The Eko Atlantic Villa Plots: A Game Changer?
In a move that will shake the premium luxury real estate market, Eko Atlantic City has released a video revealing the first villa built in the highbrow location. The video alternates between scenes of the 3d photos of the design and the actual construction work on site. The building has been roofed, and all distinctive features – including a second-floor swimming pool, have taken shape.
Castles Lifestyle has learnt that sales of villa plots, which were highly restricted before, are now open. There has been pent-up demand for ‘villa’ plots in Eko Atlantic, but the promoters were focused more on engaging developers of highrise plots of larger sizes. In previous discussions with the developers, inquiries were politely but firmly diverted to the advantages of the highrise plots and the amazing lifestyle afforded to those who would purchase the finished apartments built on those plots. Now there is a clear marketing effort designed to encourage the regular buyer looking for a plot for a single-family dwelling.
Plot sizes are between 1200sqm – 1,600sqm and are available at $1,050 per sqm. The sale price compares very favourably with prices of plots in highly valued Banana Island, Ikoyi and even Old Ikoyi. Plot values in Banana Island are in the N1.2m per sqm range. At the parallel market rate of about N760 – $1, this works out at $1,578, a substantial increase over Eko Atlantic prices. A 1,200 sqm plot in Banana Island will come to $1.895m compared to $1.260m for the same size plot in Eko Atlantic. Similarly, with Old Ikoyi rates at the N950k/sqm range, Eko Atlantic plots at approximately N798k/sqm have a substantial discount.
It will be interesting to see how the market moves in the next few months as the elections are concluded, and the direction of the incoming government is unveiled. One thing is clear, though – luxury property buyers now have an additional choice in the form of the villa plots at Banana island.