Eko Atlantic is the name given to this new and exciting urban development, to be completed by 2020, upon a strip of artificial sand at Largo di Lagos, Nigeria’s largest city. Considering its expected stature and its intention to provide space for 250,000 residents, this luxury neighborhood will act as a city within a city. The development of Eko Atlantic, which is currently under construction, will undoubtedly lead to a positive impact on the environment, as it will act against threatening erosion of the Lagos coast.
Adjacent to Victoria Island, Eko Atlantic will extend over 10 square kilometers. It is to represent the new generation of real estate in Africa: the district will be subdivided into various zones, each of which created to satisfy varying needs, including tourist structures, commercial , residential and financial sectors.
The infrastructures of the buildings will be equipped with auto sufficient state-of-the-art technology, with an independent power source specially produced for Eko Atlantic. All of which will be in line with modern and environmental standards.
Eko Atlantic is currently without doubt one of the most important developments of the continent. In fact, the planning of this new luxury city aimed toward wealthy Nigerians, was on the stocks for four years. The location was carefully selected to attract future residents, of whom will be amongst the wealthiest in Lagos, one of the principal cities in the country, with a population of more than 11 million.
Beaches, skyscrapers with heliports, luxury apartments, stores and a vast ray of facilities, ports for yachts, nothing is out of reach for the future residents of Eko Atlantic. The development, led by Gilbert Chagoury, of Chagoury Group, reveals similarities to Dubai. The successful businessman with a headquarters in Lagos, is the owner of a wing in the Louvre, where he possess an important collection of art work. His aim is to make Eko Atlantic the new financial epicenter in West Africa in 2020: the equivalent of the Champs- Elysées in Paris or fifth avenue in New York.
Numerous investors have expressed interest in this ambitious development, who intend on taking advantage of the rapid growth in the country. However, people have also criticized Eko Atlantic, as the majority of the population will not have the correct means to live in the new luxury quarter. In fact, medium class currently earn 460 Euro per month, whilst the monthly rent for a three bedroom house in the center of Lagos exceeds 2700 Euro.