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Luxury Real Estate is Alive. It is interesting to note that in spite of COVID-19 and the economic downturn, the number of very high net worth Individuals are on the increase in Nigeria.
Social Value: One of the essential markers of luxury is not just its value to the owner but to observers. Part of what makes luxury valuable is that it is aspirational in nature and not easily accessible to everyone.
Wealth-X has recently released a fresh report of countries on track for the fastest growth in their wealthy populations in Africa and they are Nigeria and South Africa. According to the Very High Net worth Handbook 2020, Africa experienced a sharp rise of 10% in very high net worth population. The very high net worth individuals are those whose net worth is between $5m and $30m. In the 2019 version of the Handbook, the researcher predicted that Nigeria’s net worth is going to balloon by compound annual rate of 16.3 percent between 2019 and 2030.
We have established that luxury is not just embedded in a product or service but is a culmination of ‘the experience’ derived from the product/service. Luxury real estate, therefore, will include the highest quality of physical attributes but eventually create DQ H[SHULHQFH WKDW LV QRW SK\VLFDO \HW WDQJLEOH DQG VLJQLÀFDQW From our experience, there will always be demand for luxury real estate especially in this era of social media where one can show off and share that experience with their followers.
Surprisingly, the number of very high net worth individuals is increasing even as it seems the country gets harder economically. It is therefore safe to say there is still demand for luxury Real Estate as a result of the increase in the number of very high net worth individuals who invest in Luxury Real Estate as a main asset FODVV :H DW )LQH &RXQWU\ ,QWHUQDWLRQDO : $ FDQ DOVR FRQÀUP that there is a high demand for luxury Real Estate in Nigeria from the number of enquiry and transactions we have closed from the lockdown till date.
Udo Maryanne Okonjo LLM, Lond. CEO/Chairperson, FIne and Country International Realty (West Africa) Member of the Oxford Real Estate Society.
/X[XU\ SURGXFWV DQG VHUYLFHV XVHG WR EH GHÀQHG E\ H[FOXVLYLW\ high price point, bespoke, and exceptional quality. However, the SHUFHSWLRQ DQG GHÀQLWLRQ RI OX[XU\ KDV HYROYHG /X[XU\ LV QR longer simply about the cost of the item or product. In Real Estate, luxury is now a combination of customized and valuable personal lifestyle experience. At Fine & Country International (W.A), we carefully consider projects before taking up any mandate to ensure the projects exceed the expectation of our prospective investors for an authentic lifestyle and wellness experience. All our projects and SURSHUWLHV OLVWHG LQ WKLV HGLWLRQ RI WKH 5HÀQHG PDJD]LQH KLJKOLJKWV the experience element; as we know, an experience is not tangible but is powerfully felt by the recipient. There are 4 main areas in determining the VALUE of a real estate product/service and these are: Financial Value: The price value of the property both at the time of purchase and the appreciative value over a period of time. Functional Value: This refers to Usability, Quality & Uniqueness of the luxury property.The property will usually possess exclusive features which contribute to its value. Individual Value: Every investor must believe in the intrinsic characteristic of a real estate asset to deliver personal satisfaction and pleasure, also referred to as ‘money well spent’.
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Luxury Real Estate is Alive.
Remastering the Art of Selling Luxury
Lessons from the Iconic $76.2 Billion Hermes Brand for Luxury Real Estate Developers UDO OKONJO “Our business is about creating desire.” Hermes CEO, Axel Dumas.
