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HousingTue, 11 Jan, 22

Demand For Gated Communities on the Rise

Demand For Gated Communities on the Rise

Security continues to be a priority in the residential real estate market and this is fueling the demand for gated estates according to Northcourt’s ‘2022 Nigeria Real Estate Market Outlook’.

Gated communities are mostly of high value residences targeting the affluent, justifying the market prices charged on such units including lands in and around. Gated estates often provide recreational amenities like Golf courses, community centres, sports facilities inter alia. Therefore, most often than not, security and safety of the residents are guaranteed.

Northcourt notes that developers are now shifting towards that segment of the resident real estate market.

“Gated estates have continued to solidify their position as the leading residential development model. The high fences, restricted entry and exit points make for much needed security assurances in Nigeria's leading cities, socially as tensions warm leading up to the elections.

“Analysts’ report a 25 - 30% YoY price growth in gated communities with a few going as high as 70 - 80% driven by concerns around future lockdowns and the added protection from vandalisations.

“Land in gated communities attract a premium for the security benefits that they provide,” the report says.

The report suggest that this trend could exacerbate the current challenges in the high-end markets where landlords struggle to fill up space, retrofitting assets to better accommodate short stay occupiers as there are management processes required to ensure that sustained tenancy payments are guaranteed.

With regard to the financing of the “these require funding and as real estate professionals make more of a case for funding well conceptualised projects, Eurobonds and private equity are showing themselves as viable alternatives.”

Nigeria moves into a pre-election year and more liquidity in the real estate market is expected and would impact the market.

 

Source: Mohammed Bomanso Issah (Real Estate Times Africa)

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