What will happen to Victoria Island property values….when Eko Atlantic is completed?
The most expensive plots of land in Nigeria are on the high streets of Victoria Island, Lagos State. Plots on streets like Adeola Odeku, Ozumba Mbadiwe, Adetokunbo Ademola are priced from N450,000 per square metre and can reach N600,000 per square metre. The reason for this is simple – Victoria Island retains the position of the most desired Central Business District in Nigeria. It houses up to 18 bank headquarters, the best hotels are situated there and is home for up to 90% of the Grade A office complexes in Nigeria.
But just across the Ahmadu Bello Way, a city is coming up. Eko Atlantic City is designed to have many advantages that Victoria Island lacks. The infrastructure of the city is to be at par with any modern city in the world. The developer’s website explains:” An efficient electricity generation plant will provide an uninterrupted power supply. Central service systems will completely eliminate the need for generators, water tanks and septic tanks. This will mean that Eko Atlantic will not be dependent on diesel and will not be troubled by the waste from badly serviced tanks, or from the noise pollution. · A dedicated sewage treatment plant will keep the city healthy and safe. Clean water will be pumped from the city’s own treatment plants and distribution mains. · State-of-the-art communications will fuel business and personal networking on a local and global level”
Can Victoria Island with its crowded streets, traffic jams, and creaky infrastructure compete with Eko Atlantic’s allure? Will the Grade A buildings in Victoria Island with their expensive services compete with the buildings in Eko Atlantic City which will get such services from the mains? Will an Eko Atlantic City address not be more prestigious than a Victoria island one? The exclusive location is reportedly on the top of the list of locations for the soon to be built United States Lagos Consular office. The US Government is moving the office from Walter Carrington Street in Victoria Island. If as we suspect, businesses move across the Ahmadu Bello Way, from Victoria Island to Eko Atlantic City, it may be difficult for properties in Victoria Island to maintain their present property values.