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):
4 Bourdillon
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.
The Benmonte
A 20-floor luxury residential development located at 40 Bourdillon Road in Ikoyi, Lagos, offering a mix of apartments, duplexes and penhouses.
Overlook Condominiums
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
