Showing posts with label outpaces. Show all posts
Showing posts with label outpaces. Show all posts

Sunday, November 3, 2013

Lekki outpaces Ikoyi, others as most prized real estate market

With a phenomenal growth driven by a combination of factors including expansion of Lekki-Epe Expressway, proposed Lekki International Airport and Deep Seaport, the Lekki corridor in Lagos has been identified as one of the most prized real estate markets in Nigeria, outpacing Ikoyi and Victoria Island.

Current market trends in the corridor shows its uniqueness in that properties are available for all types of income earners—the high, upper middle, and budget buyers.

Olayinka Omotosho, a chartered surveyor, who gave these hints in his paper titled ‘Real Estate Business Dynamics in 21st Century with Focus on the Lekki-Epe Axis’, noted that this axis has the largest concentration of new wealth on the African continent,  catapulting many families to the rank of the nouveau riche.

Omotosho, who was a lead speaker at the first Lekki-Epe Real Estate and Business Conference in Lagos recently, called for more investments in Lekki in order for investors to create wealth for themselves.

The conference paraded an array of speakers including Kayode Omotosho, executive secretary of the Mortgage Banking Association of Nigeria (MBAN); Bode Araba, principal partner of EPDM Nigeria, and Godspower Omozusi, the principal partner of GP Omozusi & Company, a firm of estate surveyors & valuers.

The lead speaker took a critical look at modern real estate business, saying, “21st Century has often been referred to as the era”. He explained that many companies are now able to do more business using the internet, adding that more clients are more knowledgeable of the property market these days.

“The introduction of blogs, products, social media like facebook, twitter and smart phones have allowed for more interaction between professionals and their clients, beyond what was previously obtainable”, he pointed out.

According to him, new technology has brought about interface between clients and professionals, sophisticated marketing, globalization of the local property market and the need for due diligence to verify information given on the internet.