Real estate experts pin hope to 2019 regarding the property situation in Nigeria that houses the highest number of living souls in its precincts. The first quarter beheld the economic activities shrinking in the Nigerian oil market, which fetches the highest amount of foreign exchange. Last year had experienced a 2.01% increase in GDP in its first quarter. National Bureau of Statistics, based in Abuja, mentioned these information bits on its websites. It was last month. The majority of experts see improvements in the economy able of purging the Nigerian estate market from malaise clung to it in 2018. Paragraphs below mention some beneficial projects.
Eko Atlantic City
This African equivalent to Dubai prides itself in its multi-billion worth of residential and commercial development. Lagos houses the Eko Atlantic City project, which is parallel to Bar Beach. It also joins Victoria Island. Once finished, about 250,000 people can live here on its area of 10 square miles. It will also accommodate 150,000 commuters a day, according to estimates. Some chief contributors in the Eko Atlantic City scheme are South Energyx Nigeria Limited, Lagos State, 500 indigenous firms, 17 expatriates established firms, developers, and city planners. They have reclaimed areas from the Atlantic Ocean to found this project on these tracts.
This development has rescued Ahmadu Bello from both ocean surge and flooding, which used to annihilate houses and commercial areas in this Lagos island. Besides, this project is going to share the excessive burden currently Ahmadu Bello infrastructure is going through.
Oworonshoki Lagoon Reclamation Project
This project, i.e., Oworonshoki Lagoon Reclamation Project, is to revive the deteriorating part of Lagos to turn Lagos into a tourist, transport, and entertainment hub. Though Oworonshoki Lagoon Reclamation Project lacks the housing component, yet this missing doesn’t ruffle its popularity. It is poised to put Lagos at par with entertainment hubs in Africa. The 50-hectares area increases the success chances of the Oworonshoki Lagoon Reclamation Project. So far, 30 hectares have been reclaimed.
Oworonshoki Lagoon Reclamation Project is poised to bring advantages, and the chief one will be rescuing the area from perennial flooding, a considerable and prospect shining development. Besides, its 50-hectare tract will house cinemas, hotels, clubs, event centers, bars, a parking area for 1,000 vehicles, and likewise notions.
Federal Government Undertakes Mass Housing Project
Nigeria lacks adequate housing. Consequently, the Nigerian Federal Government has planned to decrease the shortage. The federal government is planning to engage the National Housing Program to meet this housing deficiency. The chief strategy at National Housing Program is to launch property schemes in 33 Nigerian states so that 2,736 units can be built. The said entity plans to involve over 650 contractors in this building flurry. Besides, about 54,680 individuals will lend help in materializing the plan.
Lagos State Joining Nigerian Mortgage Refinancing Company
The government and Nigerian Mortgage Refinancing Company have decided to join hands to facilitate private developers in delivering 20,000 units.
Lagos State Government Cooperating with Echostone Development
This entering of the Lagos government into a contract with the aforesaid construction concern, i.e., Echostone Development, will result in 2,000 residential solutions in Lagos State. The agreement bounds Echostone Development to employ modern methodology to reach the target. The government will hand out equity. The equity form will be the land and likewise.
They will build 2,000 accommodations in three locations. They will start from Badagry by construction 250 units there. Ayobo in Alimosho will be the next location while Imota in Ikorodu will be the third and last area to house accommodations. The exciting feature is that Lagos Affordable Public Housing Initiative will be a tool in the emergence of 20,000 accommodation in four years.
Royal Residential Estate
Obika Realtors is the driving force behind the Royal Residence Estate located in Eluju town. Eluju is in the remit of Ibeju Lekki axis of Lagos. Some actual features have begun emerging, such as, fencing of 10 acres of area. The central gate has emerged along with complete of main link road grading, which will connect to Lekki-Epe Expressway. 54 plots comprise the first phase. What is more, payment has already poured in regarding 80% of these 54 plots. Obiak Realtors has girded up its loins for the next phase too.
Nigeria’s making up the housing shortage is going to incur $360 billion, approximately. The present situation isn’t good. Take the example of Lagos State where residents need over 3,000,000 accommodations. This count is to cost 8trillion if one unit incurs the 10,000 US Dollar cost.