Eko-Atlantic is a planned city on the Lagos Island of Lagos State, that is built on the land reclaimed from the Atlantic Ocean. It is no news that Lagos is a city surrounded by water. It is the country’s most populous state and its economic and commercial capital. The project, after its completion, is expected to cater for about 400,000 residents and a daily flow of 250,000 commuters. With the ongoing construction, one thing which is evident is that the new city will not only change the aesthetics of the coastline but also improve the state’s real estate market. It is also important to note that the main purpose is to stop the erosion of the Lagos coastline.
The question; “how safe is the new premium city”, is one major concern for most people. Though Lagos is a state full of bridges and maybe tunnels because it is surrounded by water than it is by land. It is, however, harder to convince people about living on the water. This is what Eko Atlantic is, practically. It is a city on land that was once water; as the location was once home to one of the city’s most popular beaches in Lagos. Thus, the question of safety comes to play. It is totally human to ask about these sorts of things, especially when you are looking to invest in such opportunities. However, despite the criticism the project has gotten since it began in 2008, it is actually safe as a lot of research has gone into ensuring that. It is this research that gave birth to what is now known as the Great Wall of Lagos. Yes! You didn’t read that wrong, as it is the Great Wall of Lagos and not the Great Wall of China which is among the top.
The Great Wall of Lagos is arguably the most important accomplishment so far in the construction of the Eko Atlantic. Inasmuch as the safety of the inhabitants of the proposed city is paramount to the project’s progress, the Great Wall of Lagos was very much needed. As earlier mentioned, the main reason for the Eko Atlantic was to put a stop to the erosion that trouble the old Bar Beach. The Wall was constructed to protect the shoreline of the Victoria Island and early phases of Lekki from coastal erosion. Before the construction of the Great Wall, it was not unusual to see the waves from the Atlantic Ocean regularly flood the Victoria Island and the early phases of Lekki. This, in turn, threatens the lives and businesses in the area. The Great Wall of Lagos is a total of 8.5 kilometres which achieved its primary goal of protecting the Victoria Island from coastal erosion. Once it was completed, it also provided protection for the early phases of Lekki from coastal erosion as well.
Eko-Atlantic Impact on Lagos State
For a project of this magnitude, it is expected to have impacts on the state, and Nigeria as a whole. This project is bound to create a special effect on Lagos as a whole which is one of the world’s fastest growing cities. This is because the city is already a mega city and looks forward to becoming a smart city. The impact of the Eko Atlantic is, however, expected to be massive; both on the positive and negative. Though, there are more positives from the project than negatives. The impact in which the premium city would have on Lagos state range from an increase in the population in the state to improved social infrastructure and facilities to the overall aesthetic value of the state.
Eko-Atlantic Increased population in the State
As of the moment, the city is the most populous in Nigeria, despite being the smallest in terms of geography. Lagos is regarded as the economic and commercial capital of the country and West Africa. According to many, it is the go-to place to make money in Nigeria. It is not surprising that people, in their thousands, come into the city on a daily basis. Most people come into Lagos in search of greener pastures; while it is difficult for some, there are actually others who make it here. If the myth about the state’s population is anything to go by, one would think there is never space to walk on the streets. Though, this does not take away the fact that people bump into others while walking on the streets of Lagos, especially at peak hours. This situation is likely to double or triple as the State looks to change its status from a mega city to a smart city. With the completion of Eko-Atlantic and other constructions going on in the state, the smart city status is just a matter of time in the future. What it means is that, after the completion of the project, there will be more people coming into Lagos as the Eko-Atlantic look to cater for about 250,000 jobs. People from different part of the Lagos State and Nigeria as a whole would migrate to Lagos Island in search of job opportunities. Though, in the positive sense, it is a good move as it will increase the number of businesses in the state. This also, in turn, means more revenue for the state. Nonetheless, the migration of people to the Lagos Island post greater threats and its gains to the city. The likelihood of the city being overpopulated cannot be overstressed. It becomes a threat to the state when there are more people in the state than there are jobs. Those who cannot get the limited jobs because of one reason or the other might result to crime and other forms of unrest in the state. This also means there should be an increased focus on security by the government in order to ensure a perfect functioning state.
Eko-Atlantic Social infrastructures
Another thing to expect from the Eko-Atlantic is the availability of advanced social infrastructures and facilities. Even at the earlier stages of its construction, it is clear that the infrastructures and facilities cannot be compared to other parts of Lagos, Lekki inclusive. The idea of Eko-Atlantic is to create a world-class city of international standard which built adjacent to Victoria Island in Lagos. The proposed city is expected to have six phases upon completion. One of the achievements within the city so far as constructions are still ongoing is the completion of 14 bridge structures in just two years. The bridges are, however, built to international standards and within the phase one and two alone, there are about five million square metres i.e half of the entire planned city development. The Eko-Atlantic is divided into two phases: phase one and phase two. These are further divided into eight districts: Harbour Lights, Business Districts, Eko Drive, Marina, Oceanfront, Downtown, Eko Energy and Avenues. These different districts are planned as a mix of commercial, residential, entertainment and leisure activities to make the city a 24/7 lively environment. The districts are networked by bridges all over the city, with all the bridges between two to eight lanes. The premium city is also home to the Eko Pearl Towers, which is a residential building in the Marina District. Eko Atlantic is also home to Nigeria’s eight-lane city road. Other infrastructures that tend to be the benefits of leaving in Eko Atlantic are; uninterrupted power, clean water, underground drainage and world-class communication. The plots of land are delivered with connections to utility services. The city has a 10.2 kilometres long waterfront, it is also home to 2 large marinas connected by an internal waterway.
