Nigerians are embracing waterfront living, driven by sustainability practices, technology, and resilience. VICTOR GBONEGUN reports that the growth in demand for mixed-use developments in Abuja and Lagos has been attributed to increased adoption of eco-friendly designs, which offer comfortable living with less damage to nature.
The demand for high-end waterfront properties is increasing, and developers are prioritising the use of sustainable materials, water conservation, smart technology, green design, and renewable energy sources.
Waterfront properties are major revenue earners in many parts of the world. In addition to the high property values they command for their owners, they provide extra revenue for the government through taxation and other levies.
Despite inflationary pressures that bedevilled demand for property, the taste for luxury living remains strong with the average price for a waterfront property indexing above 12.9 per cent. According to a report by Knight Frank titled: ‘Waterfront Homes’ in 2024, the global waterfront property premium results closely mirror that of the United Kingdom.
The average uplift for a waterfront property across 17 global luxury residential markets sits at 49 per cent, only marginally higher than the UK’s figure of 48 per cent. Miami, United States of America ranks top as the hottest spot for waterfront property demand. Global waterfront properties recorded a 49 per cent average price uplift in 2024.
Greenery and serene spaces remain at the top of buyers’ requirements for waterfront homes, fuelling sales and price growth in that niche market while low supply puts pressure on prices. Rental income placed on waterfront properties in Lagos and other major city centres is higher than non-waterfront properties.
Essentially, land prices are in the region of $1,250 per square metre and above. A full plot of land could be as high as N500 million, N1.2 billion, and even above. Prices can also fluctuate with some plots costing as low as N1,200,000 per square meter and others up to N5,000,000 per square metre depending on location, features and size.
Specifically, the unique feature of waterfront property attracts huge investment in locations such as Abuja, Lagos, Rivers and others. Luxury waterfront homes now feature advanced technology, letting homeowners control lighting, climate, security, and entertainment with just a tap on their screens.
Nigeria’s city centres that boast of waterfront housing projects include residential developments along the Jabi Lakefront in Abuja compromising, The Shore luxury, 7-Fifteen Lakeside Estate consisting of smart home systems and Lakeview apartments. In Port-Harcourt there are Atlantic View Estate, Galilee Estate, and Lekki Garden Estate, while in Lagos there are waterfront estates in Ikoyi, Ibeju/Lekki, Banana Island and those around the Victoria Island corridors.
With more attention to mental and physical health, developers of waterfront properties now incorporate wellness-centric amenities such as yoga centres, pools, and meditation gardens; walk-able waterfront paths, paddle boarding, and designated swimming zones are becoming standard, while open-air fitness areas are also created to ensure well-being and a balanced lifestyle for residents.
The trend in waterfront property design ensures innovative solutions focusing on well-elevated structures, and flood-resistant materials to combat rising sea levels, coastal erosion and unpredictable weather situations.
The rise of mixed-use waterfront developments combines residential spaces with shops, restaurants, and entertainment, blending urban convenience with serene waterfront views. Architecturally striking and eco-friendly homes in the location use sustainable materials and energy-efficient systems, minimising environmental impact.
The Guardian learnt that a contemporary waterfront home now embodies architectural design, sustainability, and balanced space for family and guests. Essentially, waterfront views are put at the centre of the design with sustainable interiors. Also, gardens are designed to ensure exotic plants blend naturally with outdoor amenities like kitchens, hot tubs, and other features.
In Delta, the existing waterfront properties are essentially catalysed for marine operations, and companies specialising in oil and gas services command high prices and demand.
Speaking with The Guardian, a former chairman of the Delta State branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Chris Okolo, said Delta is an oil-producing state, existing waterfront properties are in the creeks and not as robust, and safe as those of other locations in the country.
Former chairman, NIESV’s Faculty of Real Estate Consulting, Mr Niyi Fadoju, confirmed that The Lakeside waterfront estate near Jabi is one of the luxurious projects in Abuja offering penthouses, Villas, maisonettes and unique amenities.
Expounding on the emerging trends in waterfront real estate, a professor of Architecture, Erekpitan Ola-Adisa, said prominent waterfront estates in Lagos and Abuja exemplify the modern design trends that are shaping the future of sustainable architecture in Nigeria.
She said a critical aspect of modern architectural design in waterfront properties is the integration of structures with their natural surroundings. For instance, she noted that the waterfront properties in Lagos are thoughtfully designed to create a harmonious relationship with the sea, featuring waterfront promenades and public parks that enhance outdoor living experiences.
Similarly, she pointed out that the waterfront estates are enveloped by water, and boast of lush landscaping and panoramic views, hoping to foster a deep connection between residents and the natural environment. While Jabi Waterfront in Abuja on the other hand with its serene lake views and landscaped parks, aims to create a tranquil urban retreat, encouraging outdoor activities and community engagement.
