A new trend is transforming the luxury real estate market, as co-living spaces gain popularity among high-end investors, particularly those in the diaspora community.
This innovative approach to residential living combines the convenience of shared amenities with the exclusivity of upscale accommodations, offering a unique investment opportunity for those seeking to diversify their portfolios.
According to Udo Okonjo, CEO of Fine and Country West Africa, co-living spaces are appealing to diaspora investors due to their potential for strong returns and the opportunity to contribute to the development of their home countries. “These luxury co-living spaces offer a chance for diaspora investors to invest in their homeland while enjoying the benefits of upscale living,” Okonjo explained.
The co-living concept has evolved from a niche housing idea to a mainstream lifestyle choice, attracting young professionals, digital nomads, and urban dwellers seeking community and convenience. Luxury co-living spaces take this concept to the next level, offering high-end amenities, designer interiors, and curated experiences that rival traditional luxury apartments.
Diaspora investors are drawn to these projects due to their potential for financial returns and the opportunity to reconnect with their cultural roots. By investing in co-living spaces, diaspora investors can diversify their portfolios beyond traditional assets, providing a hedge against economic volatility and currency fluctuations.
Developers are increasingly seeking partnerships with diaspora investors, recognizing the value of their financial resources, expertise, and cultural insights. By involving diaspora communities in the planning, design, and marketing of these properties, developers can create spaces that resonate with both local and international clientele.
Co-living spaces can have a transformative impact on their surrounding communities, fostering economic development, job creation, and social cohesion. Diaspora investors are well-positioned to drive positive change through their investments, supporting sustainable development initiatives and empowering local entrepreneurs.
Belmonte, a luxurious high-rise residential building in Ikoyi, Lagos, exemplifies the co-living trend. The building offers 40 exquisitely designed apartments with modern amenities, including a double-height reception, club-house, steam and sauna facilities, executive lounge, gym, and infinity-edge pool. Its prime location near business hubs and cultural landmarks enhances its appeal.
“Belmonte showcases the symbiosis between luxury living and investment potential in co-living spaces,” Okonjo said. “As diaspora investment surges, Belmonte offers a communal yet refined experience, attracting Nigerian Diaspora investors seeking a tangible opportunity to invest in their homeland.”
