Is Banana Island or Ikoyi cheaper in Lagos?

Ikoyi is approximately 10% cheaper than Banana Island in Lagos, based on rent and local cost-of-living multipliers.

What is the rent difference between Banana Island and Ikoyi in Lagos?

Estimated 1-bedroom rent in Banana Island is ₦1,375,753/month, compared to ₦1,233,434/month in Ikoyi.

What are the cost-of-living multipliers for Banana Island and Ikoyi?

Banana Island has a cost multiplier of 1.45x and Ikoyi has 1.30x relative to the Lagos average. Higher multipliers mean higher living costs in that neighborhood.

What salary do I need in Banana Island vs Ikoyi?

A $75,000 USD salary is equivalent to approximately ₦46,965,361 in Banana Island and ₦42,102,786 in Ikoyi, after adjusting for neighborhood-level cost of living in Lagos.

How do I compare the cost of living between Banana Island and Ikoyi?

Use the salary converter at salary-converter.com to compare Banana Island and Ikoyi in Lagos. The tool accounts for rent, groceries, transport, utilities, healthcare, and tax differences at the neighborhood level.

Banana Island vs Ikoyi

Neighborhood comparison in Lagos, Nigeria

Banana Island

39.6

COLI Index

More Expensive

Ikoyi

35.5

COLI Index

More Affordable

Side-by-Side Comparison

1.45x

Banana Island Multiplier

1.30x

Ikoyi Multiplier

₦1,375,753

Est. 1BR Rent

₦1,233,434

Est. 1BR Rent

₦46,965,361

$75K Equivalent

₦42,102,786

$75K Equivalent

Cost Comparison

Banana Island

1.45x

Ikoyi

1.30x

Banana Island is 10% more expensive than Ikoyi within Lagos. Living in Ikoyi instead of Banana Island could save you significantly on rent and daily expenses.

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Data Sources: Cost of living data from Numbeo · Expatistan. Rent from Numbeo Property Prices. Tax rates from OECD Taxing Wages. Salary data from BLS · Glassdoor. Exchange rates from the ECB. Updated 2026-02-28. All figures are estimates.