Nigerians looking for sleeping space at Nigeria’s emerging “Ocean City” the Eko Atlantic, also called Nigeria mini-Manhattan after New York’s expensive financial district will have to pay dearly for it.
Money Issues investigations shows that Skyscrapers are already appearing in Nigeria’s new beautiful city, claimed from the ocean surrounding the Victoria Island financial district.
One of the major towers that will grace the Eko Atlantic skyline, “Eko Pearl Tower” is almost complete and already selling spaces. A two bedroom flat at the tower is now selling for $710, 000 (N142 million at the official exchange rate of N200 to USD) while a three bedroom flat is selling for $875,000 (N175 million at Official exchange rate).
Terms of payment include a 30% initial payment and the balance paid in installments. Also available for sale at the Eko Atlantic city are choice plots of land starting from $1,500 per m2 or about $750,000 for a 500 m2 of land space.
Investigations by Money Issues show that individuals and businesses are already taking up their space in the new city. Rising off the coast of Lagos, on land reclaimed from the Atlantic Ocean, Eko Atlantic city is designed to be a 21st century city providing vital real estate for people to live and work, with the aim of turning it into Nigeria’s and West Africa’s new financial capital.
When completed, the Eko Atlantic city will add 10 million square metres of prime real estate to the Lagos property market.
When compared to average prices of apartments in the real Manhattan in New York, Nigeria’s mini-Manhattan is still relatively under priced. Average prices of apartments in Manhattan New York in 2014 stood at $1.87million almost twice that of Eko Atlantic city’s current prices. Average rents in New York’s Manhattan also averaged $4,081 a month.
Also Money Issues investigations show that in as much as Eko Atlantic looks expensive, it is not the most expensive prime property on the Island currently. A 14 Storey Building on Glover Road, Ikoyi, with several luxury flats is selling three bedroom flats at $1.2 million (N240 million) per flat.
Also luxury three and four bedroom flats with boys quarters at Tango Towers in Ikoyi is selling for $1.5 million (N300 million) and $2 (N400 million) per flat.