Ocean Front Property Lagos Nigeria - Free Ocean Front Real Estate Tips. Great View.
The island areas known for having a good number of ocean front property with great ocean view are . . .
Want ocean front real estate? Want to sit in your apartment or look out the window and have mind blowing ocean view? |
Some specific estates actually have a smashing unrestricted view of the ocean. These estates include . . .
| 1. Ocean Parade Towers in Banana Island Ikoyi 2. Rebecca court in Banana Island Ikoyi 3. Some parts of Osborne Foreshore estate in Ikoyi 4. 1004 estate in Victoria Island . . . and several other estates on the island. So, if ocean view or ocean front property is important to you, rent or buy one of these properties. Ocean View Property PricingThe next natural question is . . . what are prices like for property for sale and apartments for rent in island areas of Lagos Nigeria where ocean front real estate is common? The next few paragraphs takes a peek at prices in these premium areas of Lagos Nigeria. Let's start with the rent price. A 3 bedroom luxury flat in Ocean Parade Towers in Banana Island now rents for $85,000 USD per annum. For your information, the Ocean parade Towers is a fenced and gated fully serviced luxury apartment building that is sort of like a mini estate. The facilities in this apartment building includes . . . |
. . . and several other facilities that make the rich want to pay and pack in almost immediately.
Wait. Isn't $85,000 USD too much?
No.
Why do I say 'No'?
Simple. Prices have crashed over the last few years due to economic meltdown. As a matter of fact, the rental price for a 3 bedroom flat in this ocean front property use to be as high as $100,000 USD per annum and higher.
The second reason why I said the price is not too high is because the apartment building is almost fully occupied. If the rental price for this apartment building was too high, prices would have crashed even further since the Nigeria real estate market is an open market where the forces of supply and demand compel to move up or demand depending on market perception of the property's value.
In simple words, the rich folks who rent the luxury flats in this apartment building are obviously getting value for their money.
How about sale price?
Well, using the same example, a 3 bedroom luxury flat in Ocean Parade Towers Banana Island Ikoyi sells for 200 million Naira (about $1.32 million USD). This means that the payback period for this luxury flat, this ocean front real estate, is about 16 years. Not bad.
Ocean Front Real Estate - The Future
The government is still reclaiming more land. That is, sand filling is still ongoing in some areas of Lagos state to turn more sea areas into land for building.
What is the attraction? Why sand fill the ocean to reclaim land?
Perhaps it's because the population of Lagos Nigeria is growing rapidly. Or maybe it's because more and more people are falling in love with ocean front property anyway.
Alternatively, it could be because the reclaimed land is sold at high prices and so the government makes good margins on the sale.
The real reason?
I don't know, at least not as at the time of this writing.
Whatever the case, if you currently live in an apartment that has ocean view, sooner or later your view of the ocean my be restricted as more land is reclaimed and the new developments on those land obstruct your view.
What happens then?
Of course, get a better ocean view by changing to another ocean front property . . . perhaps something directly in front of the ocean.
Lord, have mercy!
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