Areas in Ikoyi, Lagos: Full List and What Each Is Like

The areas in Ikoyi are Old Ikoyi (the Bourdillon Road, Gerrard Road and Alexander Road axis), South-West Ikoyi around Awolowo Road and Falomo, Parkview Estate, Banana Island, Osborne Foreshore Estate and Dolphin Estate. All of them are in Eti-Osa Local Government Area, under the Ikoyi-Obalende Local Council Development Area — not in Lagos Island Local Government Area, which begins next door. Ikoyi is the most expensive residential district in Lagos, but the six areas differ in age, density and price, and this guide takes them in turn. The district as a whole is covered in the Ikoyi area guide.

Old Ikoyi: the Bourdillon, Gerrard and Alexander axis

Old Ikoyiis the original Government Reserved Area laid out in the colonial era: wide, tree-lined roads and very large plots around Bourdillon Road, Alexander Road, Gerrard Road, Queen's Drive, Kingsway Road (now Alfred Rewane Road), Glover Road and Cooper Road, with the Ikoyi Club 1938 and its golf course in the middle. Many of the old houses have been replaced by luxury apartment towers and small gated terraces, so the same street can hold a 1950s bungalow and a new high-rise.

Bourdillon Road is the best-known address and runs to the Lekki–Ikoyi Link Bridge end of the district; detached houses there are indicatively ₦20m–₦60m a year. Gerrard Road and the streets off it are quieter and lead towards Parkview and Banana Island. Old Ikoyi suits senior executives, diplomats and families who want space and calm close to Victoria Island. See the Bourdillon Road and Gerrard Road area pages.

South-West Ikoyi: Awolowo Road, Falomo and the Obalende edge

South-West Ikoyi is the older, busier and more commercial side, nearest to Lagos Island. Awolowo Road is its spine, lined with banks, restaurants, shops and offices, and the residential streets behind it — around Keffi Street, Ribadu Road and Falomo — hold older low-rise blocks of flats, walk-ups and a number of newer apartment buildings. Falomo Bridge crosses from here to Victoria Island.

It is the most affordable way into the district apart from Dolphin Estate: a 2-bedroom apartment on the Awolowo Road side is indicatively ₦3.5m–₦8m a year. It suits professionals who want to walk to restaurants and offices and do not need a garden. Obalende, the transport hub on its western edge, is a separate, much denser neighbourhood. See the Awolowo Road area page.

Parkview Estate

Parkview Estateis a gated estate on the north-eastern side of Ikoyi, reached from Gerrard Road, on land reclaimed from the lagoon. It was developed later than Old Ikoyi, so the stock is newer: detached and semi-detached houses, terraces and some apartment blocks on regular estate plots, under a residents' association that controls the gates. It suits business families and senior professionals who want a managed estate with houses rather than flats. Because the land is reclaimed, ask about drainage on the specific street.

Banana Island

Banana Island is a man-made island in the Lagos Lagoon off the north-eastern shore of Ikoyi, joined to it by road and entered through a single controlled gate. It has its own road network and estate management, and it is the most expensive residential address in Nigeria, with a mix of large detached houses and luxury apartment towers. Prices, access rules and who lives there are in the Banana Island guide and on the Banana Island area page.

Osborne Foreshore Estate

Osborne Foreshore Estate, Phases 1 and 2, is a gated estate on reclaimed land along the lagoon front off Osborne Road, on the northern side of Ikoyi. It is mostly detached houses, terraces and mid-rise apartment blocks built in the last two decades, and the Third Mainland Bridge is close, which helps anyone who also needs to reach the mainland. Three-bedroom apartments on the Osborne side are indicatively ₦5m–₦12m a year. See the Osborne Road area page.

Dolphin Estate

Dolphin Estate is on the north-western side of Ikoyi, close to the Third Mainland Bridge. It was built as a Lagos State housing estate, and it still has the original low-rise blocks of flats alongside duplexes and newer private buildings. It is denser and plainer than the rest of Ikoyi, and it is the most affordable part of the district, which makes it popular with mid-career professionals who want an Ikoyi address. Three-bedroom flats in Dolphin Estate are indicatively ₦6m–₦15m a year; older blocks vary widely in condition, so inspect the plumbing, wiring and drainage. See the Dolphin Estate area page.

Indicative annual rents across Ikoyi

These are indicative asking ranges for a full year. Serviced buildings with round-the-clock power, lifts and a pool sit at the top, and the service charge is paid on top of the rent.

• Ikoyi overall: 2-bedroom flat ₦4,500,000 – ₦12,000,000 per annum
• Ikoyi overall: 3-bedroom flat ₦9,000,000 – ₦18,000,000 per annum

To see what is on the market now, browse properties in Ikoyi or flats for rent in Ikoyi. Owners can read how to list a house for sale in Ikoyi or list a property on Cabans free.

What to check before renting or buying in Ikoyi

• Service charge: in the towers it can be a large fraction of the rent. Ask for the figure and what it covers in writing.
• Power: confirm how many hours the building guarantees and whether diesel is inside the service charge.
• Reclaimed land: Parkview, Osborne Foreshore and Banana Island are on reclaimed ground; ask about drainage and any history of settlement on the plot.
• Title: much of Old Ikoyi is on Federal Government title and the rest on Lagos State title, and the two are processed differently. A lawyer should confirm which applies before you pay. See buying a house in Lagos.
• Currency: agree whether rent is quoted in naira or dollars and fix it in the agreement.

Frequently asked questions

What are the areas in Ikoyi?

The main areas in Ikoyi are Old Ikoyi (the Bourdillon Road, Gerrard Road and Alexander Road axis), South-West Ikoyi around Awolowo Road and Falomo, Parkview Estate, Banana Island, Osborne Foreshore Estate and Dolphin Estate. Obalende adjoins Ikoyi on the Lagos Island side.

Which local government is Ikoyi in?

Ikoyi is in Eti-Osa Local Government Area of Lagos State, under the Ikoyi-Obalende Local Council Development Area. Banana Island, Parkview Estate, Osborne Foreshore and Dolphin Estate are all in Eti-Osa too. Ikoyi is not in Lagos Island Local Government Area, although it sits beside it.

What is the most expensive part of Ikoyi?

Banana Island is the most expensive address, followed by the large plots of Old Ikoyi on and around Bourdillon Road, then Parkview Estate and Osborne Foreshore. Detached houses on Bourdillon Road are indicatively ₦20m–₦60m a year to rent.

What is the cheapest part of Ikoyi?

Dolphin Estate and the older blocks of South-West Ikoyi are the usual entry points. They are still expensive by Lagos standards, but the original low-rise flats in Dolphin Estate and the older walk-ups off Awolowo Road rent for less than the new towers of Old Ikoyi.

Is Banana Island part of Ikoyi?

Yes. Banana Island is a man-made island reclaimed from the Lagos Lagoon off the north-eastern shore of Ikoyi. It is joined to Ikoyi by road, has a single controlled entrance, and is in Eti-Osa Local Government Area like the rest of Ikoyi.

How much is rent in Ikoyi?

Indicatively, a 2-bedroom flat in Ikoyi rents for ₦4,500,000–₦12,000,000 a year and a 3-bedroom flat for ₦9,000,000–₦18,000,000, with service charges on top. Houses cost considerably more, and many of the best are quoted in dollars.

Related guides: Ikoyi area guide, Banana Island, Ikoyi vs Lekki, Ikoyi vs Victoria Island, Is Ikoyi mainland or island?, Areas in Lagos Island. Area page: Ikoyi area guide and listings.