Eko-Atlantic Impact on Real Estate
If there is anything to look forward to as it concerns real estate, it is the completion of the Eko Atlantic. The real estate industry is no doubt a fast growing sector in the Nigerian economy, with more businesses and investors coming into the industry. More people are beginning to see and tap into the industry’s abundant opportunities. This is one evident thing as the mode of transacting in the real estate industry continue to change. 9jarealestate, a leading real estate property centre platform, is at the forefront and changing the face of the Nigerian real estate market. They provide users with the best property, both online and offline, by connecting them to legitimate and verified real estate agents. What this means is, the real estate market is already experiencing and adapting to new ideas and innovations. It is expected that when Lagos attains the status of a smart city, companies like this will also be at the forefronts.
The completion of the Eko Atlantic would have lots of impact on the Nigerian real estate market. Few of these impacts are mentioned below.
Eko-Atlantic Will Bring High rate of property appreciation
One of the major impacts that are expected after the completion of the Eko Atlantic is the high rate of property appreciation. With the expected number of residents which is about 400,000 and a daily flow of 250,000 commuters in the new city, there is definitely going to be an increase in the number of residents in and around the city. For a real estate agent or real estate agency with houses for sale in Lekki or other forms of real estate properties, it is expected that there would be an increase in the rate of property appreciation. For instance, lands in Lekki and its environments that are close to the Eko Atlantic are expected to appreciate over time as more people would look to buy properties in the area. If the expected number of jobs is 250000, it is only logical that people would want to reside close to the city or have their business in the area. For the average landowner or landlord, he/she is guaranteed to have good value for their property. What this means for a real estate investor with rental properties is that there is a constant flow of income as the properties would surely be on demand. He can then choose to increase the rental rate or not as he wishes. These changes mentioned are not spectacular to Lekki, Victoria Island or the entire Lagos Island alone. The Lagos mainland is also expected to experience the same fate as well since there would be an increase in the entire population of the state.
The real estate industry as it has been said overtime is not a get rich quick scheme. It is where people invest their money and wait to reap its benefits in the future. What this means is that it is usually difficult to see an individual or company in the real estate business that has survived the all by itself with no external financial support. The need for investors cannot be overstressed in the industry. The search for investors to key into your business is always a tough one as there are conditions that hinder these processes as well. The investors before putting their money into a business or to fund your idea, want to be assured they are going to get double or triple of their money. Of course, no one intends to go into business with the mindset of making losses. What they seek is, however, an enabling environment to invest and do business. This is actually another thing to expect from the completion of the Eko Atlantic. For instance, the city itself is already structured to meet international standards of cities like Dubai, Shanghai, New York. To be realistic, the city is built for foreigners and natives who can afford the luxurious lifestyle. These are the kinds of people who would throw money into the real estate industry. Also, these means a foreign investor can actually decide to live in Nigeria, enjoying the same luxurious life he/she enjoys in their country and monitor their investments. The issue of being scammed is drastically reduced here. Local investors would also be willing to throw money into the business; let’s say the construction of more housing facilities to meet the demand of the state due to the increasing number of people.
Eko Atlantic is definitely not like any other place in Lagos state or city in Nigeria. If Lekki is considered to be home to the wealthiest people in Lagos, Eko Atlantic is, therefore, expected to be home to the wealthiest people in Nigeria. It remains the only Nigerian city on the water that is structured to suit/compete with international standards. With similar aesthetic features to towering buildings in Dubai, Eko Atlantic city is an extravagant design dream that has been brought to life. This part of the Lagos, when completed, would overthrow Lekki as home to the city’s most expensive real estate assets. What the Eko Atlantic brings to the table aside tackling the erosion problem of the ocean that plagued the old Bar Beach and providing jobs, it beautifies the city in ways it has never experienced. This is evident in the kinds of apartments built in the city. An example of this kind of apartment is the first residential apartment – Eko Pearl Towers – completed in the Eko Atlantic. The development which is situated about 500 meters away from the financial centre of Lagos on Eko Atlantic City, consists of five high rise residential towers, each topped with deluxe penthouse types, two & three bedroom apartments exuding a luxurious home experience with a view of the Lagos coastline. The Marina district is considered to be one of the most stunning residential and commercial hubs in Eko Atlantic, offering the finest lifestyle in the city. These luxurious apartments are styled and structured like the ones in Dubai and other top cities. The Marina district, for example, offers inspiring views from every angle of the city; from the sleek ocean-going yachts to the ultra-modern architecture.
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