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Understanding Luxury Real Estate in Nigeria

Luxury and real estate… Two concepts intertwined like a fine mat.

In Nigeria, the term ‘luxury real estate’ is generally used in a loose way, an example being a modest four bedroom apartment in an area best described as the lower class neighbourhood in any other part of the world being marketed as a luxury “four bedroom flat”.

To put this in perspective, we need to understand the definition of luxury.

Luxury is defined by the Oxford Dictionary as ‘a state of great comfort and elegance especially when involving great expense’.

Luxury, in real estate describes the aesthetics of a property encompassing not just the interior and exterior of its structure but its surroundings as well.

People often wonder if having a luxury structure is possible in an otherwise lower class environment.

The fact is, while luxury usually refers to eye catching structures in swanky environments; a luxurious building can still be situated in a lower class environment as long as it can boast of basic amenities and a good layout.

Luxury real estate begins from well crafted aesthetics to plush interior and a well laid out environment with state of the art of amenities.

Typical examples of areas with luxury real estate in Nigeria include Banana Island in Ikoyi, Treasure Gardens in Lekki and Asokoro in the FCT.

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