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1004 Estate: A housing solution?

 

1004 Estate has a total of 1004 flats, maisonettes and studio apartments. It is the largest single, luxury high-rise estate in sub-Saharan Africa. 1004 Estate is located at the heart of Victoria Island, Lagos, Nigeria. These high-rise buildings were opened in 1979 to serve as an upscale accommodation for senators and members of the House of Representatives. However, 1004 Estate has since been remodelled and resold to corporate buyers.

My colleague found an apartment after four months of searching. She had the funds. She has a stable source of income yet; it took forever to find a comfortable space. Most of the apartments she inspected had one of the following problems: inconsistent supply water, epileptic power supply, security risks, location disadvantage, and the list goes on.

The recent turn of events in the economic, social and political scene has generated greater uncertainty in the housing options available to young people. High youth unemployment coupled with a receding economy highlights the challenges young people face in Nigeria. This article explores the depleting state of housing obtainable for young people aged between 21 and 35 in Lagos state.

 

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Three Major Housing Challenges the Average Nigerian Millennial Faces

  1. The average Nigerian millennial pushes towards living in rentals, which reflectsthe growing problem of owning a home. The low supply of newly built, affordable houses against the rising housing demand inflates rental rates and housing costs. This bridges the gap between young people and home ownership.
  2. In addition, landlords own full autonomy to regulate and determine rental rates with little or no regulation. Also, they offer limited options for tenancy like shared tenancy or variance in payment periods. As a result, tenants are open to marginalization and discrimination against single women seeking to rent a house.
  3. The mortgage system remains woefully underdeveloped and brimming with setbacks like the uncertainty surrounding long mortgage periods extending up to 20 years, concerns over property rights and a limited data coalition base.

    The following are notable key points unveiling the average Nigerian millennial:

  • The average monthly income is in the range of NGN 75,000-150,000.
  • About 92% are graduates or have undergone vocational training.
  • Nearly half have no immediate plans to move out of their parents’ or relative’s house but would love to.
  • High saving culture with interest in investing in properties or buying a car.

 

Read more: Steps to buying a house

 

What the average Lagosian desires from a house are proximity to work, provision of water and power supply, security and affordability. Typically, an apartment that comes close to offering these features cost a fortune. In most cases, people settle for a house far away from their place of work. The result is long hours in traffic commuting to and from work, and also long tedious hours in traffic that could have otherwise been directed at other valuable activities like personal advancements and proper rest. Not to mention the ludicrous amount of their meagre monthly income spent on transportation.

The way forward

As the populations’ increases and Lagos, more crowded, the need for community housing schemes has become inevitable. Although community housing schemes are generally stereotyped as backdrops for poverty and ghettos – in the long run – there are several successful community housing schemes around the world to take a cue from.

A fair trade-off would be a joint investment between the public and private sector with the public sector providing the land and subsiding the cost of development while the private sector develops and oversees management and sell-off of the properties. Lagosians are willingly to pay for low-cost, efficiently designed houses.

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1004 Estates Limited is an exemplary real estate project that properly incorporates living, working and recreation on a limited surface area. It has a 95% occupancy rate, highlighting the high demand for such housing developments. Imagine having ten of such high-rise buildings at the various vibrant areas like Surulere, Ikeja, Lagos Island, Lekki, Ibeju-Lekki, Gbagada, and Maryland.

Other successful community housing schemes include the following:

The Mirador Housing Project – Madrid, Spain

The Mirador housing project in Madrid’s Sanchinarro quarter dubbed as the “sky plaza” is a block of flats comprising of 165 apartments. The project won the Madrid Municipality Best Design in 2005. It was designed by the Dutch architectural firm MVRDV.

The Pearcedale Parade – Melbourne, Australia

The Pearcedale Parade in the Melbourne suburb of Broadmeadows is a vibrant, eye-catching development by the Victoria-based branch of CH Architects. The Pearcedale Parade was completed in 2010 and contains 88 cross-ventilated units, and the development boasts of having solar-powered hot water and heating. The development was funded by a non-profit body dedicated to providing affordable accommodation and bent on improving the way people think about community housing.

Community housing schemes do not require the bravado luxury apartments offer. The Nigerian real estate market is a bit skewed as most real-estate developers diverted resources towards constructing luxurious villas and large family-sized apartments. Unfortunately, the market for luxurious apartments is rather tiny compared to the massive, untapped market literally begging for affordable homes.

A community housing scheme should focus on providing the following core amenities:

1. Tarred roads and functioning drainage systems

No one wants a pond at the entrance of their house five hours after a drizzle. An appropriate housing scheme will incorporate well-dug drainage systems and tarred roads linking the development to the highway for direct access.

