Lagos, Abuja, and other major areas of the country continue to enjoy a population influx at an increasing rate. This influx has increased the demand for real estate properties and by default, increased the cost of living. When you also consider that most of the influx is young men and women trying to start a life, you realize there is a need to address this increasing cost of living.
Also, there has been a shift in the lifestyle of major urban areas over the years. The traditional concept of having standalone apartments is no longer popular. The work-life demands of urban areas and living lifestyles have called for a shift in Nigeria’s real estate industry.
The answer? Co-living Spaces. But what is the concept of co-living spaces and what are the benefits? Let’s give answers to this below:
What is the Concept of Co-Living Space?
The concept of co-living spaces in the country’s urban areas is relatively new but growing in popularity and acceptance. These spaces are shared living or working structures, apartments, or floors. People live or use different parts of the same units like rooms, and offices, but also share some parts of the unit like kitchens, restrooms, and so on.
The basic concept in a country like Nigeria is to develop a sense of social involvement and community. It is also meant to provide for the diverse needs of the growing population in urban areas.
Co-living might be new or growing in the urban world, however, it is an old and long-lasting concept in many rural cultures in the county. Rural dwellers build a sense of togetherness and interactive community using co-living housing. One key difference is that most rural co-living setups were for families. Large and extended families often enjoy sharing spaces and utilities.
However, modern-day co-living spaces are mostly strangers sharing common spaces to accommodate the increasing cost of standard living in the country.
Co-living housing or co-working spaces in Nigeria's real estate market come in different sizes and arrangements. You have single-family homes for students, bachelors, and sinisters. There are also bigger family homes for unrelated families. Then we have tall office buildings in cities like Lagos and Abuja for office workers.
What are the Benefits of Co-Living Space?
Co-living space is growing as a welcomed trend thanks to its interesting policy. However, besides its interesting concepts and principles, it also provides several benefits. These benefits explain why this trend should be welcomed more by others.
Here are some benefits of co-housing spaces in Nigeria:
Affordable Housing
Affordable housing is the first benefit that comes to mind when discussing co-housing. The need for affordable living is one of the reasons for this growing trend. The cost of living continues to increase and there is the innate need to live a suitable and standard life.
The affordability offered by co-living spaces in Nigeria makes it easy to enjoy the benefits of real estate. The affordability does not end with the lease fee. People can share basic utilities and household items essential for living in urban areas.
Flexibility
Flexibility is one of the characteristics of co-living and it benefits users in two ways. The first category highlights the flexibility in terms of lease agreement. All parties involved can come together to determine when payments are made. The country's economic situation calls for a more flexible arrangement and these spaces provide that.
For co-working spaces, flexibility also serves its purpose. The benefit of co-working spaces in Nigeria is seen in how workers use common spaces at different times or schedules. It is a convenient option for the majority of users.
For instance, a student with classes during the day and working at night can enjoy a flexible working space with a young professional working only during the day. A digital worker or freelancer can also share spaces with a technician using complementing schedules.
Connection and community
The positive social interaction that users of co-living spaces enjoy is a healthy tool for good living. These real estate options help to build meaningful and delightful relationships. The requirements including sharing spaces and utilities make it easy for residents to connect and bond over similarities.
These spaces also create a sense of community, especially among students and working millennials. People are naturally inclined to interact, collaborate, plan, and execute activities. Connections such as these can last a lifetime and help all involved in more ways than one.
Safety
Co-living spaces in Nigeria are predominantly in large cities. The large and popular cities are the best places to invest in real estate due to their increasing development. However, one key issue with these parts of the country is the problem of security.
Co-living or co-working helps to address this issue to a significant extent. The operating system for these spaces considers security. The security is usually at the standard level. Also, the developed sense of socialization through community building helps to increase security. Everyone watches out for the safety of others.
Sustainability
Another key benefit of living with others is the development of sustainable practices. Sustainable practices such as eco-friendly living, reduced power consumption, recycling, and a lot more. Sharing spaces with other residents allows the combination of ideas. The good thing is that your fellow resident is always around to help you develop proper sustainable habits.
What are the Challenges of Co-Housing Spaces?
The emerging concept in Nigeria’s real estate market provides a lot of benefits but also comes with clear challenges. Here are some noticeable challenges facing this concept:
Legal Framework
The foremost challenge of co-housing space in Nigeria is the lack of a legal framework that provides security to residents and property owners. This is a new trend in Nigeria’s real estate market and the existing legal framework does not directly cover the concept and its intricacies. Hence, policymakers and concerned government sectors need to create a clearer legal framework to avoid conflicts and uncertainties.
Maintenance
Maintenance is another challenge with this concept, especially for the property owners. The maximized and efficient use of the facilities means that it requires twice as much care to maintain the beauty and standard of these co-living houses. Maintenance might cost twice as much in half the time compared to other properties.
Supply and Demand
Co-living houses are unique in their design, structure, and other basic requirements. Hence, there are limited structures for now. But with increasing awareness and acceptance, you can expect an increase in demand. Will supply be up to the task? Also, the increasing demand shouldn’t affect the benefits of co-living houses. It must remain affordable, efficient, and maintain standards.
Conclusion
Co-living spaces in Nigeria will continue to address the increasing demand for standard housing units in urban areas. It is an emerging trend for several reasons and it is expected to grow in demand. The system still needs to overcome certain challenges and issues but it will continue to grow.
A shift in investment interest is one of the major expected impacts of co-living spaces on the real estate market in Nigeria. Land Republic is committed to helping interested personnel or businesses navigate the needs and requirements of this emerging trend. If you are interested in investing in real estate, you can use all the help you can get. We are the key to helping you make the right decisions.
For more details or clarification, reach out today via +2348122222283 and support@landrepublic.co.
