Lagos Land Scarcity Drives High-Rise Residential Demand

In Lagos, the scarcity of available land is prompting a shift towards high-rise residential developments. Ayodeji Johnson, Managing Director and Chief Executive Officer of Elara Development, is actively involved in this trend, with the company developing a 12-storey residential high-rise in Victoria Island that includes 47 premium residences on approximately 1,600 square metres of land.

The demand for high-end properties is driven by constrained supply and rising property values, appealing to local buyers, members of the diaspora, and investors. Johnson notes that modern buyers are increasingly discerning, seeking transparency in project timelines and higher standards in construction quality, amenities, and overall experience.

Factors such as location, security, and infrastructure are becoming critical in buyers' decision-making processes. The challenges faced by developers include construction costs, financing, and the need for quality assurance to justify premium pricing in a competitive market.