In the heart of Eko Atlantic City sit Azuri Towers, crafted by Eko Development Limited FZE. The Towers, located in the city’s Marina District, are a mixed-use development, comprising luxury residences, high-end commercial spaces, and premium retail outlets. In this interview, ADEDAPO MACAULAY, Head, Business Development at Eko Development, shares insights on the values the towers represent, the residential and investment opportunities they offer, and how technology was fused with advanced architecture to make the towers an irresistible destination. He speaks with CHUKA UROKO. Excerpts.
On an incremental basis, Eko Atlantic City is evolving. Unarguably, Azuri Towers are the jewel of that city. Talk to us about these iconic towers.
Azuri Towers embody the ambition and rapid transformation of the city. Located in the heart of Eko Atlantic, the towers offer breathtaking views of the Atlantic Ocean and serve as a mixed-use hub, combining luxury residences, high-end commercial spaces, and premium retail outlets. Their prime location and world-class amenities, such as 5th-floor garden, swimming pools, and smart home technology, make them a magnet for affluent residents and global investors.
Beyond their aesthetic and functional appeal, the Azuri Towers symbolise Nigeria’s aspirations to compete on the global stage, often drawing comparisons to iconic developments like Dubai’s skyline. They are a cornerstone of Eko Atlantic City’s identity, reinforcing its reputation as a futuristic, sustainable, and economically vibrant metropolis. As the city continues to evolve, the Azuri Towers remain a testament to progress, luxury, and the transformative power of ambitious urban planning.
Now that these towers are in the market, what level of buyer- or investor-interest have they attracted so far?
Our development offers a projected 6 percent rental yield—an especially attractive return amid Nigeria’s current high inflation and soaring interest rates environment. This yield positions Azuri Towers as a compelling store of value, drawing attention from investors looking to hedge against economic uncertainty and from buyers seeking long-term capital preservation and lifestyle benefits in a thriving urban setting.
Additionally, market listings indicate that demand is outstripping supply. We have less than half of the units available, implying that many early buyers have already snapped up apartments within the towers. This scarcity in available units is a strong signal that investor and buyer sentiment and interest are robust, with our premium design, strategic location in the Marina District of Eko Atlantic, and modern amenities further fuelling interest.
Within the city, there are other luxury developments. Why must a home buyer or investor root for Azuri Towers and not the others; what value propositions do they offer?
For homebuyers and investors, Azuri Towers stand out as a premier choice in Nigeria’s real estate market due to their unmatched value propositions and strategic advantages. First, their location in Eko Atlantic City—a meticulously planned, flood-protected, and high-security enclave—ensures long-term appreciation and stability, a critical factor in Lagos’s volatile property landscape. The towers offer luxury living at its finest, with high-end finishes, smart home technology, and world-class amenities like infinity pools, fitness centres, and concierge services, catering to affluent residents and expatriates seeking a premium lifestyle.
From an investment perspective, Azuri Towers present a rare opportunity to own property in a flagship development backed by strong demand from both local elites and international buyers. The mixed-use design (residential, commercial, and retail) ensures diversified income streams, whether through rentals, capital gains, or business ventures.
Additionally, Eko Atlantic’s status as a future financial and tech hub guarantees sustained demand, making Azuri Towers a low-risk, high-reward asset. In a market crowded with generic developments, Azuri Towers deliver exclusivity, innovation, and a tangible piece of Nigeria’s urban revolution.
The luxury real estate market where you play is a narrow one. The story out there is that the market is struggling due to the downturn in economy. What are your concerns or fears?
There are genuine concerns that a weakened economy could squeeze the luxury market, leading to prolonged sales cycles, downward pricing pressure, and even greater vacancy risks for high-end assets like Azuri Towers. The fear is that with reduced liquidity and cautious spending, buyers might delay decisions, making it tougher to maintain momentum in what is already a narrow segment.
However, winning in this environment means capitalising on intrinsic quality and resilience. By strategically positioning these assets as exclusive lifestyle havens with compelling returns—such as robust rental yields and long-term capital preservation—one can attract discerning investors who see value beyond short-term fluctuations.
This approach is further strengthened by agile marketing, bespoke financing options, and a focus on the asset’s proven desirability in a prime location. In essence, while the broader sentiment might lean towards caution, the key is ensuring that the value proposition remains unassailable, enabling us to thrive even amid economic headwinds.
