Have you noticed that all around Lagos right now, many of the real estate billboards you see carry adverts of 2, 3 & 4 bedroom apartments up for sale? Both on the Island and in the Mainland, all the adverts you see are for all these apartments for sale.
It is the same thing in all the real estate adverts in the newspapers. City People can authoritatively reveal that right now, many property developers are going in that direction. Many of them are paying less attention to residential apartments with the higher number of rooms. There are fewer developers going for 6, 7, 8 or 9 bedrooms.
Foreshore Waters is an example of such a high profile developer, developing 3 bedroom apartments. It currently has an advert running inviting prospective customers to come and unlock Luxury in the heart of Ikeja, by buying a 3 Bedroom Luxury Apartment and Boys Quarters in Ikeja GRA for N24 million (initial deposit). Bethsaida Real Estate Limited is doing a similar thing. It has a new project CHAVVAH Brooks Court, at Arepo. It is made up of 3 Bedroom Terrace @ N45 million and 4 bedroom terrace @ N55 million (all charges inclusive). There is also Citiview Estate at Arepo. It is offering 2 Bedroom Cranbel Apartments and 4 bedroom semi-detached duplexes.
Even Gibraltar Construction owned by Sir Olu Okeowo is currently working on a new project in Ikoyi called Santo Domingo. It is made up of 3 bedroom apartments for N250 million and 4 bedroom apartments for N350 million. There is also 4 bedroom penthouse going for N850 million. It promises a combination of impeccable finishing, unmatched service offerings, inviting ambience and an artistic aura that gives luxury living an elevated meaning. We can also tell you about Blueray Luxury Apartments is now selling. It promises a super luxury Block of 2 Bedroom flats for N35 million.
Same thing with Horizon Estates. It is offering 2 bedroom flats in Lekki Phase 1 at N9.99 million initial deposit. Grenadines Homes is also out with what it calls Paramount Twin Towers. It is currently offering 1, 2 or 3 Bedroom Apartments for N9.97 million, and you are allowed to pay the balance via a convenient payment plan.
Landway, an upscale real estate company, is also out with Urban Prime Three Flexvillas. This is made up of 4 bedrooms fully detached villas. Many other big real estate companies are also offering 3 to 4 bedroom apartments. Take, for example, The Address Homes. It is currently offering 4 bedroom Terraces. The same thing with RevolutionPlus company. It has for an offer right now, flats at its Dream City by Abraham Adesanya in Ajah. It is made up of 1 bedroom Luxury Flats for N25 million and 3 Terrace Duplexes for N40m. Also, now selling from Edmark City, are several apartments of 1 bedroom, 2 bedroom, and penthouses.
Those who are interested can also invest in The Royale Terraces made up of 15 units of 4 bedroom luxury Terrace Homes. With the payment of N25 million deposit, you can spread the Balance over 3-12 months at Whitewater Estate Ologolo by Jalade Estate in Lekki.
There are also apartments and flats at Flourish Residences at Sangotedo on Monastery Road. There are 3 & 4 bedroom Maisonnettes for N11.99 million at Awoyaya. There are also Grace Luxury Apartments By RevolutionPlus. 1 bedroom goes for N20m, 2 bedroom goes for N28m at Awoyaya, Ajah, Lagos. To own an Apartment, you can pay from N5million.
Why do property developers now prefer 3 & 4 bedroom apartments? City People gathered that it has a lot to do with the taste and demand of buyers in Lagos right now. It was the COVID-19 Lockdown in 2020 that made many elites change their taste. A real estate player revealed that with the lockdown, many elites realised that they don’t really need big houses, big duplexes with 7 to 8 bedrooms. They realised that they also didn’t need big offices and that they could work from home on their laptops. Because of the high cost of living, those who work in corporate establishments also realised that the era of working in Ikoyi, Lekki, Oniru, Ajah, Victoria Island and living on the Mainland didn’t make economic sense, when they can buy or own a 2, 3 or 4 bedroom apartments on the Island. Many companies also started helping their staff to buy these apartments that seem affordable.
There is also the fact that there are more young executives with small families looking for permanent accommodation than the older folks who have already built big houses in Estates on the mainland”.
City People gathered that years back, there was high demand for big apartments and duplexes but it took the lockdown for developers to realise that it made more economic sense to build small 3 to 4 bedrooms that they can easily sell by getting buyers to pay the initial deposit and spread payments.
City People gathered that since 2020 there has been a sharp drop in the request for office spaces because many people have started working from home and what many young people need now is just a place they can pack their car and lay their head.
There has also been an upsurge in the number of single guys and babes who work on the Island and need just a cosy and luxurious apartment they can call their own. City People also gathered that for many of the property developers, it is a win-win situation. It is cheaper for them to build and they get to sell these 3 to 4 bedroom apartments faster because the cost is affordable.
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