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What Is Really Considered Prime Real Estate And How To Spot It?

Advice on Real Estate, Blog / May. 17th, 2020

The definition of a Prime location often varies; because the word ‘Prime’ in Real Estate is simply used to refer to what is desirable in a specific area. It easily changes from one area to the next, and one person to the next. For example in a waterside town/area, prime real estate would be located by the sea/ocean. In the city center, prime could mean a building with any and all services and facilities nearby.

 

Banana Island

One of the most prominent areas that embodies all of the aforementioned features is Banana Island. Banana Island is a man-made island in Lagos State that is slightly curved in shape – like a banana. It is located in the Lagos Lagoon and is connected to Ikoyi Island by a dedicated road which is linked to the existing road network near Parkview Estate. It is one most of the desirable places to live in Nigeria.

Banana Island Google view


Characteristics of Prime Locations

There are several factors which may contribute to a location excelling to become a Prime location:

Seclusion

The modern world is busy and fast-paced. People spend their days caught in traffic and maneuvering their way through hordes of passersby. So, of course, after a long and tiring day, you want to come home and hide from the crowd.

Security

The security of a neighborhood is a high priority when determining a Prime Location. It’s imperative that the area is safe and secure from as many dangers and threats as possible.

Transport Links

It is crucial for a central location to have good transport links, for example. The better the transport links are in an area the more accessible the area is for residents and commuters.

Wealth of the Area

The wealth of an area is a vital characteristic, in particular Prime locations are often located along distance from lower economic regions; the wealthier the area the higher quality the housing is. Although research has indicated that rental yield is not the main driver behind purchasing investment property. Prime London markets are driven by generated wealth of the area and affordability/ access of mortgage debt.

Area Features

The area itself is highly important when establishing what makes an area a Prime location. Areas which have well known and established features such as retail and leisure facilities are likely to be more favourable. Areas which have historical features or unique landscapes are often considered to add to the distinctiveness of an area making it even more of a Prime location. 

 

Think Banana Island… Think Bayview Apartments

Bay View Apartments. Banana Island
Bay View Apartments is a newly completed, modern, and distinctive development of 2 bedrooms and 3 bedroom flats located on the serene Banana Island waterfront.

Each flat comes with high-end sanitary wares, air conditioners, and fitted wardrobes in all bedrooms. They also have a fully-fitted kitchen with a cooker/oven, washer/dryer, and a one bedroom BQ.

Bayview Gym
Additionally, this development comes with services such as 1 set of a 200 KVA generator, 1 set of a 150 KVA backup generator, borehole with water treatment plant, a swimming pool, gym, 24hrs facility management on site, and 24 hours security. Click here to for further inquiries

 

For inspection or further inquiries please call; Ola 0908 456 8888 and Ruth 0818 456 9999

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