Evolving consumer preferences in real estate encouraging tenants services sharing

In recent times, maybe in response to economic realities, consumer preferences is, increasingly,  evolving in various sectors ranging from fashion to music, education, food, technology  and real estate.

In real estate, home owners tastes have evolved from sole ownership of large family homes on  large plots of land, to apartments, terraces and town houses styled living  and this is encouraging tenants to share services, and by so doing, eliminate the typical stressful management of multiple services, including power supply, security, water, and similar amenities.

The main benefit derived from this evolution is the increase in quality lifestyle, and ultimately enhanced productivity and family welfare. It’s a concept frequently referred to as the New Urbanism.

New Urbanism is an urban design movement which promotes environmentally friendly habits by creating niche, walk-able neighborhoods containing a wide range of house-types, appropriate architecture, adequate provision of infrastructure such as sporting facilities, libraries and community centres and the balanced development of jobs and housing. It is aimed at reducing traffic congestion in the fast growing urban centres and also increases the supply of affordable housing.

The new urbanism has led to the development of new cities which are properly located, developed, planned, serviced and managed to cater to a specific lifestyle and brings people of like minds and interests together.

It could be amazing to imagine a brand new city in Lagos that is clean, peaceful with minimal population, no traffic, well designed roads, tree-lined streets, effective infrastructure and amenities such as schools, hospitals, shopping malls, recreation centres, office spaces, very secured with hi-tech facilities.

New cities do not only provide residential opportunities but also employment, business, social, educational and recreational opportunities and  they come in various sizes which could include large gated estates and smaller urban clusters. Some examples of these new cities currently available will include Eko Atlantic, Orange Island, Rainbow Town in Port Harcourt, Twin Lakes Estate in Lagos.

Orange Island, located in Lekki Phase 1, is an exclusive, well managed and secure neighborhood with quality infrastructure. It can be accessed via its own road off the 3rd Lekki Expressway Roundabout and through Lekki Phase 1 (Admiralty Way).

One of the main features of the residential development in Orange Island is the creation of a number of unique clusters along the perimeter of the island providing unique identities and functional, secure accesses to the beach.

The main boulevard which will provide access to a variety of land uses, including residential and public facilities such as jetty with a ferry terminal; yacht club, the educational hub, village central park which will accommodate a variety of public facilities, and higher-density residential apartments overlooking the park. The business park will house several businesses and will be the commercial hub.