Nigerian families have continued to face harsh economic realities due to inflation that rose above 15 per cent in March 2022, spacious and high-end apartments have gone beyond the budgetary limits of the salaried class and upcoming adults in major cities.
The Guardian gathered that the size of such apartments generally range from about 400 square metres to 600 square metres and are occupied by first-time homeowners, singles, young professionals or young small families with price range from N15 million to N25 million, for outright buyers. Whereas, he noted, if there were bigger housing units, it would cost the developer more to put those basic facilities into place. “There are a lot of singles, particularly ladies these days who stay too long before they get married and ‘baby mamas’ who can afford to take a studio apartments.
“The demand for such units are based on the need of the market and not that they affordable housing. As an investor, you must recover your cost; they are not under affordable housing because people have to pay the premium. Instead of going to stay in a three-bedroom in Gwagwalada, most people will rather stay in a studio apartment in the city for convenience,” he said.
“The larger units of three and four bedroom apartments based on emperical market analysis are usually the last to be sold out. Expatriate clients in the pandemic era have cut down on their foreign stay as working from home lifestyles have dominated the real estate sector and those that come around without the entire family units have no need for larger units anymore. This has huge impart on the choices home buyers make in the market space.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »