A Private developer, 7-Fifteen Capital Limited, has said sustained economic stability and market predictability are critical to the growth of Nigeria’s luxury real estate sector.
Speaking at the launch of the company’s Lagos office, the Chief Executive Officer and Co-Founder, Tope Adekoya, said foreign exchange volatility and rising inflation had significantly increased construction costs in recent years, posing major challenges for developers.
According to him, projects initially valued at $10 million now cost nearly double due to the heavy reliance on imported construction materials.
“The luxury real estate market has faced difficult conditions over the past six years because of exchange rate fluctuations and inflation. Developers must adopt creative financing models and focus on building functional, right-sized homes that meet market needs,” he said.
Adekoya noted that the outlook for the luxury housing market would largely depend on economic policies and exchange rate stability, which provide developers with greater certainty over project costs.
He said the company’s expansion into Lagos follows successful developments in Abuja, including Myari Lakeside, The Residence and The Cove Lakeside, adding that the firm remains committed to delivering affordable luxury housing.
Also speaking, Deputy Chief Executive Officer and Co-Founder, Adesuwa Belo-Osagie, said the company intends to contribute to community development through its foundation by supporting education and creating opportunities for young people.
Group Chief Executive Officer, Tolu Anyakoya, said the firm’s projects focus on delivering quality living experiences through secure environments and reliable infrastructure, including electricity, water supply and security services.
He disclosed that the company currently has about 10 estates under development in Abuja and two projects in Lagos, located in Ikoyi and Banana Island.
Lagos State Governor, Babajide Sanwo-Olu, stressed the importance of public-private partnerships in building world-class cities, noting that no government can achieve sustainable urban development alone.
He said the private sector contributes capital, technology and speed, while the government provides the planning framework and enabling environment required for growth.
Sanwo-Olu urged developers and investors to focus on projects that create lasting value for future generations, describing Lagos as a city of boundless opportunities driven by collaboration and innovation.