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The residential areas of Ikoyi are known for opulence and grandeur as they are different from other parts of the state. A perfect example is Banana Island, the most extravagant and expensive neighbourhood to live in or own a property in Nigeria. Dolphin Estate, Parkview Estate, Bourdillon estate, 1004 Estate and Osborne Foreshore Estate among others are the luxurious axis with some of the premium properties for rent in Ikoyi. Typical of the estates and areas in Ikoyi is round the clock security, modern infrastructures, well tarred and motorable roads, public parks and lovely aesthetics. The houses for rent in Ikoyi are exquisitely finished apartments, detached and semi-detached structures, picturesque duplexes, luxury mansions, penthouse, terraced house and townhouses built in the most modern and elegant manner.

Regarded as one of the most expensive real estate markets in Africa, Ikoyi homes are pricey but still cater to all tastes and budget of upper-class Nigerian citizens. The cost of a two(2) bedroom flat for rent in Ikoyi varies; houses in Parkview Estate can cost as high as N3,500,000 per annum to rent while N2,500,000 will rent a similar property in Dolphin Estate. A mini flat in Ikoyi for rent may cost as high as N10,000,000 in yearly rent and as low as N1,200,000.