LUXURY HOMES: Is it a necessity?

The opulence, architectural significance, size, environment and probably the location of a particular property determines the type of property it is. One man’s simple home is another man’s castle it all depends on how consequential that building is to the owner and how he/she perceives the property.

A home targeted to high net worth individuals is a home for few, that’s why they are called luxury homes; homes that are not affordable. To get such homes means you’ve attained a level of comfort that defile conventions and that is me talking from a layman’s angle. They are homes that cannot be imagined, not even visualized in the dreams of many in this part of the world. Perhaps it is easier to consider all a luxury home is not; like not considering a private jet as a property you should acquire under any circumstances at all.

The price of a property may reach eight figures and yet not be a luxury home.

Hence, what is a luxury Home?

A luxury is a home that exudes a level of comfort that sometimes you would want to forget that there is a place called heaven. It’s a home that is constructed and designed to the high taste and standards of the high and mighty in the society who usually can’t settle for less. These apartments contain state-of-the-arts facilities that make them way too expensive. It goes beyond the reach of the average Nigerian and is overly attractive and compelling to the rich. Hence the need for facility managers in such buildings

A luxury home could possess a swimming pool, tennis court, Gym, 24-hours power supply, 24-hours security, CCTV Cameras, Yoga studio, games room and others.

For example, a three bedroom luxury flat in a high rise apartment building in Banana Island, Ikoyi has rental price of about $150,000 USD per annum which is around 34 million naira (exchange rate as at 30th June, 2015). The annual service charge of this particular luxury flat or luxury real estate is about $15,000 USD which is around 340 thousand naira while the average price of buying an apartment in Banana Island is upward of $8 million; which is around 1.84 billion naira.

Can you beat that?

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As part of the opulence which defines its luxury, It is common to see prices of real estate in this part of Lagos denominated in United States dollar.

Banana Island – an exclusive playground of Nigeria’s obscenely wealthy, is reportedly arguably Nigeria’s most expensive neighborhood – at par with the Seventh Arrondissement in Paris, La Jolla in San Diego, California and Tokyo’s Shibuya or Roppongi neighbourhoods. Accommodation in close places around Obalende and Dolphin estate are comparatively less expensive but still beyond the reach of many middle class folks.

Now, this is what it takes to live in luxury homes; homes beyond the reach and imaginations of an average Nigerian.
You would love to live in such but would you even dare to strive if you consider your present status?

Luxury real estate or luxury homes have a specific client base. These client base includes . . .
• Expatriates
• Senior executives of multinational companies
• Senior government officials and
• Rich tourists who visit Lagos Nigeria

These real estate clients may understand the importance of luxury and its effect on human psyche but one thing stands unrivalled; they have all it takes to acquire it. So they go for the best of the best because that is what distinguishes them from the middle class folks. That is what makes them stand out as the “high and mighty” of the society

Fortunately, we have luxury real estate developers who know how to deliver the quality luxury apartments these clients seek. Albeit that is a focal point for another day.

Luxury homes may not be a necessity but at least it gives you a glimpse if not a taste of heaven.

So, hold on, be strong… your miracle is on the way; heaven is near and will offer to you on a platter of gold what will beat the imaginations of the high and mighty in luxury homes.

There is only one golden rule you have to guard jealously in your heart; live a just life and keep your ears open to the sound of the trumpet.

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