Eko Atlantic city is one of the most popular attractions in Lagos state. It is a man-made island that sits on what used to be a bar beach. The island is created from land that was reclaimed from the Atlantic ocean hence the name of the city. This new city is located in Lagos state, close to Victoria Island. It is designed for residential, commercial, and recreational purposes.
The construction of Eko Atlantic City will enhance both the state’s real estate market and the aesthetic of the coastline so it is worth looking into. Here are some things you should know about this growing city.
What Is Eko Atlantic City?
Eko Atlantic city is a coastal city being built on Victoria island. It is being constructed on 10 million square meters of land that has been reclaimed from the Atlantic Ocean.
Lagos serves as the nation’s commercial and economic hub and it is also the state with the largest population in Nigeria making it an ideal location for this new city.
Once the Eko Atlantic city project is complete, it is expected to receive approximately 250,000 visitors each day and cater to around 400,000 residents.
The Eko Atlantic city is what used to be Bar Beach, a popular beach and attraction to many Lagosians. Over time Bar beach gained a reputation for flooding its banks and taking lives and property. The road closest to its banks, the Ahmadu Bello Way, had to be closed frequently as a precaution.
In 2003 a contemporary city on the Atlantic coast was proposed when a group of businessmen and officials agreed to construct a city that every African could be proud of. It would be an example of a possible calamity being transformed into an incredible opportunity.
What was bar beach would be reclaimed and bound by an 8.5-kilometer-long sea wall, effectively putting an end to the flooding and it would be known as Eko Atlantic City. And so Eko Atlantic city was born. The coastal city is a dreamy metropolis (read more).
How Big Is Eko Atlantic City?
Eko Atlantic stands on roughly 10 million square meters of reclaimed land and is bounded by a sea wall that extends 8.5 kilometers into the ocean.
It is a self-sufficient and sustainable city with cutting-edge urban planning, independent power supply, access to clean water, state-of-the-art telecommunications, wide roadways, and tree-lined streets.
Is Eko Atlantic City Safe?
The safety of Eko Atlantic is debated quite a lot. It is the first thing anybody looking to invest in real estate in this coastal city would consider and that is completely reasonable considering the fact that the city is more or less built on water.
Despite the fact that Lagos is more surrounded by water than by land getting Nigerians to live on the water is not an easy feat. It would need a lot of convincing with solid facts.
This is where the Great wall of Lagos comes in. Despite the negative feedback the project has received in regard to its slow progress since it started in 2008, a lot of studies have been done to make sure that it is secure.
The Great Wall of Lagos, as it is now known, was created as a result of this research. It is an 8.5 km long wall being built to prevent coastal erosion from damaging Victoria Island’s shoreline and the early parts of Lekki.
Also read: Lekki Phase 1; Top 5 Reasons You Should Buy A House There!
It is arguably the most significant development in the Eko Atlantic’s construction to date. The development of the intended city depends critically on the safety of its residents, hence the Great Wall of Lagos was desperately needed. Before
The Great Wall was built, and the Atlantic Ocean’s waves would frequently flood Victoria Island and the early parts of Lekki, endangering countless people’s lives and livelihoods.
What Is The Impact Of Eko Atlantic On Lagos State?
A project of this magnitude is bound to make a significant impact on not just Lagos state but possibly Nigeria as a whole. This impact could be positive or negative, but so far the initiative has more advantages than disadvantages. Lagos State will see a variety of effects from the premium city, including an increase in population, enhanced social infrastructure and facilities, and an overall improvement in aesthetic value.
1. Population Growth
Despite having the smallest geographic area in Nigeria, Lagos is the most populous state in Nigeria. It is recognized as the nation’s commercial and economic hub.
It is hardly surprising that the city receives thousands of visitors every day. Lagos is attractive to a lot of people for different reasons.
People are drawn to Lagos for the opportunities, the attractions, the lifestyle, and a lot more, this attraction will only be intensified as the state works to transition from a mega metropolis to a smart city.
The development of a smart city is only a question of time with the completion of Eko Atlantic and other ongoing construction projects in the state. It means that more people are likely to move to Lagos after the project is finished.
This is in part because the Eko Atlantic is expected to provide roughly 250,000 jobs. That is 250,000 people coming to Lagos Island in pursuit of employment possibilities from various parts of Nigeria.
Lagos is already overpopulated as is so an increase in population is bound to harm as well as benefit the state. It benefits the state in the sense that it would boost the number of companies in the state and increase revenue. However, it would also mean increasing the competition for job opportunities and housing.
2. Aesthetic Value
In terms of architecture, Lagos is perhaps the most gorgeous state in the nation. There are several stunning locations in the state that would charm any visitor or someone visiting the city for the first time.
The state is known for its quick pace and rough nature that is more of a lifestyle as well as its tourist attractions and luxurious buildings.
All of these enhance the state’s overall aesthetic worth. The Eko Atlantic City is the same way in this regard. It is on Lagos island which is essentially the part of Lagos with the most picturesque areas.
The neighborhoods of Victoria Island, Lekki, Ajah, and Epe are all part of Lagos Island. The majority of the Eko Atlantic’s structures are skyscrapers with modern and innovative architecture and the overall appearance is already breathtaking.
Also read: 7 Ways To Verify Genuine Lands in Epe, Lagos
One can only assume it would be even more attractive upon completion.
