Young millionaires prefer hubs with luxury and out of-the-world designs, where with a touch of button, they get service. The very affluent live where they do not bother with how electricity, water and refuse disposal are taken care of. They are in Lagos, Abuja, Port Harcourt, Kaduna, Enugu and Kano among other cities. In Lagos, they prefer Old Ikoyi, Banana Island, Lekki and Victoria lsland. The blue-chip companies they work for, IT firms, consulting firms, oil servicing and various businesses, give them the edge to live their dreams OKWY IROEGBU-CHIKEZIE reports
Developers of super luxury apartments have gone a notch higher in the provision of apartments in affluent neigbourhoods. The buildings are intelligent, smart and slick. In most of the buildings, doors are opened through voice or finger recognition Every gadget is automated and be adjusted from a remote device.
Most occupants need only their personal effects in such smart homes. Every other thing is sorted out.
According to some industry professionals, a home with smart features is the deciding factor when it comes to the millennials purchasing a luxury home. To complement their luxurious life style, they also look out for Olympic-size pool, personal spa, cutting-edge technology, expansive indoor and outdoor kitchens, entertainment rooms, restaurant and a gym.
The upwardly mobile prospective tenants determine their luxury home by its location, proximity to choice clubs, gym, restaurants and such other social activities of their fancy. So, they never far from such places as Asokoro and Maitama in Abuja, Bourdillion, Banana Island, Victoria Island, Parkview and the likes.
While most of their peers still live with parents or downtown, the millennials, mostly under 40, make up a good percentage of tenants in highbrow areas hosting smart apartments, houses and condos.
The houses, whereever they are, come with breath-taking views and landscape because good location is an experience for those lucky enough to own homes in areas such as Beachfront and Mountain top.
Several real estate operators believe that luxury homes vary according to perceptions. A home’s location, amenities, quality of construction and workmanship influence and aesthetics give such homes away as a luxury home, and that is one of the things that attracts the millennials.
However, the most popular response given by real estate professionals about what makes a luxury home is its quality in workmanship and construction. The homes shine and are beautifully finished with quality materials, which, sometimes, are rare and highly sought after.
Homes with out-of-the-ordinary features can also qualify as luxurious. The features can be eco-friendly such as solar panels, sustainable and locally-sourced materials to those that contribute to the overall presence of homes, for example, uniquely designed gardens.
Luxury homes depict the lifestyles of their owners. Luxury homes promote certain modes of living. Though a house, for most people, have an emotional attachment, to the millennials it is to flaunt their arrivat into the super-rich club. So they more often not attached to any home as they ready to move out once a new talk-of-the-town super-highbrow residential area comes on stream. They only want to be identified with the ‘happening’ places in town hence no attachments whatsoever to anything.
An Estate Surveyor & Valuer and Principal Partner , Sola Enitan and Co, Mr. Sola Enitan, said there is growing market for super luxury apartments, driven by the influx of foreigners and the growing young millenials at the top of what he called ‘money hierarchy’. He said though those in this bracket are not many, they are willing to pay any price to assuage their fancy in residential apartments.
According to him, the millenials are involved in e-commerce, Fintech, start-ups and other high technology-based businesses.
He said: “Some class of people want classic things and these are driving the luxury market for the millennials. Sometimes, they buy to keep or live in, and are willing to pay the cost. It is not the run-of-the-mill estate investor that builds such apartments because those in the straight jacket real estate development are in recession because housing is at its low currently as a result of the current economic climate in the country”.
Source: thenationonlinengng