Hermes remains one of the world’s great luxury brands worth $25billion and is one of the fastest-growing companies in its industry over the past years according to a feature by Forbes in 2014.This laudable feat has been achieved by carefully ‘nurtured branding and marketing craftsmanship’, an approach that Fine and Country International and West Africa has consistently advocated and believes can be adapted to building serious long-term value for both developers and investors/owners in the luxury real estate segment. Marketing luxury products is not about product functionality. It is about satisfying a strong desire that has been deliberately created through an intelligent process. Selling luxury requires a complicated formula, which according to Forbes, has been mastered by Hermes. “Last year the company set a record, UHSRUWLQJ DQ RSHUDWLQJ SURÀW RI ELOOLRQ ZLWK ELOOLRQ in sales-the fastest-growing company in its industry over the The Belmonte, Ikoyi, Lagos - Fine & Country Residential Portfolio past six years, fuelled by a sort of branding and marketing craftsmanship as exacting as the stitching on any one of its The stunning designer show house and marketing goods’. In my opinion, The Hermes brand presents presentation showcases the real life exceptional clients with coveted access to an Iconic lifestyle.’ iconic Birkin bags.” This resonates with our belief at Fine and Country, experience residents can expect while living there. that luxury real estate is not about bricks and morThe Forbes feature on the Hermes brand was both intriguing In Nigeria however, very few developers of high-end real tars but about intelligent solutions to discerning DQG DIÀUPLQJ RI )LQH DQG &RXQWU\·V DSSURDFK WR 5HDO (VWDWH estate are that patient or astute, possibly because of a clients often with complex emotional and lifestyle Below are a few lessons from what one of the leading icons FRPELQDWLRQ RI WKH KLJK FRVW RI ÀQDQFLQJ SURMHFWV DQG needs. of Luxury can teach us about “selling” luxury real estate in a lack of sophistication of what it takes to create long term value for a luxury real estate development brand. 2Q D ÀQDO QRWH LW LV LPSRUWDQW WR QRWH WKDW ´WUXH Nigeria and across the world. This is an area that Fine and Country has specialised luxury is valuable and never really depreciates”. in and has provided support to some of the leading A real luxury investment provides a steady, and 1. IF IT HAS TO BE “SOLD”, IT IS NOT LUXURY! Luxury is not touted or sold with desperation. Luxury is developers in the luxury segment with consistently in most cases an exponential level of appreciation over time. They stand the test of time from gener‘delicately and artfully presented’ in a manner that creates the positive results. ation to generation which is not a bad return on sort of mystique and desire that true luxury brands have investment for those who on the face of it invest mastered. Product functionality is rarely presented in selling 3. IF IT’S GOOD QUALITY, IT’S NOT based on ‘desire and emotional needs’. Real estate luxury product. Consultants go through an orientation called LUXURY. the “Inside the Orange Box” where they are “indoctrinated” Good product quality is not enough. Iconic quality investment at this level is ultimately, both a lifestyle is the target, with an unsurpassed commitment and hard-nosed business decision. on how to “assess” and indulge their ‘target clients’ desires. to craftsmanship as seen in some of the visionary Desperation on the other hand does not sell luxury and developments in our portfolio including The Belmonte, And rightfully so! Luxury Real Estate Developers nothing spells desperation like multiple competing sales people on Bourdillon Ikoyi earlier indicated as the pinnacle will do well to take note. trying to push a ‘product’. If you have to push it, then it is of luxury living, epitomising the sort of attention to not luxury. Luxury is selective. Luxury is patient. Luxury has detail expected of a truly luxury property of its stature. tradition, sophistication and excellence embedded into every The Residences, and Grace Court both strategically ORFDWHG LQ WKH DIÁXHQW UHVLGHQWLDO QHLJKERXUKRRG RI ABOUT FINE AND COUNTRY aspect of its process. %DQDQD ,VODQG DUH DOVR QHZ SURSHUWLHV ZKLFK UHÁHFW WKH 2. SCARCITY IS A STRONG LUXURY MARKETING exacting extra mile standards expected from properties To learn more on this topic of Marketing Luxury 5HDO (VWDWH SOHDVH YLVLW ZZZ ÀQHDQGFRXQWU\QJ FRP which expect to attract a premium. STRATEGY. Scarcity creates desire which is the strongest marketing strategy for a luxury brand. Desire attracts a premium, and Others include the award-winning Osborne Towers, Fine & Country is a global real estate brand, specialin some cases irrational pricing unrelated to cost or other Ikoyi, Asokoro Gardens, Abuja, Centre Heights izing in providing a premium service through exceptypical pricing factors. According to the report, “the record Residences, Victoria Island, Civic Centre Commercial tional marketing and professionalism in the upper for a Birkin was the $203,150 which a collector paid in 2011 Towers, Eden Heights, Victoria Island and a few other quartile of the market. Fine & Country, with