Real Estate Projects Changing Nigeria’s Landscape
SOURCE: AFRICA PROPERTY NEW
When it comes to real estate projects in Nigeria, pundits within the property space are optimistic that 2019 will experience a major boost in Africa’s largest populous nation. Nigeria’s economic growth slowed in the first quarter after the oil sector, the country’s biggest foreign-exchange earner, contracted. Gross domestic product in Africa’s largest oil producer expanded by 2.01% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on its website last month. The position of most experts is that with a visibly improved economy, the Nigerian property market will be on the path of witnessing a rebound from the uncertainties that plagued the sector in 2018. Here are some of the real estate projects changing Nigeria’s landscape. Eko Atlantic City Pitched as Africa’s answer to Dubai, Eko Atlantic is a multibillion dollar residential and business development that is located as an appendage to Victoria Island, and along the renowned Bar Beach shoreline in Lagos. When completed, it is projected to accommodate nothing less than 250,000 residents. It stands on 10 million square miles of land and is expected to have a daily flow of 150,000 commuters. Some of the major players in this massive construction project are the Lagos State, South Energyx Nigeria Limited, city planners, developers, 17 expatriates firms and over 500 Nigerians firms. The Eko Atlantic City Project was conceived as a planned city, which is being constructed on reclaimed land from the Atlantic Ocean. One of the biggest problems the ongoing construction has helped resolved is the ocean surge and flooding at the Ahmadu Bello axis of the island in Lagos, which had the potential to wipe out hundreds of homes and businesses within the location. The vast number of commercial and residential properties in Eko Atlantic City will help in easing the problem of overloaded infrastructure that the island is known for. Oworonshoki Lagoon Reclamation Project The Oworonshoki Lagoon Reclamation Project is designed to transform this decaying part of Lagos into a focal point of major tourism, transportation and entertainment hubs within Lagos State. It’s one of the popular real estate projects in Lagos and it is not a housing scheme. Rather, it constitutes part of the bigger picture to position Lagos as one of Africa’s entertainment hubs. To ensure the success of this project, 30 hectares of land space has been reclaimed out of the 50 planned for the scheme. Upon completion, the Oworonshoki Lagoon Reclamation Project is expected to bring an end to the perennial flooding in the area. It would also accommodate hotels, event centres, cinemas, clubs, bars, a bus/ferry terminal, parking space with capacity for about 1,000 vehicles and other top-notch attractions. Mass Housing Project by the Federal Government To tackle the housing deficit in Nigeria, the Federal Government of Nigeria has wrapped up plans to increase housing supply by initiating mass real estate projects across 33 states of the country. The project, under its National Housing Programme (NHP), is expected to engage over 650 contractors to deliver 2,736 units while employing 54,680 people in the process. Collaboration Between Lagos State and NMRC The Lagos State government Lagos State has partnered with the Nigerian Mortgage Refinancing Company (NMRC) and private developers to deliver 20,000 housing units. Lagos State Partners EchoStone Development The Lagos State government entered into a strategic alliance with EchoStone Development, a building construction firm, to deliver 2,000 housing units in three locations across the state. According to the agreement, EchoStone is expected to deploy a new technology that will facilitate the construction of the houses while the state government will provide equity in terms of land and others. The 2,000 housing units will consist of 2-bedroom terrace bungalows in 3 locations; starting with 250 units at Idale in Badagry. The construction train would then move to Ayobo in Alimosho and eventually cruise into Imota in Ikorodu for the development of the housing units. The bigger picture here for the Lagos State Government is to deliver 20,000 housing units within a 4-year period through the Lagos affordable Public Housing Initiative (LAPH). Royal Residence Estate This real estate development project is powered by Obika Realtors in Eluju town within the Ibeju Lekki axis of Lagos. Some of the facilities already set up in the estate are the inner roads into the well mapped out plots, perimeter fencing of the 10-acre land, central gates and grading of the main link road to the estate from the Lekki-Epe expressway. The first phase of the development covers 54 plots and over 80 percent of them have already been subscribed to. The company is currently on the verge of embarking on the second phase of the scheme. Conclusion The country has an estimated $360 billion required to solve the national housing deficit. In Lagos State alone, the housing deficit is put in excess of 3 million units and will require approximately N8 trillion to resolve at $10,000 per unit.