A new variant of co-living space is fast gaining traction and acceptance in the Nigerian property market. Known as Luxury Co-living Space, the new variant involves combining the convenience of shared amenities with the exclusivity of upscale accommodation in residential offerings.
It is not only enjoying global popularity, appealing and fuelling Diaspora interest and investment, but also reshaping property market and urban living landscape.
Udo Okonjo, CEO, Fine and Country West Africa, explained to BusinessDay that the new trend is not only attracting local residents, but also capturing the attention of Diaspora communities seeking investment opportunities in their home countries.
Okonjo highlighted five segments of the trend which include Evolution of Co-Living, Appeal to Diaspora Investors, Diversification of Investment Portfolios, Partnerships, Collaborations and Social Impact and Community Development.
The evolution of co-living has evolved from a niche housing concept to a mainstream lifestyle choice, particularly among young professionals, digital nomads, and urban dwellers seeking community and convenience. Luxury co-living spaces take this concept to the next level by offering high-end amenities, designer interiors, and curated experiences that rival traditional luxury apartments.’
Appeal to Diaspora investors that, for members of the Diaspora, luxury co-living spaces represent more than just a place to live. Such spaces offer a tangible opportunity to invest in their homeland while enjoying the benefits of upscale living. Many Diaspora investors are drawn to these projects not only for potential financial returns, but also as a means of contributing to the development of their home countries and fostering connections with their cultural roots.
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Investing in luxury co-living spaces allows Diaspora investors to diversify their portfolios beyond traditional asset classes such as stocks and bonds and this is what diversification of investment portfolios is all about. Real estate, particularly in emerging markets, offers the potential for capital appreciation and passive income streams, providing a hedge against economic volatility and currency fluctuations.
Developers of luxury co-living projects are increasingly seeking partnerships and collaborations with diaspora investors, recognising the value of their financial resources, expertise, and cultural insights. By involving diaspora communities in the planning, design, and marketing of these properties, developers can create spaces that resonate with the tastes and preferences of both local and international clientele.
As for social impact and community development, luxury co-living spaces can have a transformative impact on their surrounding communities, fostering economic development, job creation, and social cohesion. Diaspora investors, who often have a deep connection to their homeland, are uniquely positioned to drive positive change through their investments, supporting sustainable development initiatives and empowering local entrepreneurs.
Okonjo cited Belmonte, a luxury high-rise residential building in Ikoyi, Lagos, as an epitomize of the co-living trend. The building which rises over 20 floors, offers 40 exquisitely designed apartments with modern amenities. Its double-height reception, club-house, steam and sauna facilities, executive lounge, gym, and infinity-edge pool redefine urban living.
“Belmonte’s appeal lies in its suitability for co-living, fostering community while providing privacy. As a hub for upscale living, Belmonte attracts Nigerian Diaspora investors; it offers a communal yet refined experience. Its prime location near business hubs and cultural landmarks enhances its allure. As Diaspora investment surges, Belmonte showcases the symbiosis between luxury living and investment potential in co-living spaces,” Okonjo noted.
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