In Search of Affordable Properties, Nigerians Discover 'New Island' in Lagos

In Search of Affordable Properties, Nigerians Discover 'New Island' in Lagos

  • Nigeria is witnessing the rise in property prices as cost of building materials skyrocket in the country
  • According to recent research, the search for affordable real estate is on the increase in cities like Lagos where landlords have increased their cost
  • Manufacturers of building materials complain about the cost of doing business in Nigeria, hence the increase in prices

Recently, Nigeria has witnessed a surge in the price of property and general real Estate, caused by the inflationary pressures, which experts say are caused by the high cost of building materials.

Usually, the location of a property determines the price at which it is sold.

Lagos Island, New Island
Nigerians find new Island in Lagos Credit: Holmes Awa / EyeEm
Source: Getty Images

In sprawling areas like Lagos Island, property prices are sky-high, mostly out of the reach of average Nigerians.

Reason for increase in real estate price in Nigeria

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These areas contribute to the high cost of property in Lagos and Nigeria.

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Recently, however, Lagos residents discovered a new place where high-heeled people buy properties.

Findings by show that HarmonyVille, a privately owned estate, has become the go-to place for big guys in Lagos for the choice of property.

Located in the Ibeju Lekki area of Lagos, the Estate consists of 220 luxury villas, 144 Twin Duplexes, 105 Detached and 200 semi-detacheds, which are to be built on 45 hectares of Land.

Saheed Mosadoluwa, the MD/CEO of Harmony Gardens, said he is committed to executing the plans in the Estate's layout. And that he is working with experienced developers to make that a reality.

According to Mosadoluwa, the Estate is a multi-stem hawthorn tailored for individuals who want to purchase in the future and wish to own a property in the Estate.

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Mosadoluwa said:

"HarmonyVille controlled lighting systems with respect to the local ecology and the nature Skies policy of the park and permeable paving and sustainable drainage solutions to divert stormwater away from drains."

The place is the new all-weather, outdoor residential Estate that will take pride in the Estate, directly facing Redbrick Homes International Limited with views across the Eleko Beach, Dangote Refinery and Free Trade Zone.

It is 45 hectares of Land with a good road network and transport links within a 10-minute drive to Dangote Refinery.

Developers of the Estate say they are working with other renowned developers to present a world-class facility for residents of Lagos State.

9 countries in Africa where it expensive to rent one room apartments reported that One of the essential needs of humans is shelter, which hardly comes cheap.

Many African countries resort to shanties because of a lack of affordable housing and their inability to afford rent.

Investopedia defines the property price to income ratio as the ratio between a median home price comparison to the median annual household income.


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