2. 24/7 Water Supply and power supply

A central pumping station designed to ration water distribution with meters placed in every apartment will accurately determine how much water is used, how residents should be billed and to avoid wastage. No one would want to live in a house with water challenges, regardless of how pretty the house is.

An uninterrupted power supply is highly essential for convenient living. The epileptic nature of the Nigerian power system makes frequent blackouts inevitable. In this case, provision should be made for a central power generator to serve as backup during power cuts.

 

Also read: Ibeju Lekki – The new Lagos

3. Parking Space and Security

An underground parking lot will efficiently maximize space and provide ample parking space. Finally, maximum security in a housing scheme is paramount. An effective community housing must take into consideration the security risks of housing a bunch of strangers. Otherwise, the whole purpose of community living becomes defeated.

To conclude, the Nigerian real-estate market is at its teething stage and provides limitless opportunities to real-estate investors looking to solve real problems. The task of providing mass affordable housing falls on potential investors as much as the government. There’s definitely room for developing community housing schemes.

Here is a good place to start. Lekkivale Estate located at Ibeju-Lekki offers a unique opportunity to invest in real estate from as low as NGN 420, 000.

For more information, call us today at 0908123456409095757575 or send us an email at info@sevicpdc.com.

You can also chat with us on WhatsApp: 09095757575 09081234564

 

Housing deficit in Nigeria

Housing deficit in Nigeria

Lagos is no stranger to housing deficit in Nigeria and real estate challenges. The state is estimated to require about three million housing units to resolve its growing housing deficits. In a bid to tackle this housing and real estate challenges, the Lagos State government has set in motion, plans to provide 20,000 units of houses across Lagos state.

However, the growing number of unsold housing units in certain areas tell a different tale about the growing housing deficits and real estate obstacles. It appears that the problem isn’t so much lack of housing but lack of affordable housing. Some properties remain in the market for years and even months without a buyer. Areas like the Banana Island, Ikoyi and Victoria Island tend to command high property prices with some properties accepting foreign currencies as payment. While the supply for the high-end property has seen a steady rise, the demand for these properties hasn’t risen proportionately to its supply.

This is partly due to the recent recession, fall in oil prices, weakening of the naira against the dollar, a high cost of land and building cost. In addition, financial institutions and mortgage firms are lagging behind in providing adequate buying support. As a result, these high-end properties are shunned for more affordable alternatives, further deepening the housing challenges.

A close examination of the real estate market in Lagos shows that, although there’s a growing demand for homes, the real demand is for affordable homes. Affordable housing is fast becoming out of reach to the medium to low income earners, who are unable to keep up with the high costs of rents and houses.

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LekkiVale Estate features

At Sevic PDC, we’ve carefully identified these loopholes and we’re developing houses to tackle the average Lagosians’ housing and real estate challenges. In developing residential developments, our main focus is affordability, comfort and sustaining world-class standards. All our estates are developed with the comfort and pocket of the average Lagosian in mind. We’ve set in motion the following strategies to make your dream home a reality:

Mortgage Plans

We are partnering with various mortgage institutions to provide a sustainable system where home buyers can readily access finances and choose a mortgage plan that best suits their budget. At Sevic PDC, your dream of owning a home is one call away through improved mortgage plans.

Off-takers Advantage

Rome wasn’t built in a day; just like your dream house isn’t going to be built in a day. Our homes are built to suit your taste and your specifications. We let you choose the type of house you want in the desired location. The added advantage of value appreciation is, after your house is been fully constructed, it appreciates by at least 10%.

Location Advantage

Whether you’re a business person, a single person, a full-time worker or a stay-at-home mom, we all want our homes to be comfortable and luxurious. When it comes to choosing where to live, several factors come to play other than the building itself. So far, Lekki emerges as one of the most suitable locations to live in Lagos. Lekki offers proximity to good schools, restaurants, malls, hangout spots and churches making life comfortable and convenient.

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LekkiVale Estate features

All our estate imbibes comfort and luxury, providing the following amenities:

  • 24-7 Power and water supply
  • Exceptional view of refreshing green areas
  • Street Lights and paved roads with provision for jogging trails
  • Well-Landscaped Areas and Green Recreational Areas
  • Fortified Security
  • Fully equipped gymnasiums, tennis court and basketball court
  • Young, dynamic neighbourhood.

Most of our constructions are ongoing. Check out our top selling estate at www.lekkivale.com

Your next house is just one call away. Call us today 09081234564, 09095757575 and we’ll walk you through the entire process of picking your dream home at the most affordable rates in Lagos.

You can also email us at info@sevicpdc.com and a representative will attend to you.

www.sevicpdc.com

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