The Developments Serving as Springboards for Nigeria’s Real Estate Industry
It’s been estimated that it’ll take the Nigerian government an astounding $360 billion to eliminate the shortfall of housing units in the country. The brighter side of things is that there have been massive efforts underway in different parts of the country resulting from public-private partnerships as well as vested interests from private investors addressing this shortage. And given that country’s positive economic fundamentals have been increasingly strengthening for years on end, 2018 has been a very eventful year for the real estate industry in the country. The following is a rundown of some of the most outstanding real estate projects currently underway today.
Eko Atlantic City
Couched in a 10 million square mile land mass reclaimed from the Atlantic Ocean, the Eko Atlantic City is a megalithic futuristic project that’s the product of a partnership between Lagos state, South Energyx Nigeria Limited, 17 international real estate firms, over 500 local firms, and a slew of city planners and developers. The development, which is nestled in Victoria Island, is designed to accommodate over 250,000 residents and will outcrop Victoria Island, help prevent damaging ocean flooding, and ease the infrastructure overload currently plaguing the region.
Brains and Hammers City
Brains and Hammers, a Nigeria-based real estate firm with a trailblazing record spanning over 10 years now, is looking to expand its portfolio, which currently stands at a staggering 2,000 housing units, by an addition 3,000 housing units. The firm is undertaking a 3500 units Brains and Hammers City development project in Life Camp, Abuja. The development will provide mid and high-end accommodation, restaurants, banks, schools, a 5-star hotel, swimming pools, and a host of other facilities. The firm is also partnering with the Lagos state government to build over 618 housing units in the Jubilee Estate, Igamu.
Mass Real Estate Developments of the Federal Government
To address the incredible shortfall of accommodation in the country, the federal government has finalized plans to roll out the development of over 2,700 mass housing units across 33 states. Currently being implemented under the auspices of the National Housing Program (NHP), the mass housing developments are expected to contract over 650 developers, creating employment opportunities for over 55,000 people.
Mass Housing Projects by Lagos State in Partnership with Echostone Development
In line with its target to provide over 20,000 housing units within the next 4 years via the Lagos affordable Public Housing Initiative (LAPH), Lagos state is partnering up with Echostone Development firm to erect over 2,000 housing units across three strategic locations in the state, namely Idale in Badagry, Ayobo in Alimosho, and Imota in Ikorodu. According to the terms of the partnership, Echostone will see to the technology, expertise, and materials, while the government sees to the provision of land and other form of equity for the project.
Royal Residence Estate
This is a development sitting on a 10-acre land mass undertaken by Nigeria-based real estate firm Obika Realtors in the Ijebu Lekki part of Lagos. Some of the facilities of the development already completed include inner roads, central gates, and a graded road linking the estate to Lekki-Epe Expressway. The first phase of the development, which covers 54 plots, has already recorded an 80% uptake, and the second phase of the development will be initiated in no time.