Developers are wooing buyers with middle-income and solar housing as well as aesthetic real estate products in the face of shrinking earnings.
The real estate market in Nigeria is fast evolving with trends which are shaping developers’ products.
Besides technology, which is disrupting almost every facet of the market, buyers have become increasingly sophisticated in their taste, aware of what they want.
Developers are responding to the trend, following these evolving trends with tenacity and scientific precision, realising that they must evolve to remain in business.
“We are building not just properties, but also communities and beautiful places that reflect the aspirations of Nigerian home buyers, embracing technology and deploying materials that are sustainable,” Olaolanrewaju Kuyebi, managing director, GMH Luxury, confirmed in an interview.
“In today’s property market, it’s either you evolve or you die. So, evolution is the buzzword. What we are doing currently is not just staying with the trend, but also being ahead of it.”
Other developers are also embracing the trend. UPDC, one of Nigeria’s leading real estate investment and development companies, is one. Another is Victoria Crest Homes, a subsidiary of Nedcomoaks Group.
“We’ve decided to move a little bit across the real estate value chain to focus on middle- income housing. Originally, we used to do a lot of projects in Ikoyi, Abuja, and Victoria Island, but these days, we have realised that the critical mass is in the middle-income housing,” Odunayo Ojo, CEO, UPDC Plc, said at a media parley recently.
“Whether it’s middle-income housing or low-income housing, ‘affordable housing’ is what everybody talks about. So, we believe that there’s a huge gap in terms of demand for housing in the middle-income segment of the market,” he said.
Ojo added that these days, it is no longer enough to deliver what used to be called functional homes, even at low- or mid-income level. Buyers now demand intelligent houses or smart homes that they can communicate with in or out of them.
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However, it is not just about affordable housing. Building green, which is the hallmark of sustainability, is the definition of Victoria Crest Homes Citadel Views Estate at Abraham Adesanya Road, Ogombo, Lekki. Kennedy Okonkwo, founder and CEO, Nedcomoaks, described the estate as a serene and picturesque, flood free residential community where harmony with nature meets innovative design and sustainability.
The estate is powered entirely by solar energy, offering eco-friendly homes that reduce carbon footprint and provide a peaceful retreat from the world.
Kuyebi affirmed that, “consumer behaviour has changed; buyers are now more informed and more cautious. They show up for inspections armed with detailed questions about everything. But we’ve responded by staying transparent and ensuring quality at every stage. Focusing on transparency and customer satisfaction is central to our brand promise,” he said.
According to him, buyer preferences are constantly changing such that, in the last five to 10 years, a lot has happened. He recalled that people were buying properties without knowing the location, relying on 3D pictures and committing money to projects.
“But those days are gone. Buyers are now more aware and more discerning. Nobody goes for off-plan sales or purchases any longer because it has been compromised.
“If you invite buyers for inspection, you see them come with architects, lawyers, a surveyor and a civil engineer. They ask for things that before now nobody cared to ask about.
“They ask questions up to finishing specification such as the quality of the tiles to be used. When you are done, they will benchmark the reality with what you promised to deliver.
“We respond to all these changes in various ways. While some people are providing small windows and balconies, we are providing big windows so that residents can enjoy maximum fresh air. We ensure that our buildings don’t disrupt the natural ecosystem of their location,” Kuyebi assured.
