A leading developer is reshaping the skyline of West Africa’s largest city with modern, luxury properties that draw comparisons to Dubai’s iconic architecture.
According to express.co.uk, Akintola Oladejo, CEO of Prestigious Homes Ltd, has developments and projects in a number of the more commercially viable parts of Lagos, Nigeria.
These include Banana Island, Victoria Island as well as in the neighbouring city of Lekki, How We Made it in Africa reports.
The outlet compares three locations to Dubai’s Palm Jumeirah, Business Bay, and Dubai Marina, and Oladejo says renowned Dubai developers have had a big impact on his vision for property in the city.
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Oladejo says he is looking to build a luxurious domestic alternative to Dubai while setting his sights on establishing high-yield investments catering to Nigerians wanting to invest back in the country.
He also says it’s an opportunity for people now living outside the country eager to invest in one of the continent’s biggest economies.
Diaspora investors are increasingly interested in buying homes in Lagos due to affordability and cultural significance,” he says.
The outlet points to completed developments like La Vida estate, a gated community with 40 units, Casa Branco a luxurious three-property building with a swimming pool, and Sutherland Court with its 13 units of 4-bedroom terraces as exemplifying his “commitment to excellence”.
Oladejo is also seeking to address issues around affordability and financing with zero-interest payment plans for off-plan properties, which he says is “similar to strategies employed by Dubai developers”.
It’s a move he hopes will make “luxury living accessible to more people”.
Lagos reached “megacity” status under UN guidelines in 1995, when the total city population boomed to more than 10 million.
Today, the city is thought to be sixth most populated megacity on the planet. An estimated 20 million residents live within the roughly 1,200 square miles of the city, with an annual growth rate of 6%.
Oladejo’s drive to emulate the rapid rise of Dubai’s property market comes as Nigeria’s cities are looking to quickly expand to accommodate the population growth, including major project like a vast coastal development under construction on Victoria Island.
The urban influx seen in major cities like Lagos, Abuja, and Port Harcourt has seen the demand for residential and commercial property soar, as per Nigeria Housing Market.