its origins in the UK has since expanded to include counfor a red crocodile bag with white-gold-and-diamond detailing. upcoming projects. tries such as South Africa, Dubai, Mauritius, Nigeria, That’s mystique at its poshest level.” As with Hermes, where quality is depicted by the West Africa, Malta and Thailand. With over 300 ofexacting stitching of each one of its iconic Birkin and ÀFHV JOREDOO\ DQG DQ HYHU H[SDQGLQJ QHWZRUN RI UHDO At Hermès, any lasting premium derives from mystique. other carefully named and masterfully crafted accessory, estate professionals, Fine & Country has become a swimming pool and gym do not necessarily create one of the world’s largest and most prestigious real REAL ESTATE CASE STUDY. The marketing approach adopted by Chevron Pension Fund luxury in a development. Luxury Developers have to go estate networks, All Fine & Country members are in presenting the exclusive Twin Lakes estate in Lekki, Lagos, beyond providing basic amenities into providing features carefully selected, and are highly regarded in their UHVSHFWLYH ÀHOGV where prospective buyers have to apply to purchase the and services that exceed the core needs of the target SURSHUW\ WKURXJK D FOHDUO\ GHÀQHG SURFHVV LQ DGGLWLRQ WR clients. In an interview recently with the astute investor Together they are united under one distinguished XQGHU JRLQJ SULRU GXH GLOLJHQFH WR HQVXUH WKDW RQO\ YHULÀHG and owner of Grace Court, Banana Island, he went to banner, dedicated to the delivery of unrivalled qualbuyers consistent with their brand values invest in the great lengths to explain his deliberate choice of low ity in the Real Estate industry. Fine & Country sets development is consistent with the sort of exacting standards density restricting his property to only 5 apartments on high standards with its multi award-winning lifetop brands go through. In addition, The Belmonte, located on a large corner plot creating further exclusivity within an style marketing approach and delivers a portfolio the privileged address of Bourdillon Ikoyi, recently launched DOUHDG\ XSPDUNHW QHLJKERXUKRRG ZLWK KLJK ÀQLVKLQJV of exclusive high-end properties that are marketZKDW LV DUJXDEO\ WKH 3LQQDFOH RI /X[XU\ /LYLQJ IRU WKH ÀUVW WLPH and unusually spacious rooms uncharacteristic of rental ed uniquely, creatively and effectively to the widest in Nigeria with Designer Apartments styled by internationally apartments. Hermes has consistently invested in crafting possible audience. acclaimed Designer Christopher Guy, creators of the world’s a compelling story of Mystique and successfully sold the storyline that ‘Hermes does not sell leather most fabulous lifestyles.
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T H E G R A C E C O U R T . C O M
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Luxury Real Estate is Alive.
The Belmonte I K O Y I
A 20 Storey luxurious Condominium comprising 4 bedroom Apartments, 5 bedroom Duplexes and Penthouses located on Bourdillon Road, Ikoyi, Lagos, Nigeria.
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REASON FOR LISTING
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The Residences B A N A N A
I S L A N D
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Six (6) units of Four (4) Bedroom apartments from a total of 15 (Fifteen) units located at Banana Island Road, Plot 6, Block 7, Ikoyi-Foreshore, Ikoyi, Lagos. REASON FOR LISTING
Listed for its luxury, quality and status.
The Glover 1 9
G L O V E R
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I K O Y I
Three bedroom apartments and four-bedroom pent houses gymnasium, restful landscaped gardens, luxury swimming pool, along with covered parking on the ground level.
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REASON FOR LISTING
Listed for its luxury, quality and status.
Melrose on Alexander B A N A N A
I S L A N D
Three (3) Bedroom Apartments, Four (4) Bedroom apartments and Four (4) Bedroom split-level Penthouses at Oba Adeyinka Avenue, Ikoyi, Lagos, Nigeria. REASON FOR LISTING
Comming Soon
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Listed for its luxury, quality and status.
Empire Court B A N A N A
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I S L A N D
Three (3) Bedroom Apartments, Four (4) Bedroom apartments and Four (4) Bedroom split-level Penthouses at Oba Adeyinka Avenue, Ikoyi, Lagos, Nigeria. REASON FOR LISTING
Listed for its luxury, quality and status.
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Luxury Real Estate is Alive.
The Belmonte
The Residence
Glover
Empire Court
Bourdillon Road, Ikoyi, Lagos, Nigeria.
Banana island Road, Ikoyi, Lagos, Nigeria.
19 Glover Road, Ikoyi, Lagos, Nigeria.
Oba Adeyinka Avenue, Ikoyi, Lagos, Nigeria.
LAUNCHING DECEMBER
UNDER CONSTRUCTION
Q1 2021 COMPLETION
Altona
Azuri, Eko Atlantic
Osborne Tower
Caldwell on Bourdillon
Thompson Avenue,Victoria Island, Lagos
Eko Atlantic city, Lagos, Nigeria.
16A Osborne Rd, Ikoyi, Lagos, Nigeria.
8 Bourdillion Road, Ikoyi, Lagos, Nigeria.
UNDER CONSTRUCTION
UNDER CONSTRUCTION
Tango Towers
Eden Heights
4 Bourdillon
25 Bourdillon Rd, Ikoyi, Lagos, Nigeria.
6 Elsie Femi Pearse St, Victoria Island, Lagos
Bourdillon Road, Ikoyi, Lagos, Nigeria.
