Lagos Real Estate Market: Millennials Are Turning Up For The Party

Millennial! A name answered by folks born between 1980 and 2000, they are both the 20th century’s last generation and its first truly digital one. Millennials especially in Lagos are often categorized as impulsive, addicted to Internet and driven by instant gratification, they make up the city’s largest generation and are beginning to transition into their prime earning and spending years. Now the most populous generation in the world, and soon to be the city’s biggest spenders, taking over from Generation X, Millennials have unarguably reached the prime age for adulthood, Millennials are heavily involved not only in economic activities but also in political activities in the city, with the recently passed Not Too Young To Run bill by the country’s Senate and House of Representatives and its consequent signing into law by the country’s President, the bill gave them right to contest for various political positions in the country, Millennial are arguably dominating all sectors across the country, They dominate every conversation on all subjects across the city today. Real estate sector of the city is not left out, the sheer size of Millennial population has been a boost to the rental market, with tailored house designs targeted at them coming into existence, design like studio apartments popularly known as Self-Contained comes readily in to mind.

No doubt, Millennials have had a significant impact on the housing market in Lagos. Just as a trend all over the world, many rented first, whether wholly or as a shared apartment with other young millennials, Over time millennial income are increasing, with the Hustlingword becoming a thing amongst them, The word “hustle” literally means to work hard just to get more money and finally to be rich, hustle is synonymous to smart working, Millennials are generally known to be hustlers, with the now becoming popular trend of having multiple sources of income, Millennials with corporate careers are known to have side hustle, thus increasing their income, also, Millennials age and grow in their careers, they are acquiring more purchasing power, thus leaving renting behind and becoming important players in the Lagos real estate market.

According to analysts at CW Real Estate (a real estate firm based in Lagos) 2018 witnessed an unprecedented entry of millennials into Lagos Island Real Estate Market, according to them, Millennials accounted for about 40% of home buyers on the Island, they were also found to be major participant in low entry properties, with price ranging from about 25 million Naira to about 50 million Naira.

Millennials aren’t waiting! Especially with the relative ease of doing real estate transactions courtesy of technology and increased transparency,Tech has made it easier for Millennials to participate in the real estate sector, Millennials, the newest crop of homebuyers, grew up with a smartphone attached to their hip and are much more comfortable buying everything from clothing to a house over the Internet.They leverage on technology by reading neighbourhoods reviews, school systems, and homes online. Millennial home buying trends spins around this generation’s tech-savvy approach to the home hunt. 

Digital advances in form of property tech (Proptech) has transformed how real estate is done, to their advantage, Proptech startups like Property Listings companies have made things easier for a lot of Millennial in Lagos, real estate brokers and agents are getting in front of potential Millennial buyers by engaging on Property Video Tours, Virtual Realities, Augmented reality which gives potential buyers a broader view of the property, communications, and location. Some real estate companies even go to the extent of engaging the services of Uber to transport clients to different land and property site.

With the recent development in Ibeju Lekki axis of the state, a lot of Millennial are investing in lands in that axis, with a lot of them trying to secure their wealth, invest for their young offspring and still as an alternative to generating passive income, with security of income and capital guaranteed.

In 2019, experts anticipate an increase in Millennials becoming homeowners, landowners especially in areas like Ibeju Lekki and its axis, For the next few years, Millennials will acquire the largest share of real estate on the Island as the real estate market worldwide awaits the Generation Z