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1004 Estate is also letting
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Rating: 1 user(s) have rated this article
Posted by: westo,
on 7/19/2010,
in category "Consumer Watch"
Views: this article has been read 357 times
Abstract: As the newly renovated 1004 is being sold out, some of the flats are also letting out for those that will prefer to rent in the estate.
As the newly renovated 1004 is being sold out, some of the flats are also letting out for those that will prefer to rent in the estate.
A 2 bedroom high-rise is letting out from N2.5M-N3M, the 3 bedroom is letting out from N3.5M-N4M, while the 3 bedroom low-rise is renting from N4M-N4.5M, and the 4 bedroom low-rise is letting out for N4.5M-N5M.
Factors contributing to these prices are not farfetched. According to Mr Boma Ekine, a real estate surveyor, people who bought and are letting out will definitely want to get returns. The outstanding finishes, superb security, gyms, Club house, Tennis/Basketball Court, Pool, Generators etc has a considerable effect on these prices.
However, estate pundits also confirmed that there is a low demand for these apartments due to the credit crunch as potential tenants who are suppose to rent are the one's losing their jobs in banks. That account for the low demand when supply is high. Another factor is the fact that these prices are not different from what you can get in Ikoyi and other parts of Victoria Island. Because of this, 1004 is not competing favourably with other properties on the Island.
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