Eko Atlantic is a planned city on the Lagos Island of Lagos State, that is built on the land reclaimed from the Atlantic Ocean. Eko Atlantic can simply be said to be “Eko – Lagos, on the Atlantic”. 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 Eko Atlantic 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.
Eko Atlantic is to Bar Beach what Lekki is to the old Maroko. Both the Bar Beach and Maroko in years to come will be remembered as the places that gave way for the state’s two most expensive places to live. The Eko Atlantic, situated adjacent to Victoria Island, is designed to stand on 10 million square metres of land reclaimed from the ocean. Aside from being created to stop the erosion that troubled the old Bar Beach, it’s also built to tackle the issue of unemployment in the state; to provide 250,000 new jobs.
Lagos State’s population continues to rise as thousands of people come into the city on a daily basis. With the state looking to move its status from a mega city to a smart city, the Eko Atlantic is at the forefronts of projects to achieve this. Despite the excitements that come with the Eko Atlantic, questions are still being asked on the streets: If the Eko Atlantic city safe? Is the city the solution to the state and country’s increasing unemployment rate? How is it not another avenue for the rich to distant themselves from masses; who actually make up to 70% of Lagos’ population? Most of the questions asked are bordered on what to expect from Eko Atlantic.
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Safety In Eko Atlantic
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. EKo Atlantic 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 seven wonders of the modern world.
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.
Impact of Eko Atlantic on Lagos State
For a project of this magnitude, Eko Atlantic 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 – Eko Atlantic – 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.
Increased population in the State ( Lagos Island)
As of the moment, Eko Atlantic 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 Lagos 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.
APARTMENT FOR SALE IN EKO ATLANTIC
Aesthetic Value of Eko Atlantic
Lagos is arguably the most beautiful state in the country in terms of structures. Though many people may argue the city’s claim as the most beautiful but there are definitely places in the state that are breathtaking. Considering the state is known for its fast pace and rough like that is more of a lifestyle to some parts of the state, there are still places that would always charm any visitor or first-timer in the city. With numerous reconstructing going on the state, it continues to the lead the pack compared to other states. For some, it is a case of “Lagos leads, other follows”.
The Lagos state government has ensured this with its continued dedication to infrastructures. For instance, anyone who has visited Lagos in the last decade would find it hard to recognize or compare landmarks to what they were in time past. A very good example is Oshodi.
This part of Lagos is probably the first stop for some people who are just coming into the state. Due to the large population of people coming in and going out of the state, it was once one of the busiest places in Lagos. Today, Oshodi, though it is still the first stop for some travelers, is less crowded compared to times like 2003 or 2004. Still, this part of Lagos continues to experience changes as it presently is with the “Oshodi Transport Interchange”. All these add to the overall aesthetic value of the state. This is the same with the Eko Atlantic City. Lagos is basically divided into two parts: Lagos mainland and Lagos island, while the latter is regarded to as the home of some of the most beautiful parts of Lagos.
Lagos Island comprises of places Victoria Island, Lekki, Ajah, Epe and its environs. The Eko Atlantic still very much under construction, and its overview is already a beauty to behold, with most of the buildings being skyscrapers modeled like those in Dubai, New York, Shanghai etc. There is a subtle feeling that the Eko Atlantic would be the Nigerian version of the New York Wall Street.
Social infrastructures and facilities
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.
Bridges in Eko Atlantic 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 Eko A\tlantic city, with all the bridges between two to eight lanes.
The Eko Atlantic 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. Eko Atlantic city has a 10.2 kilometres long waterfront, it is also home to 2 large marinas connected by an internal waterway.
Impact of Eko Atlantic 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. PropertyPro.ng, 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.
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 Eko Atlantic, 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 Eko Atlantic 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. For instance, a place like Surulere is definitely going to gain from this boom in the real estate business because of its proximity to the Lagos Island. Houses and other real estate properties in these areas; Costain, Apapa, Alaka, Ojuelegba will experience high rate of property appreciation. It is logical to invest in these properties now when the prices are not on the high side. The probability of real estate properties like houses and land rising cannot be overlooked and should be tapped into when the prices are still moderate compared to when they will be on high demands in the future.
LAND FOR SALE IN VICTORIA ISLAND EXTENSION
More Investors to the Real Estate Industry
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, Eko Atlantic 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.
Luxurious Apartments in Eko Atlantic
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.
Eko Atlantic, 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 Eko Atlantic. 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.
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.
Kindly share your opinion(s) about what to expect from Eko Atlantic when it is finally completed with fellow PropertyPro.ng readers.