Comming Soon
Melrose on Alexander
For Enquiries on any of these Prestigious Developments, please contact Fine and Country WA on:
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0809 600 0048 | 0809 600 0042
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Nestoil Tower V I C T O R I A
I S L A N D
The Nestoil Tower is a one-of-a-kind mixed use development strategically located at the intersection of two major business districts (Akin Adesola Street and Saka Tinubu Street) in Victoria Island Lagos, with a panoramic view of Eko Atlantic City and the Atlantic Ocean. 6LWWLQJ RQ D ODQG VL]H RI VTP RQ ÁRRUV WKH 1HVWRLO 7RZHU LV DQ LFRQLF structure with 9904sqm leasable commercial spaces and 3 residential apartments (1 & 2 Bedrooms) to provide ÁH[LEOH DFFRPPRGDWLRQ IRU RFFXSLHUV 7KH GHYHORSPHQW LV WDUJHWHG DW G\QDPLF EXVLQHVVHV PXOWL QDWLRQDO LQGXVWULHV ÀQDQFLDO LQVWLWXWLRQV WKDW UHTXLUH WRS EUDQG SRVLWLRQLQJ DQG GHVLUH WR EH DW WKH YHU\ KHDUW RI WKHLU WDUJHW PDUNHW
1 Greystone Tower V I C T O R I A
I S L A N D
The Greystone Tower is an iconic mixed-use development strategically located at the intersection of two PDMRU EXVLQHVV KXEV ,GRZX 7D\ORU DQG (QJLQHHULQJ &ORVH LQ 9LFWRULD ,VODQG /DJRV )HDWXULQJ 7HQ ÁRRUV RI FRPPHUFLDO RIÀFH VSDFHV 2QH ÁRRU FRQVLVWLQJ RI XQLWV RI EHGURRP UHVLGHQWLDO DSDUWPHQWV ÀYH ÁRRUV RI SDUNLQJ VSDFH D ¶FRQFHVVLRQDU\ ÁRRU· ZLWK 5HVWDXUDQWV &UHFKH &OLQLF &DIp *\P WR HQKDQFH WKH OLIHVW\OH IDFWRU LQ WKH EXLOGLQJ *UH\VWRQH SURPLVHV WR EH RQH RI WKH ÀQHVW GHYHORSPHQWV UHGHÀQLQJ WKH /DJRV city skyline with its organic and responsive warm clear glass façade.
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One6 Temple I K O Y I
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3 Civic Towers V I C T O R I A
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The Civic Centre Commercial Towers is a one-of-a-kind commercial development strategically located in one of the best locations in Victoria Island, Lagos with a panoramic water front view of the Five Cowries Creek. For dynamic EXVLQHVVHV PXOWL QDWLRQDO LQGXVWULHV ÀQDQFLDO LQVWLWXWLRQV WKDW UHTXLUH WRS EUDQG SRVLWLRQLQJ DQG GHVLUH WR EH DW WKH very heart of the target market, the Civic centre commercial towers provides the absolute best location. Sitting on D ODQG VL]H RI VTP RQ ÁRRUV WKH &LYLF &HQWUH &RPPHUFLDO 7RZHUV LV VXUURXQGHG E\ LFRQLF VWUXFWXUHV like the Civic Centre, Oriental Hotels, Mobil House, a Helipad, a Jetty and other prominent upcoming developments.
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GREYSTONE TOWER
FOR SALE / LEASE *UH\VWRQH 7RZHU LV D VWDWHO\ VWUXFWXUH WKDW RǓHUV XQSDUDOOHG FUDǣVPDQVKLS DQG H[FHSWLRQDO IDFLOLWLHV LWV HOHJDQW DQG HQJDJLQJ DUFKLWHFWXUH LV WUXO\ UHPDUNDEOH LQVLGH DQG RXW
VICTORIA ISLAND, LAGOS
18 FLOORS Ȣ )/2256 &200(5&,$/
)/2256 5(6,'(17,$/ȣ
FLEXIBLE FLOOR PLATE FROM 920.9M TO 1.123M CAR PARKING FACILITIES FOR OVER 187 CARS ON 5 SPLIT LEVELS
DEDICATED TRANSFORMER WITH POWER GENERATING SETS
5 PASSENGER LIFTS / ELEVATORS BOREHOLE AND WATER TREATMENTS
4 PREMIUM RESIDENTIAL APARTMENTS AVAILABLE FOR LEASE
08096000042, 08096000048
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FC RESIDENTIAL
Enquiries:
0809 600 0048 0809 600 0042
Eden Heights,
Elsie Femi Pearse, Victoria Island, Lagos Luxury 3 and 4-Bedroom Apartments available with $VLDQ 7KHPH 6SD ,QÀQLW\ Pool, Gym and club house.
Prindex Lekki Properties for sale
Beside Pinnock Beach estate, Osapa London, Lekki Luxury 2 and 3-Bedroom Apartments available with ÀWWHG NLWFKHQV )DFLOLW\ manager on 24 hours duty, 24 hours security and alternative power.
For similar properties in FC Residential Ikoyi and Victoria island Portfolio.
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