Lagos V.I. 1004 Estates Situation Report

This post is a continuation of  Victoria Island 1004 Flats.

A visit to 1004 Estates reveals that apart from the delays in the 3 Bedroom apartments on the high rise buildings, the low rise buildings are indeed ready for allocation.

An official of the company who prefers to remain anonymous explained that during the allocation process, subscribers who hitherto did not know their particular apartments would now be shown their specific units. He however explained that such subscribers must have fully paid up their subscription fees and shown proof of payment. He said this process is important because some subscribers only paid 80% of the subscription and must complete payment before they are allocated their units.

The event that will follow the final handing-over of the apartment's buildings to respective subscribers is expected to be interesting as industry watchers are already predicting a ripple effect on prices within and outside the estate.

Some real estate pundits are of the opinion that the eventual allocation of the units would lead to further price rises within the estate, both in rental and outright sales rates. These assumptions are premised on the fact that the price trend within the estate even when the apartments were yet to be allocated showed a 100% increase in prices between 2006 and 2009. In 2006, a 2 Bedroom apartment within the estate sold for N20 million, but currently sells for between N35 million and N40 million.

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