The real estate market in Lagos has set itself apart from the standards obtainable in other parts of the country. As far back as the 1980s when high-rise buildings were merely figments of many people’s imaginations or far-fetched realities seen only in movies, Lagos boasted of gigantic buildings seen only in developed cities of the world.
One of such structures is the Stallion Building, completed by Union Bank of Nigeria Plc in 1991. When in 1960 Lagos became the capital of the newly independent Nigeria, the strategic designation and the potential in commerce placed it on the pedestal of states to unleash their potential. It also set the stage for the prospect of becoming a megacity.
With its rapid urbanisation, occasioned by the continued surge in commerce and industry, the real estate sector in the state recorded tremendous growth within a short period of time. It was at this point that Lagos’ geographical shortcoming became increasingly apparent. By default, the topography of Lagos is dominated by its system of islands, sandbars, and lagoons. The city itself sprawls over what used to be the four main islands: Lagos, Iddo (now attached to the Mainland), Ikoyi (now attached to Lagos Island), and Victoria (now the tip of the Lekki Peninsula). Due to land reclamation efforts over the years, some of the original main islands are no longer true islands.
However, over the years, the part of Lagos now regarded as its island, which was formerly wetlands flanked by the Atlantic ocean, snowballed to become the main business and financial centre of the state. By implication, it became the most exclusive and expensive area to reside in Lagos.
Over the years, studies and observation of trends have shown that the property market in these exclusive locations in Lagos is hugely profitable and has accounted for some of the most lucrative investments in the state.
As a result, many scramble to invest in the market owing to its profitability and huge potential for massive return on investment. Also, the potential for growth is huge and promising.
This explains why, despite the economic austerity in the country, particularly the rising inflation which has significantly shot up the cost of housing, experts have projected confidence that the real estate sector would post about 6 per cent growth by the end of 2022.
One of the firms wooing Nigerians abroad to highbrow areas in Lagos is MDS Properties. In a chat with the correspondent, the Managing Partner at MDS Properties, Ifueko Oyegun, said wooing diaspora clients had always boiled down to ensuring that certain key requirements are met.