The conditions that pushed rent prices in Old ikoyi and Victoria island into the hundred thousand dollar plus range have changed. But it is still possible to get that type of rent but only if your property stands up to the test of 'luxurious'.

Placing the most expensive marble flooring on a small badly proportioned room will not change the size of the room or the fact that its layout is awkward. As the supply of so called 'luxury' flats into the upper end markets of Ikoyi and Victoria Island increases, such issues will become more difficult to explain away by estate agents to well heeled tenants who would be spoilt for choice. Before the mere fact that the property was in the desired location would have been enough to ensure that such details were overlooked. So what does the market require these tough days? More. Much more than the usual fitted kitchens, air-conditioning expensive finishes etc, .

 

Starting from the exterior, it would be suicidal for the developer of a luxury apartment block top give casual attention to the layout of the car park, garden and green areas where the pampered children of the tenants can play in safety. These must all be well thought out and maintained. The facade of the building must also be given due consideration. Mere slabs of flats which have no character might find it challenging in this market. It is also important for the exterior of the building to be finished in material that can be constantly kept clean or the owner of such flats should have a budget for constant painting of the exterior. Also having the flats situated near a place of worship, school, office or other commercial premises which could affect the ambience of the neighbourhood could also be a killer. Finally, how many flats do you want to cram into the site? The wrong answer to this question could affect the rental values of the property. Too few could mean that the sense of security is lost and too many means that  'barracks' like atmosphere which will not bring in the big bucks.

For the interior, it is no longer enough just to use the most expensive finishes. Parquet, granite and marble flooring do have their place but they must be well laid out and properly finished. Smudges of paint from the workmen are a no no. Rooms must be well proportioned, bright and airy even though the tenant intends to use air conditioning the whole time he is in occupation. The landlord's preferences for bright colours and mismatching tiles must give way to neutral colours . 

Attention to detail is key. One usually overlooked point by most developers is the view. You don't pay the equivalent of N15million  a year and end up looking at a filthy canal from your kitchen window. Developers must work with their architects to ensure that all the tenants see are beautiful sunsets and sunrises!

The typical landlord lets his properties 'as is' that is the tenant is saddled with doing up the property. So no cleaning or painting or repairs is done. This attitude must be reversed if you want those dollars. The estate agent showing the property must be briefed to make the inspection an 'event'. All the appliances must be cross checked to see if they are working, any patches must be painted over, all repairs must be done and even a facilities manager must be on hand to explain how everything works. A nice touch is to ensure that the rooms are cool (with the air conditioning turned on) so that the tenant is encouraged to linger and inspect the flat in total comfort. Drinks (water, juice) can be available from the fridge to round up the viewing.

It sounds like a lot of work but those who want  those big time rents must be ready to earn them!