|In today real estate market, just flipping the pages of a property magazine depicts most of the properties (especially in choice locations) as luxury. But what really is luxury in the Nigerian real estate? Is it defined by location or by the product?|
|Cities in Nigeria such as Ikoyi, Banana Island, Eko Atlantic, Victoria Island in Lagos and Asokoro, Maitama, Wuse in Abuja have been labelled as being home to some of the most expensive real estate in Africa. Owning a home in these locations can cost a buyer more than he or she would earn in two lifetimes. The question therefore is ‘does location provide you with luxury? Or is the luxury factor vested in the snob appeal of the location?
Eden Heights – Premium residential development offering 1-4 bedroom apartments and 5 bedroom penthouses in Victoria Island, Lagos with amenities such as a Health Spa, Swimming pool, contemporary fully fitted kitchens, fitness centre and lots more.
Luxury exists in the eyes of the beholder. It means different things to different people. For example, would a family that lives in a compact, 2 Bedroom apartment in Banana Island be living in luxury? Or would such a family live in luxury if it sold this apartment and moved to a more modern, spacious, 3-4 bedroom duplex in the suburbs? With the increasing shortage of land in prime locations (leading to the creation of new cities like the Eko Atlantic, Orange Island, Rainbow Town), home prices are constantly on the rise and beyond the affordability for most buyers. Homes in such locations are mostly bought for the sake of address value and easy access to the CBD.
Osborne Towers -Premium residential development offering 4 bedroom apartments in Ikoyi, Lagos with amenities such as a 2 Swimming pools (for adult and kids), contemporary fully fitted kitchens, concierge services, leisure centre and lots more.
If the true meaning of luxury is assumed to be solely about spending huge amounts of money to buy a super-premium property in a prime location, then certainly only the ‘uber rich’ would get the taste of such luxury. In the real estate market, luxury is mostly focused on the amenities offered, location and price. Value, lifestyle and the Experience are some of the components of luxury that critical to us at Fine and Country.
This is an ongoing debate that we will be looking to develop for the rest of the year.