Why is Ikoyi one of the Top Spots for Real Estate Investment in Lagos?
Ikoyi has long been one of the areas buyers look at when considering property in Lagos. Its established neighbourhoods, proximity to major business districts, and limited supply of prime residential property help it keep a strong position in Lagos’ property market.
The area also attracts a mix of local professional buyers, expatriates, and diaspora buyers. These buyers are looking for properties that can serve them as homes and also as value-appreciating assets. Recent market research shows Ikoyi’s prime residential market remains active with healthy occupancy levels and continued demand for top-end developments.
For potential real estate investors looking to enter the real estate in Lagos Nigeria market, understanding the pull factors for the Ikoyi area gives one a starting point. It helps define the foundation from which individual real estate developments in Ikoyi, such as Mandilas Tower at 42 Bourdillon Road, Old Ikoyi, can be judged.
Pull Factors for Ikoyi
Ikoyi is typically looked at alongside Victoria Island and Banana Island when buyers consider established high-end areas in Lagos.
Some of the reasons for this include proximity. Compared to other areas, Ikoyi is quite close to key business districts and Central Lagos. It is primarily a residential area and is relatively less crowded than some other areas. Because of this, people looking for well-established neighbourhoods with key social, educational, and healthcare facilities prefer Ikoyi.
Different segments of Ikoyi are preferred by varying buyer groups. Old Ikoyi, Parkview, Banana Island and Osborne Foreshore each have their own characteristics, property types and pricing.
The market also benefits from the obvious constraint on land availability. In an established neighbourhood, the potential for new residential development can be relatively constrained. Several recent market reports have named Ikoyi as one of the key high-end residential markets of Lagos.
Limited land availability and a busy street front help to explain why several key constraints are present for new development. However, this does not guarantee that every property will generate strong returns. Investors still have to do their due diligence on each building.
What Makes Mandilas Tower Worth Considering in Ikoyi?
Mandilas Group was established in Nigeria in 1950. With experience in cooling and mobility solutions, they have since branched out into real estate.
ELALAN Construction is a Nigerian company specialising in luxury developments and has also partnered with Mandilas Group for this particular development.
Mandilas Tower has received recognition from the International Property Awards, among other accolades, for its prime location and ‘More than A Building, A Way of Living’ ethos. It features gardens, with each apartment having a dual-aspect balcony and garden view. Each apartment also has a maid’s room and an undercover car parking space. The development offers an array of amenities including concierge services, an infinity-edge swimming pool, a gym, steam and sauna room and a business centre. Two-, three-, four- and five-bedroom apartments are available for purchase.
Residential Features of Mandilas Tower
Apartment Design and Layout
Mandilas Tower’s residences are designed with spacious open-plan living spaces and floor-to-ceiling windows. Each apartment has a fully serviced VRV air conditioning unit. Dual-aspect residences enable views and the flow of natural light from more than one aspect, with each residence also having a private balcony.
When comparing Mandilas Tower with other newer developments and older properties in Ikoyi, large windows, the presence of balconies, and contemporary apartment design and layouts are important considerations for buyers.
Buyers researching flats for sale in Ikoyi Lagos can compare these features with what is available in other developments in the area.
Shared Amenities and Lifestyle
Residents of Mandilas Tower have the use of several shared facilities which include a swimming pool, a bar, a fitness centre, a wellness centre, a private cinema, a spa, and meeting rooms. There are outdoor, landscaped courtyards.
From an investor’s perspective, the range of facilities available in a development is important, but so is the cost of operating and maintaining these facilities, and how the cost is charged to residents.
Mandilas Tower Long-Term Property Investment
Aside from the purchase price, when considering a long-term property investment Lagos, there are many other factors.
A long-term investment requires an assessment of potential demand for the property, the location, the quality of the construction, the maintenance arrangements, and the legal title to the property. Different configurations of apartments within a development may serve different market segments.
Mandilas Tower 2 To 5 Bedroom Options
Buyers looking to purchase a property as a primary residence or as a larger property for family use or potential rental have options at Mandilas Tower.
The important thing is to check the particular apartment instead of relying on the reputation of the development. Investors ought to look at the numbers, check the documents and assess the performance of the property in the long term.
For buyers comparing luxury apartments in Ikoyi, these factors can help when assessing whether a particular development meets their requirements.
Investors researching the best areas to invest in Lagos should also compare Ikoyi with other established residential locations before making a decision.
What Should Investors Check Before Buying Property in Ikoyi?
Despite Ikoyi being one of the most recommended areas for property investment Lagos, it does not mean that due diligence should be completely ignored.
Prior to acquiring a property, it is recommended that a prospective buyer’s lawyer reviews some key documents relating to the title to the land, such as the Certificate of Occupancy, Deed of Assignment, Survey Plan, Governor’s Consent, and Building Approval, among others.
Prospective buyers should find out about ongoing expenses. It is important to know what the service charge covers, whether there are other costs, and whether management of the property is up to standard.
This is vital when deciding between properties with significant differences in price. Cheaper properties, for example, may have higher service charges or unclear management costs.
Why Mandilas Tower Deserves a Place on Your Property Shortlist
Buyers who are able to assess whether a property meets their investment objectives are in a better position to decide on potential investments.
Mandilas Tower is located at 42 Bourdillon Road, Old Ikoyi, Lagos, and has numerous apartment configuration options and shared residential facilities. The partnership between Mandilas Group and ELALAN Construction is another consideration as part of potential buyers’ due diligence.
If you are researching real estate in Lagos Nigeria and are specifically focused on Ikoyi, Mandilas Tower should be included in your shortlist and evaluated with other developments in the area.
Mandilas Tower has an on-site sales office and show unit, which potential buyers can visit to enquire or book an appointment. For more about Mandilas Tower, potential buyers can also visit the official website.
The Mandilas Tower team can be contacted on +234 8188888744.
Frequently Asked Questions
What makes Ikoyi a preferred location for real estate in Lagos Nigeria?
Ikoyi has an established and quality residential environment with quick access to commercial areas and other conveniences. It has proven to be a prime location for residential real estate. Recent independent market research confirmed the high level of occupancy in the prime Ikoyi residential market.
Why is Mandilas Tower Unique in Ikoyi?
Mandilas Tower has panoramic views, private balconies and landscaped surroundings. Amenities include a fitness centre, infinity swimming pool, massage room, cinema and boardrooms.
What should I look out for when buying property in Ikoyi?
It is vital for intending buyers to look out for the Certificate of Occupancy, Deed of Assignment, Survey Plan, Governor’s Consent, Building Approval and evidence of building in compliance with building and planning regulations. Buyers should also be mindful of ownership costs and service charges.
How do I find out more about Mandilas Tower?
For further information or to book an appointment, call the Mandilas Tower team on +234 8188888744.
