We are excited to announce that The Palms Residence 2—our latest real estate development—has officially sold out in just 36 days.
This rapid sell-out is a significant milestone for us at GIDI Real Estate Investment Limited, and it speaks volumes about the strength and viability of The Palms Residence product in Nigeria’s real estate market. It is the continuation of a trend we’re incredibly proud of.
Our maiden project, The Palms Residence 1, set a high benchmark by selling out in under one month (just 18 days), and now The Palms Residence 2 has demonstrated sustained demand by following suit in barely five weeks.
Together, these achievements underline one clear message: the market eagerly absorbs high-value real estate offerings when they are thoughtfully developed and expertly delivered.
When we launched the first Palms Residence in January 2024, we had confidence in our vision of building Africa, and the market confirmed it. The Palms Residence 1 was an off-plan project that not only reached completion in 11 months, but also sold out almost immediately upon launch.
This first phase set the bar high, establishing The Palms Residence as a name synonymous with desirable, high-quality homes.
Now, The Palms Residence 2 has raised that bar even higher. Despite a larger scale and a different market context, Phase 2 attracted robust buyer interest from day one.
The entire inventory of homes was snapped up in just 36 days—an impressive feat by any industry standard. According to our official announcement, all housing units in The Palms Residence 2 are “fully sold out… (and) all sales on the estate are formally closed,” with congratulations extended to all our stakeholders for “achieving this milestone.”
This outcome is a proof of the enduring appeal of the product we’ve created and the trust our clients place in it.
Key Milestones at a Glance
-
The Palms Residence 1 (2024): launched in Ogombo, Lagos; sold out in under three weeks. (Awarded “Enterprising Property of the Year 2024 (Housing Scheme)” and recognized as the Fastest Development Project of 2024 .)
-
The Palms Residence 2 (2025): launched in Abraham Adesanya, Lagos; sold out in 36 days, confirming the strong market reception for a second consecutive phase.
-
High-Value Offering: Units were priced between ₦105 million and ₦170 million, targeting discerning high-net-worth buyers, and every unit was successfully subscribed to within the short window.
-
Customer Confidence: 100% of available units in both phases were acquired off-plan or on completion, reflecting investor confidence in GIDI Real Estate’s delivery and product value.
These milestones underscore that The Palms Residence series is not just a fluke success—it’s a reproducible model in Nigeria’s luxury and exclusive real estate segment.
High-net-worth clients and savvy real estate stakeholders have validated the market viability of our products with their checkbooks, turning our developments into sold-out communities in a matter of weeks.
What drives such exceptional outcomes? We believe it comes down to expertise, strategic insight, and an unwavering commitment to quality in customer service and sustainable housing delivery—principles that form the bedrock of GIDI Real Estate’s approach. Our team prides itself in identifying high-potential locations and crafting developments that anticipate market needs.
The Palms Residence projects are prime examples: situated in the thriving Lekki-Ajah corridor of Lagos (Abraham Adesanya), these estates offer what today’s upscale buyers desire: sustainability, exclusivity, privacy, and a prime location.
From inception, we carefully tailor each project to meet the expectations of discerning investors. For instance, The Palms Residence 2 was designed as a “development of continued sustainability and sophisticated living”.
This blend of eco-friendly design and modern comfort reflects our commitment to innovation and quality. It’s no surprise that such features resonated strongly with buyers who seek long-term value in their real estate investments.
By the time construction was underway, many investors had already aligned with our vision, and their early commitments were rewarded as the estate’s value appreciated rapidly during its development.
Delivering on promises is equally crucial. GIDI Real Estate has built a reputation for executing projects on time and to specification, which boosts buyers’ confidence.
Our successful handover of The Palms Residence 1 (completed within 11 months, as planned) set a precedent that we carried into Palms Residence 2. Clients know that when they invest with us, they are partnering with a firm that values transparency, trust, reliability, and quality service.
The swift sell-outs of properties priced in the ₦105M–₦170M range are a powerful indicator of the robust demand for prime and exclusive real estate in Nigeria. Despite broader economic challenges in recent times, we’ve observed that well-heeled investors remain eager to channel funds into tangible assets like real estate.
In particular, the upper segment of the market is thriving – the Nigerian real estate sector is currently experiencing a “surge in demand for luxury apartments in major cities.” This trend aligns perfectly with what we’ve seen in our own projects and validates our focus on high-value developments.
It’s also telling that Nigeria is home to a substantial (and growing) population of high-net-worth individuals.
Real estate remains one of the top investment choices for this demographic, serving as both a wealth preservation strategy and a status symbol. The enthusiastic reception of The Palms Residence 1 & 2 by HNW clients underscores this reality – when presented with a credible opportunity in a prime location, Nigerian and diaspora investors will move quickly and decisively. For many of our clients, these homes are more than residences; they are assets that appreciate, rental income generators, and legacies to pass on.
On a macro level, these successful developments contribute to the broader economy. Real estate development has a ripple effect – from job creation during construction to increased economic activity in the surrounding community once the estate is occupied.
It’s no coincidence that real estate has now emerged as one of the top three sectors in Nigeria’s economy, even outpacing the oil and gas industry in size. The sector saw an astonishing 46.5% nominal growth in Q3 2024 and regularly contributes around 5–6% to the nation’s GDP.
Every new estate developed and sold is a boost to real estate sector output and an invitation for further investment – both local and international – into Nigeria’s property market.
For us at GIDI Real Estate, the sell-out of The Palms Residence 2 in 36 days is a validation of our strategy and an inspiration to press forward. As developers, nothing pleases us more than seeing a concept go from blueprint to a thriving community, especially in record time. The trust shown by our clients in these projects fuels our determination to continue delivering exceptional real estate offerings.
Moreover, these successes bolster the case for innovative real estate development in Nigeria. We’ve proven that integrating sustainability and exclusivity is a winning formula, and that there is a willing market for premium properties that offer long-term value.
Our goal has always been to contribute to Nigeria’s housing development in a way that pushes the envelope. “It’s going to change the status quo of real estate development in Nigeria,” Ayorinde Ejioye said at the launch of the first Palms Residence, and we are seeing that change unfold.
Sustainable designs, renewable energy integration, and community-centric planning are becoming hallmarks of our projects, setting new standards in the industry and influencing others to elevate their offerings as well. In essence, our work is helping to shape a more modern, resilient, and upscale real estate landscape in the country.
Finally, we want to extend our deepest gratitude to all our clients, partners, and stakeholders who made The Palms Residence 2 another success story.
Looking ahead, we are more energized than ever to identify the next high-value opportunity and replicate this success. The Nigerian real estate market continues to evolve, and we intend to stay ahead of the curve.
Our promise remains the same: we will continue to pair insight-driven development with execution excellence to create properties that stand out in the market. If you missed out on owning a unit in The Palms Residence 1 or 2, don’t worry—there are more opportunities ahead.
Authors:
Tobi Akerele,
Chief Executive Officer, GIDI Real Estate Investment Limited
Ayorinde Ejioye,
Chief Operating Officer, GIDI Real Estate Investment Limited