Construction materials have substantially increased and in some cases more than doubled due to inflation, local currency Naira devaluation, rising energy and transportation costs.
This ongoing volatility is placing pressure on the Nigerian construction industry, forcing many projects to be shelved and raising anxiety among developers, contractors and end users.
As indicated above, some projects especially those priced in local currency are being delayed or pulled off the market to enable developers re strategise on more effective sourcing, cost management measures and project delivery. Others are exploring and effecting price escalations, or price conversions from local currency to foreign currency to hedge against fluctuations.
IMPACT ON END USERS. WHAT GOES UP STAYS UP IN IKOYI AND ENVIRONS.
With the Nigerian inflation rate in excess of 19%, and the impact of the Naira devaluation being felt across the real estate estate sector, most end users are also being forced to re assess their investments.
However, for owner occupiers who are determined to move up the property ladder, whether down sizing, or up scaling in terms of neighbourhood and lifestyle, the current market presents a unique opportunity to shop for great deals. Cash buyers who can commit to quick deals have a negotiation advantage when dealing with old developer stock, while those buyers looking to buy older Ikoyi homes and similar environs may be better served making quick decisions before prices reach unwieldy heights.
Inevitably, with real estate in Lagos, especially in upmarket locations like Ikoyi, what goes up doesn’t come down.
NEW RELEASES ON ILABERE, and COOPER ROAD IKOYI
For homebuyers looking to move to Ikoyi, Banana Island, Victoria Garden City and similar neighbourhoods, Fine and Country West Africa has some new releases that are all well priced with motivated sellers.
ILABERE TERRACE HOME: This well priced 4 bedroom terrace corner piece located in Ikoyi comes with a designer garden and top amenities in excellent conditions.
Asking offers from ₦380M only until end of August, 2022.
MODERN TOWNHOUSE ON COOPER ROAD, IKOYI: Price on Application. Ideal for buy to let investor. The property has an existing corporate tenant.
