space: pre-wrap;">It was formerly developed to serve as a residential area for the British expatriates during the colonial years, as the Dodan Barracks was formerly the residence of some of Nigeria's military rulers. Ikoyi is now one of the most opulent regions in Nigeria as the one that is often associated with Ikoyi, is the luxury as the properties in Ikoyi are highly priced with some even priced in foreign currency.

Popular areas in Ikoyi include Parkview Estate, Dolphin Estate, and the newly famous Banana Island. Ikoyi is home to the creme de la creme of the society like top government officials, expatriates of oil companies, top executives, celebrities and so on. The famous Ikoyi Club is also in Ikoyi.

Apartments for rent in Ikoyi come at a premium price and it provides upper-class comfort and excellent facilities. Renting an apartment in Ikoyi attracts different cost depending on the location, structure, interior finishing among other factors.