Andrea Geday
Managing Director, El Alan Construction Nigeria
We are currently developing a residential property in Lekki with African Capital Alliance that is targeted at the middle end of the market. We also have a high-end development that currently has a showflat. This is located near the French Embassy and will be one of the tallest buildings in Lagos—110m tall and 25 floors—with a double entrance, gym, game room, multipurpose room for events, swimming pool, and tennis court. Prices start from USD1.5 million to USD4-5 million. It will be completed by March 2019, and 60% has already been purchased, mostly by Nigerians. Demand remains low for residential properties overall, but constant for the very high end. There is an oversupply of luxury properties, but the great ones are still being bought as the extremely high-end is recession proof. 2018 will definitely be much better than 2017 as we have hit rock bottom. With stability, things will start to catch up, salaries will start to increase, and the market will start to recover.
Vinay Mahtani
Managing Director, Churchgate
The luxury segment seems to be facing oversupply, both in terms of commercial and residential. In Lagos, people talk of entire buildings lying vacant in Ikoyi. We have seen prices come down across the board, and until the economy experiences some real growth, high-end real estate will remain bearish. The oversupply is short term. Once we get out of recession and start to experience growth again, supply will be absorbed. However, demand must meet supply, and so right now it is important to react to the market and be realistic about pricing. There is opportunity in the mid-income and lower sectors, where there is still a huge shortage, but a lack of consumer finance means that one needs to find an innovative model that will make one’s product affordable to the end user. Overall, sentiment has begun to improve, forex has become more accessible, and the currency has started to appreciate. Nevertheless, we are still very much reliant on what happens with commodity prices.
Ashish Chaudhary
Director, Ashish Chaudhary
Our vision is for The Belmonte to be a landmark building in terms or quality and luxury. Our quality of construction is on par with any international standard. In addition to all the amenities, the apartments are huge; four-bedroom apartments are around 532sqm. Then, there are four- and five-bedroom duplexes, which are villas in the sky at 483sqm and 680sqm respectively, and the penthouses are over 1,021sqm. This is suitable for the Nigerian market as Nigerians like big homes and can appreciate luxury. Here, the weather is nice so we have made sure each home has large balconies and each bedroom also has access to a balcony. Our duplex apartment has its own swimming pool and the penthouses have two private pools, which has never seen before in Nigeria. Another advantage is that we are an integrated company; from design, architecture, structure, to the actual building and construction, we have everything in house, so we can control the whole process to achieve high quality.
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