to fit their lifestyle.

Ikoyi is glorified with luxurious apartments that can boldly hit the checklist for houses in foreign cities in  Europe. As long you have the financial capacity, you will definitely enjoy the apartments as they are tastefully designed in and out.

You need to budget a minimum of 25 million naira per annum if you plan to rent a 3 bedroom apartment in Parkview Estate, Banana Island and other areas in Ikoyi.

You should not be surprised if you are required to pay in US dollars when trying to buy an apartment in Ikoyi. For instance, the minimum cost of buying an apartment in Banana Island is $8 million. However, you can get apartments for lesser prices in Dolphin estate.


Over the past years, Lekki has rapidly grown to be one of the most expensive and secured cities in Lagos State.  In fact, it accommodates top celebrities, expats, entrepreneurs and many others who enjoy living the luxurious life.

Who doesn’t want to have easy access to the beautiful view of the Atlantic Ocean, as well as natural beaches including Bar Beach, Eleko Beach amongst others. Several tourist attractions are situated in Lekki, making it a fun neighborhood for those who can afford the bills.

The infrastructure in Lekki are so appealing to the sight, and of course demanding to the pocket. Interestingly, there is an increase in the number of exquisite residential estates within Lekki just to meet the high demand for accommodation therein.

A typical 1 bedroom apartment can be placed on rent for a minimum of 700,000 Naira, while rents for other apartments can go for 2.5 million to 9 million naira monthly. To purchase a good house in Lekki, you need to budget a minimum of 300 Million Naira. 

If you are looking for a good neighborhood that is free from the chaos and noises associated with major areas in Lagos, then you need to move to Lekki.


Having established the cost of living in Lekki and Ikoyi, it is worthwhile for us to go through the various types of apartments in Lekki and Ikoyi.

Detached Apartments: A detached apartment is a stand-alone residential structure that does not share outside walls with another house or building.

Semi Detached Apartments: A semi detached building is a building attached to another building by one common party wall. Often each semi detached house’s layout is a mirror image of the other.

Terrace Apartment: Terraced houses are defined as, ‘a row of adjoining buildings where each building has a wall built at the line of juncture between itself and the adjoining property which provides structural support to itself and a building on the adjoining property.’

Flats: A flat is a separate and self-contained premise constructed or adapted for use for residential purposes and forming part of a building from some other part of which it is divided horizontally. Flats have to be contained within a building.


If you’re looking for a reliable real estate or housing company with the best housing offers in Lekki and Ikoyi, then Property Lagos is a good place to start. We are a reliable real estate company that offer a wide range of housing and real estate investment services in Lagos state. With a rich portfolio of strategically located properties (duplexes, detached, semi-detached, flats, etc) for rent and sales, you will definitely find a good home in Lekki and Ikoyi that fits your taste. Contact Us Today.

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