A new city has emerged off the shores of the famous Bar beach in Lagos, the sand-water was churned out of giant underwater pipes from the Atlantic Ocean. Everyone wants to know how much this trendy city would cost. Today, we bring you a detailed analysis of what it takes in funds to live in this mega-city.
Property prices in Eko Atlantic were set to break records as initial land prices ranged from US$1,000 per square meters.
At the prevailing market rate, land prices in Eko Atlantic City have risen in value by as much 85 per cent since the project commencement. The average price for a two bedroom apartment in one of the high rise towers currently under construction in Eko Atlantic City was selling for US$853,750 (N168, 188,750) and for a three bedroom apartment in the same tower US$1,010,000 (N198, 970,000).
Similarly, the average price for a two bedroom apartment in another high-rise tower was selling for US$896,750 (N176, 659,750), a three bedroom apartment in the same tower US$1,070,833 (N210, 954,167) and penthouse US$2,586,667 (N509, 573,333).
According to data released by Residential Auctions Company (RAC), there are already over 1,000 units of apartments of various room sizes ranging from one bedroom to four bedroom penthouses already under construction.
Leading the pack of these developments are Eko Pearl Towers by ESLA International. Eko Pearl Towers are high-rise residential buildings to be located in the centre of Eko Atlantic City. It will comprise of five stunning residential towers on the harbour of Eko Atlantic.
The towers are; White Pearl Tower, Black Pearl Tower, Indigo Pearl Tower, Champagne Pearl Tower and Aqua Pearl Tower. Another high-rise development currently under-construction is Eko Energy Tower Estate being developed by oil and gas logistics firm, Orlean Invest West Africa, a Nigerian group with over 25 years of providing corporate and real estate services.
Source: Eko Atlantic
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