Jim Ovia moves into Lagos luxury property with two residential towers
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The former Zenith Bank chairman is developing two Lagos residential projects through Quantum Luxury Properties, with apartments priced from $1.85 million and $2.8 million.
At 74, Jim Ovia is trading the familiar corridors of banking for premium property development, deepening his investments through Quantum Luxury Properties Ltd with two upscale residential projects in Lagos, THISDAY reported on 1 November.
The first, Metropolitan Towers, is a 26-floor development offering apartments starting at $1.85 million. Its sister project, Quantum Luxury Towers, comprises 44 residential units with prices beginning at $2.8 million.
Ovia, who has bowed out as chairman of Zenith Bank Plc, disclosed that the developments were attracting considerable interest, with both projects already recording significant sales. He declared that real estate is more profitable than banking.
Lagos, with its concentration of affluent individuals, corporate executives and international investors, remains a prime destination for luxury property development. Despite inflationary pressures and the naira's depreciation, demand for high-end residential accommodation continues to attract investors seeking premium addresses and long-term capital appreciation.
Yet the market presents a striking contrast. While Nigeria grapples with a housing deficit estimated at more than 20 million units, luxury developments continue to command extraordinary prices, catering to a narrow but financially powerful clientele.