Vibrant colours, good furnishing, unconventional aesthetic designs, a serene environment and standard facilities are some of the hallmarks of a luxurious apartment. There is a new wave of development in the residential phase of real estate.
The luxury market is growing and a number of housing projects and mini estates are rising. A concentration of luxury residential properties can be found in neighbourhoods like the Banana Island, Victoria Island, Eko Atlantic, Ikeja and Lekki in Lagos, Ewet Housing in Uyo, Asokoro in Abuja and many more.
Housing estates have been developed in major districts with a higher concentration of foreigners, celebrities, business executives and affluent individuals. These estates are where the most expensive houses are located. Luxury residential real estate is set to experience increased growth in demand as international institutional investors continue to demand greater exposure and diversity to real estate. The drivers of demand for luxury property include an anticipated increase in high-net-worth wealth and overall economic development in regions like Africa.
Our study on luxury markets in Nigeria shows that luxury properties are desirable and people will be willing to pay if they could afford these houses. REIC’s extensive research on property demand identifies trends in consumer preferences and luxury apartment financing. Changes are being made in payment structure and more flexible options like installment payments and mortgage are provided by property managers.
Property managers also need to explore options to building structures like luxury condominiums which are more affordable for the average Nigerian. Some residents in Lagos and Abuja pay rent amounts of up to two million naira annually in highbrow neighbourhoods that offer the same luxury or less. Our research helps property owners and investors match the demand for residential properties with supply, identify gaps and flexible finance options that can raise the demand for luxury homes.
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