Relative Rental Values in Old Ikoyi
For anyone familiar with affluent areas in Lagos, renting in Old Ikoyi (as distinct from estates in Ikoyi – Banana Island, Parkview Estate, Osborne Estates etc.) comes with a premium price tag. The excellent infrastructure and high level of security make Ikoyi a well-sought-after location for individuals and businesses who value luxury and exclusivity. Rental values in Ikoyi are largely determined by the kind of apartment and the facilities offered. But the question- “how much does it cost to rent in Old Ikoyi” is quite tricky to answer as it depends on a range of factors.
A house or apartment for commercial purposes commands the highest rent. This is because as the Approval Order for Old Ikoyi permits mixed-used developments (that is, both residential and commercial), a wide range of commercial organizations are prepared to pay the necessary amount for a presence in the exclusive location. For example, MI Realtors (08024467779, 08034017927) is offering a 7-bedroom apartment at Off Queens Drive with an annual rent of N60m. This property sits on a land size of 2500 SQM, having an additional 2 bedroom guest Charlet and a boy quarters with 5 rooms. Speaking with the realtor, the property is ideal for commercial purposes, possibly a guesthouse that allows the renter to make a substantial profit. In comparison, Dayo Olaiya Consulting (08037404128
08152100735) has for rent a 4 Bedroom Detached House with 1-Room Boys Quarters, Swimming Pool & Gym at Old Ikoyi at N20 Million per annum, but this is for residential purposes only. The impact of commercial use becomes apparent as the same has a three (3) Bedroom Penthouse at Lugard Avenue, Old Ikoyi, at the princely rent of N80m per annum because the property is for commercial Use
Rents for apartments for residential use also have factors that influence the rent charged. For example, QPT (Tel: 08023118998 WhatsApp: 08091990855) is offering a 3-bedroom flat with a room BQ each at N16m per annum. MENDIP PROJECTS LTD (08033198177, 08032084548) is offering a 3 BEDROOM SERVICED FLAT AT GLOVER ROAD, Old IKOYI for N12M per annum while MI Realtors is also offering 3 bedroom flat off Bourdillon Ikoyi for N10m. Factors like age of the building and facilities account for the difference in the figures.
QPT (Tel: 08023118998 WhatsApp: 08091990855) is offering these 3-bedroom flats for rent at N16m. Services are fully air-conditioned, Gym, pool, 24hrs power supply, 4kva inverter in each apartment, 24hrs security services, janitorial services etc