Is it possible to ask for the price of a Bentley in exchange for the quality of a Toyota? Impossible! Any sane person would say. While many will consider this outrageous, it is indeed a stark reminder of the realities experienced in Nigeria’s Real Estate Industry.
The argument for Demand exceeding Supply, over empty Apartments in Ikoyi, is unfounded. Luxury apartments are in high demand Poorly finished buildings with exorbitant prices constitute the pile of empty apartments constantly being alluded to. A developer who compromises on the quality of materials, no matter how highbrow the Property’s location, has no right to place an exorbitant price on it.
Consider these - Are Developments such as Tango Towers and Ultimate Towers in Ikoyi, empty? If such Developments are not empty, imagine what would happen when the LorenzoBySujimoto with its high-end features, state-of-the-art facilities, exceptional Returns on Investment and Competitive Pricing, is completed?
‘ an adage in Yoruba parlance, means . You cannot offer a Toyota for the price of a Bentley. One might argue that both cars will eventually ply the same road but the efficiency and prestige of a Bentley speaks for itself. Luxury sells itself.
The ‘quick fix - quick gain’ syndrome has ended. A research recently conducted indicates that the biggest problem in the Nigerian Real Estate Industry is Developers’ emphasis on cost minimization rather than value maximization, and this is driven by the need for immediate gratification. What these Developers fail to understand is that the current Investors and Real Estate Enthusiasts are upbeat about quality and finishing. This demography is very exposed and has decided to start requesting value for its money.