There’s a huge housing deficit in Nigeria. Available data says about 70 percent of people in the country live in informal settlements. Real estate experts say we would need to construct between 17 and 20 million homes to plug the housing supply gap in the country.
Meanwhile, there’s been a lot of investment in luxury estates. But the glitzy quarters which these funds have built remain mostly uninhabited.
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It’s a contradiction that companies like Alstonia Global Services are working to eliminate. These firms are offering lower-priced properties at the edges of the country’s big commercial cities, and allowing people further down the income ladder to own homes as well.
Alstonia has land for sale in and around Ibeju Lekki, the vast district that sits just after the fashionable Lekki area. It’s perhaps the fastest growing real estate corridor in the country, with plenty of commercial and residential buildings springing up. Property market enthusiasts like to refer to it as ‘The New Lagos’.
The Alstonia team thinks it’s a perfect setting for their estates. They’re banking on the rapid expansion of Lagos’s commercial heartland from places like Ikoyi and Victoria Island, into the Lekki peninsula. They have watched prices rise in the traditional city center, and seen prospective homeowners shift their gaze further east from there. They are jumping on the opportunities that this presents.
Alstonia Global Services is currently developing property for several estates, all of them in the Ibeju Lekki axis. These include the Magnolia Park Estate, Palm Spring Estate, Summit Place, Lakewood Manor, the Peninsula Homes, and Coral Gardens. The plan for each estate includes electricity, drainage, road networks, shopping complexes, and recreational areas- as every typical modern gated community does.
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Aspiring homeowners can purchase plots from Alstonia and build as they wish. They can also seek the advice of the company concerning their construction plans.
According to the Alstonia team, they have served almost 2,000 clients and completed more than 13,000 projects. They still hope to take on more customers, as the demand for housing in Lagos continues to swell.
Featured image source: @Alstoniaglobalservices
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