"Is the cost of luxury living in Lagos really worth it, or are buyers paying for more than they get?" ----------------------------------- Let me share a story from my experiences as a real estate developer in Lagos. I recall an encounter with a client, Mr. Ade, who was firmly convinced that properties on Lagos Island were unreasonably expensive. "It’s all just a marketing ploy," he insisted. "There’s no way these properties justify the prices they demand." Mr. Ade’s perspective is one that many share. A common belief is that properties in areas such as Ikoyi, Victoria Island, or Lekki are overpriced simply due to their location. However, this perception doesn’t align with the reality of the situation. To challenge this belief, I invited Mr. Ade to accompany me on several site visits. Our first stop was an ongoing project in Ikoyi, where I highlighted the careful planning involved in the development from soil testing to the architectural design and so on. Then, we visited a completed luxury apartment in Victoria Island, equipped with luxurious amenities, including advanced security systems and energy efficient technologies. But I didn’t stop at Lagos Island. I wanted Mr. Ade to see that properties on the Lagos mainland could also provide exceptional value. I took him to my development in Ogudu GRA, a sought-after area on the Lagos Mainland. As we toured the site, Mr. Ade was impressed by the attention to detail, the quality of the construction materials, and the well thought out layout of the estate. He began to see that even on the mainland, properties can offer premium value particularly in high demand areas like Ikeja and Ogudu GRA, known for their strategic locations and peaceful environments. I explained to Mr. Ade that while property costs on Lagos Island and in certain Mainland locations are indeed high, it is because of the significant value associated with proximity to economic centers, upscale amenities, and the growing interest from both local and international investors. Additionally, the pricing reflects the costs of construction materials, labor, and adherence to regulatory requirements. By the end of our visits, Mr. Ade had reconsidered his stance. He realized that what initially seemed like inflated prices were actually representative of the value these properties offer, encompassing not just the physical structure but also the lifestyle, security, and potential for long-term investment. In truth, the notion that all properties on Lagos Island or in select Mainland areas like Ikeja and Ogudu GRA are overpriced doesn’t hold up under scrutiny. While these properties are indeed costly, they also deliver unparalleled value for those seeking to invest in prime real estate. So, the next time you hear someone claim, "It’s just marketing hype," remember Mr. Ade’s experience and take a moment to evaluate the facts before accepting the myth. #realestatelagos #debunkingmyths #investmentinsights
The real estate developer himself!. How are you Mr Baker!
Business Development Executive
3mo"....evaluate facts before accepting the myth." Strong word....thanks for sharing Bukunmi Baker