Eko Atlantic City is one of the most ambitious real estate development projects ever undertaken in Africa – a megacity that will provide new homes for 20,000 people and office space for another 150,000 people, simultaneously protecting the coastline and solving Lagos´ chronic shortage of quality housing.
It is being constructed on land reclaimed from the ocean adjoining Lagos´ Victoria Island district and the Phase 1 area of Lekki, and covers around 10 million square metres (10 square kilometres).
Nigeria residential constructions
It is planned to have a positive environmental impact, as it will help stop the erosion of Lagos State´s coastline, though there are criticisms, with some alleging that construction is encouraging storm surges. Private companies and investors are providing the funding, while Lagos State Government is a strategic partner, with the support of the Federal Government.
Land prices in Eko Atlantic have nearly doubled since construction began in 2008. Currently, they are about 40% more than the land values in its close neighborhoods.
Other residential property developments in the country include the following (according to PropertyPro.ng):
A 25-storey twin towers that is set to become the tallest residential building on the shores of Lagos. Located in one of Ikoyi´s most prestigious location, Bourdillon Road, Infinite Towers is set to offer 41 units of duplex flats and duplex penthouses. The development is expected to be ready for occupancy this year.
A 20-floor luxury residential development located at 40 Bourdillon Road in Ikoyi, Lagos, offering a mix of apartments, duplexes and penhouses.
A luxury American style condominium development situated between the prominent Ikoyi Club Golf Course and the Lagos Polo Club. It comprises of 31 luxury condos, including 2 and 3 bedroom flats and 3 bedroom duplexes.
Seattle Court – a 6-storey prime residential waterfront development in the diplomatic enclave of Walter Carrington, Victoria Island. The development offers 24 luxury apartments.
Source: Global Property Guide