3. Social Amenities And Infrastructure
The Eko Atlantic will also likely have cutting-edge social infrastructure and amenities available. It is obvious even in the early stages of building that the infrastructure and facilities cannot be compared to those in other areas of Lagos, including Lekki.
Eko Atlantic’s vision is to build a world-class, internationally-recognized city next to Victoria Island in Lagos. The completion of 14 bridge structures in just two years is one of the city’s accomplishments to date, despite the fact that development is still underway.
The Eko Pearl Towers is another notable infrastructure, it is a residential complex in the Marina District of Eko Atlantic City. Other amenities that are expected to come with living in Eko Atlantic include reliable power, clean water, subsurface drainage, and top-notch communication service.
What Is The Impact Of Eko Atlantic City On Real Estate?
For the real estate market, the completion of the Eko Atlantic is something to look forward to. The real estate sector in Nigeria has had significant growth over the years, especially in Lagos state.
More people are starting to recognize and take advantage of the many opportunities the sector offers.
This indicates that the real estate market is already undergoing new ideas and technologies. achieves the status of a smart city.
Upon the completion of Eko Atlantic, companies and investors are anticipated to troop in. This would have a significant impact on the Nigerian real estate market.
1. Fast Rate Of Property Appreciation
The rapid rate of real estate appreciation is one of the significant effects that are anticipated following the completion of the Eko Atlantic City.
With an estimated 400,000 residents and a daily commuter flow of 250,000, there will undoubtedly be a growth in the population in and around the city.
This will in turn increase the demand for housing and lead to an increase in the rate of property appreciation for real estate properties in that area.
As earlier stated, Eko Atlantic is expected to provide over 250,000 jobs, it is not far-fetched that the people in pursuit of these jobs would want to live closer thereby increasing the price of residential properties.
This increase would not only be seen in regard to properties in emo Atlantic city but also the areas around it including Lekki, Victoria Island, and other areas on Lagos Island.
Lagos mainland isn’t exempted from this also, the areas on the mainland in close vicinity to the island like Surulere, Costain, Apapa, Alaka, and Ojuelegba will also experience a higher demand for housing.
Buying these houses now will prove to be a smart investment when the prices start to rapidly increase in a couple of years.
2. Increase In Investments
For people to invest in a particular thing, they have to be sure that they will make a profit from it.
Naturally, no one enters a business with the intention of losing money. But what they really want is a low-risk investment where they can be sure not to lose value.
Also read: How To Invest In Real Estate In Nigeria: A Complete Guide
All things considered, it is very unlikely for properties in Eko Atlantic City to lose value. The construction of Eko Atlantic is already in line with that of major global cities like Dubai, Shanghai, and New York. Much like its surrounding areas it exudes wealth and luxury which attracts investors, both foreign and local.
Eko Atlantic City Plan
According to the city plans, there are to be 7 districts in Eko Atlantic upon completion.
- Harbor Lights: This part of the coastal city has several high-rise buildings that provide a stunning skyline. It is designed to be an attractive combination of residential and commercial constructions with views of Lagos Harbor’s entrance and the Atlantic Ocean.
- Business District: This is the commercial center of the city as the name implies. The 2 km long and 60 m wide Eko Boulevard is the primary characteristic of this district. The Boulevard will house breathtaking architecture and serve as a hub for business, finance, and retail operations.
- Downtown: Living in the city has never been simpler than it is in the Downtown area. The heart of Eko Atlantic is in the downtown area, which offers prime real estate for development. This area offers the chance to develop land for residential use, providing a highly desired urban lifestyle. It is surrounded by a canal and offers another mode of transportation by water.
- Marina District: The Marina District serves as both a social and recreational center and a residential neighborhood. It is one of Eko Atlantic’s most beautiful districts. Its expansive pedestrian walkway rings the marina and offers views of everything from sophisticated yachts to stunning buildings.
- Avenues: The Avenues area of Eko Atlantic is home to many expansive avenues, as the name suggests. The Avenues district is located in the city’s center. It links to Eko Drive to the north, Ocean Front to the south, and Downtown to the west. therefore including both private and public real estate.
- Eko Drive: This is a thoughtfully planned combination of residential and business projects that offers quick commuter access between the city of Lagos and Eko Atlantic.
- Ocean Front: The Ocean Front is mostly a residential neighborhood with tourist amenities offering breathtaking views of the Atlantic Ocean as it stretches along Eko Atlantic City’s shoreline.
FAQs About Eko Atlantic City
Who owns Eko Atlantic City?
Chagoury Group of Companies. South Energyx Nigeria Limited, the developers/city planners and a subsidiary of the Nigeria-based Chagoury Group of enterprises is privately funding the project, which is being supported by the Federal Government of Nigeria.
Is Eko Atlantic inhabited?
Eko Pearl, one of the city’s towers, has been built and people are now residing there.
How much did it cost to develop Eko Atlantic City?
It cost $6 billion. Africa is constructing its very own Manhattan in the sea. The Eko Atlantic City hub will be built on the reclaimed ground from the Atlantic Ocean. The project is anticipated to cost $6 billion.
The Eko Atlantic city is still a work in progress but we hope to see significant progress toward what will undoubtedly be a great city in a couple of years.