Horizon Estate, a real estate firm, has started handing over houses at the Victoria Island Extension to those who have paid for the property. According to the Managing Director/CEO, Dr. Richard Nyong, buyers can move into their fully built homes after paying less than half of the property's value. The keys are handed over to them within days, allowing them to settle the rest of the payment while already living there.
The payment option is what makes this property unusual for the part of Lagos where it is located. Dr. Nyong noted that Horizon Estates homes are already priced below comparable properties in the same location. The parent company, Lekki Gardens, describes this as choosing a smaller profit so that ownership in a prime area is not limited to a very small few, especially when Lagos prices seem to rise faster than most incomes or salaries.
Dr. Nyong dismissed fears among potential buyers that the property could be out of reach considering its location. He said that at the mention of Oniru or Victoria Island Extension, most would-be buyers assume the price has already ruled them out. However, he described it as a kind of neighborhood that people drive through on the way to work and quietly file under "someday."
Horizon Estates is the Lekki Gardens' brand behind some of the most talked-about homes in the area. The estate appeals to professionals who spend a good part of every weekday on the Victoria Island and Lekki axis. Dr. Nyong said that living close to where one works has always been a luxury in Lagos, but a plan that lets a family start living there on roughly half the purchase price turns that luxury into something closer to a decision.
Investors are also paying attention to the estate as the demand for quality homes on the doorstep of Victoria Island is rapidly increasing. An entry price below what the market is already paying is the kind of head start bulk buyers look for. Dr. Nyong said that investors can buy low, let the address do the work, and exit high.
Dr. Nyong further explained that Oniru was never really unaffordable for everyone; it just needed someone willing to take less so that more people could get in. The goal is to make ownership in a prime area accessible to a wider range of people. With this payment plan, Horizon Estates aims to make homeownership a reality for those who may not have been able to afford it otherwise.
The handover of homes at the Victoria Island Extension is a significant development in the Lagos real estate market. With its unique payment plan and affordable prices, Horizon Estates is making waves in the industry. As the demand for quality homes in prime areas continues to grow, Horizon Estates is poised to meet the needs of a wider range of buyers.
Key points
- Horizon Estate's unique payment plan allows buyers to move into their homes after paying less than half of the property's value.
- The estate's prices are below comparable properties in the same location, making ownership more accessible.
- The demand for quality homes on the doorstep of Victoria Island is rapidly increasing, making Horizon Estates an attractive option for investors.
