Rise and Evolution of Penthouses in Lagos
Penthouse, coined from the Old French ‘apentis’, is an apartment or unit on the highest floor of an apartment building, condominium or hotel. It’s usually a deluxe apartment at the
top of a hotel or tall building. What differentiates penthouses from other apartments are the luxury features.
Evolution of Penthouses
Change they say is constant, and the definition as well as the meaning of penthouses has evolved over the years. Penthouses are now being defined as high points of an apartment which is usually the topmost floors, and also, in a bid to be more economical, developers have found a way to conserve space while not minimising features. This brought about the introduction of pent duplexes, pent triplexes and also a combination of 2/3 penthouses at the top, all depending on the land space.
How much does a Penthouse cost?
Like with every other thing in real estate, property price is majorly about location. From Lagos mainland to the island, penthouse prices come with varying values across different locations. The denomination of payment for most penthouses is in dollars ($) while some are in our local currency. A 5-bedroom luxury penthouse was recently listed at $2,300,000 approx. $739,978,532 in Banana Island, an exclusive neighbourhood in Ikoyi. Penthouses, due to their great views and luxury features are typically 25% to 40% pricier than other units in the same building. Starting price of a penthouse is $1 million and can go as high as $2.5million. However, there are various off-plan payment options available for prospective penthouse owners.
Penthouses, due to their great views and luxury features are typically 25% to 40% pricier than other units in the same building.
Not Just Residential!
Penthouses in Lagos are not just restricted to residential use only, they are also used for commercial purposes. Now, office buildings are seen to have penthouse office suites. Penthouse in Lagos is also used as a restaurant or café or lounge. Their position on a top floor of a building allows for scenic views while dining and hanging out.
Is Lagos Real Estate Market Ready for Penthouses?
Yes, it is. There is an increase in the number of penthouses churned out in Lagos with high absorption rate as most are reserved before construction even begins. The focus, however, is on the quality of the penthouses in Lagos. Are the listed or newly built penthouses actually luxury? Can Lagos’ real estate market chun out penthouses that can compete favourably
with other flagship penthouses all over the world? Time will surely tell, but Lagos’ real estate market is definitely on course!
Notable Penthouses and Upcoming Penthouses in Lagos
4 Bourdillon Ikoyi, Eko Pearl, Eko Azure, Guliani by Sujimoto, Eden Height, Rose of Sharon, Vita Towers, Cuddle by Cadwell, Bluewater Lagos, Iconic Towers, Oakwood Residences and Whitestone development among others.
Looking to own a penthouse in Lagos?
Give me a call today on 09093272547.
Delani Adewuyi is the director of professional services at CW Real Estate, Lagos, a firm of innovative and unconditional real estate experts. We provide services such as marketing, sales and rental, property management, research valuation and advisory as well as investment advisory among others. Our team comprises marketing executives with over 10 years experience and a solid network of contact. Our principals are trusted resources to various development, investment, government and media organisations in Nigeria that require counsel on matters regarding real estate.