“Waterfront estates are conceived as a proactive response to the challenges of coastal erosion and flooding, employing eco-friendly materials and technologies such as rainwater harvesting systems and solar energy solutions.
“They embraced green building certifications, promoting energy efficiency through sustainable design practices that minimise environmental impact. Jabi Waterfront, situated in Abuja, also embodies this ethos, with plans that incorporate green spaces and environmentally friendly technologies, and enhancing the ecological balance of the area,” Erekpitan said.
On the type of development designs, she said the concept of mixed-use developments is prominently realised in these projects. “Some of the waterfront projects feature a diverse blend of residential, commercial, and recreational spaces, cultivating a vibrant community atmosphere.
“Banana Island successfully combines luxury residences with commercial facilities, allowing for a dynamic living environment that promotes social interaction and convenience. Jabi Waterfront also adopts a mixed-use approach, incorporating residential units alongside retail and leisure spaces, creating a holistic urban experience.”
Ola-Adisa, who lectures at the University of Jos, stressed that efficiency in spatial design is prioritised across these developments with locations like Lagos waterfronts employing flexible layouts in its residential units, which adapt to the diverse needs of modern living.
The Banana Island, she said with its high-end apartments, showcases open plan designs that maximise natural light and views while Jabi waterfront follows suit, offering thoughtfully designed spaces that promote functionality and aesthetic appeal, catering to the needs of its residents.
She explained: “The incorporation of smart technologies is a defining characteristic of contemporary waterfront architecture. The estates integrate advanced infrastructure, including sophisticated security systems and automated utilities, enhancing convenience and safety for its residents.
“Similarly, properties on Banana Island often feature smart home technologies, enabling residents to control various aspects of their homes remotely. Jabi waterfront is also exploring smart city solutions, aiming to enhance connectivity and improve the quality of life for its residents.”
Given Nigeria’s susceptibility to climate change, she emphasised that resilience is a vital consideration in these waterfront projects.
“Waterfront estates are engineered to withstand rising sea levels and flooding, featuring elevated structures and robust coastal defences. The Banana Island waterfront is already developed; it adheres to stringent building codes to ensure safety and resilience in the face of environmental challenges. Jabi Waterfront is also designed with resilience in mind, incorporating flood mitigation strategies and sustainable drainage systems.”
The allure of luxury amenities is the hallmark of waterfront estates, which offer high-end facilities, including waterfront parks, fitness centres, and recreational areas that promote a luxurious lifestyle.
For her, Jabi Waterfront serves as an exemplary case study of modern architectural trends in Nigeria’s waterfront real estate sector with their emphasis on sustainability, cultural integration, and luxurious living, which sets a benchmark for future developments.
“As we continue to navigate the challenges of coastal and urban living, these projects provide valuable insights into creating resilient and sustainable urban environments that respect both people and the planet,” she emphasised.
Head of Research, Diya Fatimilehin & Company, a real estate firm based in Lagos, Mr Tola Oyenekan, observed that waterfront properties play more in the luxury market, stressing that in the last two years, there has been a strong demand.
Oyenekan said the development was the aftermath of the period when there were downturns in the portfolio market; treasury bill market and stock market, positioned the real estate sector to attract a lot of top dollar investors.
He stated that sustainability has become a major attraction now in luxury developments. “In the Ikoyi/Banana Island axis, there are a lot of luxury developments coming up. Demand has been strong although it might not be sustainable in the long run because now the stock market is back and treasury bills are stronger.
“We now have modern designs that are also factored in sustainability. The design influences the pricing. A development could be two wings or left and right and where you have the various units, the one that has waterfront views is priced higher than those without waterfront views. The designs are influenced by the waterfront,” Oyenekan said.
Although, there are no ongoing waterfront projects within Port-Harcourt environs in the past waterfront properties were used to build jetties that anchor vessels for companies and smaller boats for transportation within Port Harcourt waterfronts in locations such as Abuloma, Abonnema, Iwofe, Eastern bypass, Bonny, Bundu, Okirika, and Nembe.
Chairman of NIESV, Rivers State Branch, Nwokoma Nwankwo, lamented the militancy activities in waterfronts have hampered industrial activities and made such projects unattractive.
He said: “Ordinarily, these waterfront properties should offer numerous benefits, including enhanced lifestyle, investment potential, and access to recreational activities, while also providing a sense of serenity and exclusivity.
“If the government is determined to revamp the potentials of these waterfronts, some of the benefits they would provide include lifestyle and recreation, easy access to water activities, scenic views and serenity, and investment potential.”
According to him, waterfront properties tend to appreciate over time due to their unique appeal and limited supply. “The limited supply and high demand for waterfront properties can lead to strong investment returns and waterfront properties can generate income through rental opportunities, especially in popular vacation destinations,” he added.
