Abuja and Lagos are vying to be top destinations for Nigeria’s wealthy elite, as both cities have unveiled a number of residential projects scheduled to be completed over the next decade and targeted only at very high networth individuals.
Analysts say the two cities will remain the favoured locations for Nigeria’s rich elite as they are locations where political and financial deals are struck. They are also the fastest wealth creation centers, as the country’s economic expansion gains traction in the coming years.
Two signature real estate developments in both cities attest to this trend.
The Eko Atlantic City, a reclaimed area next to high brow Victoria Island in Lagos, is being constructed on land reclaimed from the Atlantic Ocean and is expected to be the most expensive location to buy residential property in Nigeria, with land costing $1 million (N158 million) a square foot.
The 10-square kilometer city is expected to be home to some 250,000 people on completion.
The $1 billion (N158 billion) 37 storey Abuja World Trade Centre with Residential Towers, is designed to “appeal to discerning A-list owners and investors,” according to the developers. It will feature 132 residences of 1- to 6-bedroom layouts in single floor and duplex floor plans.
Lagos’ $40 billion dollar economy makes up about 15 percent
of Nigeria’s Gross Domestic Product (GDP) and while 30 per cent of Lagos households earn over $10,000 per year, this compares to just 17 per cent of households in Johannesburg, according to data from the Economist Intelligence Unit (EIU).
By 2015, Frontier Strategy Group (FSG) a research firm says, “risk-weighted business opportunities in Lagos will far outpace that of the city’s’ nearest competitor (Johannesburg).”
This growing opportunity for business in Nigeria’s commercial capital, which is a hub for commerce, financial services, manufacturing and aviation, means it will retain its pole position as a magnet for wealthy local and international residents.
Abuja’s role as Nigeria’s political capital, and the seat of power where all kinds of deals are struck, especially in the lucrative oil sector, will also continue to make the city attractive to the nation’s wealthy elite.
Other recent signature real estate developments targeted at the wealthy include the 23-storey premier “Amira” Condo Units to be built at a cost of $145million (about N22.62billion) by an American firm and USANOW.
The project will contain 150 luxurious residential units, ranging from 155 square meters to 632 square meters for 150 prospective occupants who are to pay $750,000 (N118.5 million) for each condominium.
There are also the numerous new condominium developments springing up on Bourdillon Road Ikoyi, Victoria Island and the Lekki axis of Lagos