Nigerian Luxury Real Estate; What She Looks Like [Part 1]

Nigerian Luxury Real Estate; What She Looks Like [Part 1]

There has been a huge craze in Nigeria about real estate investments and solutions for a few years. Progressively for about a decade, properties have been built and sold. More cash than we can account for has been exchanged among savvy investors and novices in the sector. It’s therefore not a surprise that the sector has also been flooded with scams or con-men taking advantage of the high demand for properties within different categories of the industry.

It’s been an exciting time in the Nigerian Real Estate Sector which has seen lots of activities, developers creating BILLBOARDS, investors getting returns.  The Nigerian Real Estate sector has experienced a boom which many real estate companies and realtors have leveraged on to scale up and cash out from. With a million agents out on the street and multiple marketing companies to bridge the customer-company gap, the product options are bountiful and confusing. Too many clone projects with similar prices leave little room for real competition. Everyone seems to be fetching from the same river. Although the big names in the industry have carved a niche for themselves by setting new standards and constructing structures with exquisite designs.

What excites me now is the recent development of Mouth-watering real estate investment solutions that come in sweet packages (I’m referring to designs). Have you driven through Alfred Rewane lately? Fam!! There’re an at least 1 million (I’m exaggerating obviously) cranes lifting and shifting building materials for new towers. The already existing towers on that stretch make me grin when I drive through. With conventional designs of buildings such as Heritage Place and the almost completed Skype View tower… hmmm. Have you seen Sky View at Night? A beauty to behold. You will understand my excitement 3 years from now if you don’t already do. One good solution I noticed these buildings have put into perspective is the problem of parking spaces for tenants/occupants.

My next prediction is that real estate is going to birth a revolution in multimedia marketing. Towers will serve as another revenue source for multimedia billboard marketing companies (platforms for the boards to kay on).

One thing that pisses me off about the market though is the overpriced properties; in Lagos and especially Abuja! It is almost disgusting in Abuja. The empty one’s rich politicians built and set outrageous rental prices on lay to waste and discourage onlookers from keying into real estate with more genuine companies. Personally, I believe we are all sitting on an inflated bubble that is still expanding and within the next decade, it will burst right under our rumps. That ’s a topic for another post.

I must say though that the one structure I have longed to see go up is the Grenadines Homes baby project; The Oceanna. OMG!! The Indigo tower within The Oceanna resort is a killer. With curves like the silhouette of a pearl and the ultra-modern feature of a helipad, The Oceanna Indigo is arguably the best project I am aware of in the Nigerian market; actually, in the whole of Africa. The only other place you’d find something similar is in Dubai. The Cerulean, although seems to almost ready, have an existing competition, 4 Bourdillon, which one can easily nickname, Baby Oceanna. If you guessed where exactly it is in Ikoyi, you’re most likely right.

At the end of the day, what really makes these buildings stand out, is the quality of  STEW they bring to the table. Unprecedented work of art, made in Nigeria. I can’t wait for Lagos’ skyline 10 years from now.

Write to me at:

 jeffrey.uzoka@jasrealty.com.ng

 : @okeyuzoka

#Luxury #Trends
Jeffrey Uzoka

Experienced Investment Advisor in Luxury Real Estate, Estate Development. A graduate of Electrical and Electronics Engineering, from Igbinedion University, Okada, Nigeria

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