Jim Ovia’s New Empire Rises in Luxury Real Estate - THISDAYLIVE
At 74, Jim Ovia is hardly ready to retreat into the quiet comforts of retirement. Rather, the astute entrepreneur appears poised to trade the familiar corridors of banking for the high-stakes world of premium property development, where towering ambitions meet deep-pocketed investors.
For Ovia, the stakes are clear. After decades of shaping fortunes in banking, he is ready to build another legacy, this time in concrete, glass and steel. Having bowed out as chairman of Zenith Bank Plc, the billionaire businessman is deepening his investments through Quantum Luxury Properties Ltd., with two upscale residential projects redefining his property ambitions in Lagos.
The first, Metropolitan Towers, is a 26-floor development offering apartments starting at $1.85 million. Its sister project, Quantum Luxury Towers, comprises 44 residential units, with prices beginning at $2.8 million.
Recently, he disclosed that the developments were attracting considerable interest, with both projects already recording significant sales.
He declared that real estate is more profitable than banking, offering a glimpse into the investment philosophy driving his latest venture.
Lagos, with its concentration of affluent individuals, corporate executives and international investors, remains a prime destination for luxury property development. Despite inflationary pressures and the naira’s depreciation, demand for high-end residential accommodation continues to attract investors seeking premium addresses and long-term capital appreciation.
Yet, the market presents a striking contrast. While Nigeria grapples with a housing deficit estimated at more than 20 million units, luxury developments continue to command extraordinary prices, catering to a narrow but financially powerful clientele.
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