Mega-city set to rival Dubai as African developers announce luxury plans
An African city may one day rival Dubai as wealthy developers announce plans to transform the area. Lagos in Nigeria has seen rapid growth in recent years with business plans now aiming to attract high earners who are searching for for sleek, luxurious properties.
Akintola Oladejo, CEO of Prestigious Homes Ltd, is planning to build developments and projects in commercially viable parts of the Nigerian city. According to African business publication How We Made it in Africa, the areas include Banana Island, Victoria Island as well as in the neighbouring city of Lekki.
The Cape Town publication compared the three areas to some of Dubai's most luxurious locations, including Palm Jumeirah, Business Bay, and Dubai Marina.
Businessman Oladejo told how well-known developers who have links with Dubai have been involved with their plans for Nigeria's new mega-city.
Oladejo claimed he is keen to establish high-yield investments catering to Nigerians wanting to invest back in the country whilst also building a luxurious domestic alternative to Dubai.
Speaking at the time, he said: "Diaspora investors are increasingly interested in buying homes in Lagos due to affordability and cultural significance."
He claims his developments will also be an opportunity for people now living outside the country eager to invest in one of the continent's largest economies, reports the Express.
The outlet pointed 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 says he's 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", in a move he hoped would 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%.
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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.
However, despite the push to attract investment with valuable developments in some areas, Lagos itself has long struggled various issues including traffic congestion, housing shortages, and inadequate public services.
Many of its residents live in informal settlements with limited access to clean water, electricity, and sanitation.
High levels of traffic and public transport systems struggling to keep up with demand have also been an issue, though officials have been working on solutions to manage the city's rapid expansion, including Lagos Rail Mass Transit system to improve transportation, and new housing developments to accommodate the rising population.
However, experts have warned that major investments in infrastructure and city planning are needed to avoid Lagos facing serious challenges as it grows.
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