Real estate investment is one of the viable means of generating sustainable income, creating wealth and building an enviable asset portfolio. High rise buildings are one kind of real estate that is quite lucrative.
High rise buildings are not uncommon these days as there are tons of them dotting the skylines of major cities around the world. This is probably occasioned by the amount of income it generates, coupled with the peace that comes with residing or owning office space in it.
In Nigeria, high rise buildings are fast gaining popularity because of limited land which is usually very expensive in desirable areas of the major cities like Lagos, PorthHarcourt and Abuja. The likes of NECOM House, Union Bank Building, Eko Tower, Eko Court, Cocoa House, etc are generating billions of Naira for owners, while also serving as comfort zones for renters.
Constructing a high rise is no child’s play, neither is it stress-free, as it requires intense planning, monies, and expert input. Still, there are also bags of benefits dancing around it.
Below are some benefits derivable from high rise buildings:
Help solve the problem of High demand / limited prime land
Due to the rising population and influx to commercial hubs like Lagos, there is now a constant high demand for residential apartments and office spaces; particularly on the island.
With the high demand for land in some specific areas like Ikoyi, Lekki, Magodo, and Ajah, available land in these areas is limited, and developers, in an effort to conserve land as well as provide standard accommodation and office spaces have since taken to building vertically. As an investor, imagine having a land size of 8,000SQM and being able to put up at least 6 high rise buildings of 30 floors each, rather than 2 or 3 massive horizontal structures. In years to come that would amount to money well spent.
High rise buildings have the capacity and potential to solve the problem of land availability. This is because there is almost no limit to how high your structure can go, provided the structural design is of standard quality in order to withstand the test of time. This means, you can get more flats, even with limited land, and the implication is that you’ll possess more facilities under your belt, and earn more from a ‘small piece of land’.
Unobstructed Scenic Views & More Natural Light & Air
Going vertical, one gets to be blessed with a bird’s eye view of the surrounding areas. There is this feeling of ‘I can conquer the world’ that comes with being in a high rise building. High rise buildings also give you the opportunity to indulge in the panoramic floor-to-ceiling window concept which in turn allows a better flow of natural light and air compared to horizontal buildings.
Marvelous Architectural Designs
There is a certain beauty attached to high rise buildings especially when they come in unique architectural designs. Have you ever driven past a high rise building for the first time without craning your neck through the car window to stare at its height, design and overall beauty? Limitless design ideas exist, when it comes to designing high rise buildings. Take the Nestoil Tower in Victoria Island, Lagos and the Independent House in Onikan, Lagos for instance.
It is highly convenient and common for high rise buildings to be utilized for mixed purposes viz residential, commercial, leisure/ hospitality etc, and these only equate to more money or revenue for owners or developers.
In Nigeria today, we are witnessing a surge in the number of high rise buildings springing up all over major cities. In Lagos alone, there are newcomers to the city’s skyline like La Definition, Nestoil Towers, Intercontinental Hotels, Eko Pearl Tower, Eden Heights and Civic Towers. Then there’s also the new World Trade Centre in Abuja. These buildings besides their aesthetics, are raking in millions of Naira for developers.
Less Noise Pollution
Staying in the top floors of high-rise apartment buildings will predispose one to less noise pollution since it’s not close to the common commotion in the streets.
Asides a noise-free environment that one enjoys, residing or having an office in high-rise buildings makes you more relaxed and efficient, as they provide serene and Eco-friendly atmospheres.
Investing in and developing a high rise building may seem like a daunting task, but with the right financial strategy, it is possible to have a slice of the high rise pie. If you are thinking about what next to invest in, then, you should consider investing in high rise structures, as they appear to be the future of Real estate.
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